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EU Climate Goals Hinder New Long-Term Gas Deals

NATURAL GAS

European climate goals discourage buyers from making long-term gas supply commitments according to two US energy executives.

  • EU buyers have largely not been willing to commit to new long-term gas supply deals which are needed for the push of new construction on the Gulf of Mexico, executives told FT.
  • “European buyers are fearful of their governments telling them they can’t buy hydrocarbons 15 or 20 years from now,” Nick Dell’Osso, chief executive of Chesapeake Energy said.
  • “Is it popular in Europe to come to Commonwealth LNG and do a 20-year deal...the answer is no,” he said. “Politically, it is just too close to their 2050 carbon-neutral goals, ”Paul Varello, chief executive of Commonwealth LNG said.
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