Cheniere Energy, the sole exporter of liquefied natural gas from U.S. shale basins, began a 20-year supply agreement with Korea Gas Corp. at a ceremony in Louisiana on Sunday.
As Bloomberg reports, Cheniere, under a deal originally signed in 2012, will make available for delivery about 3.5 million tons of the supercooled fuel annually to South Korea—the world’s second-biggest buyer last year, representing at least $548 million of revenue per year.
Just last year, the first cargo of LNG sailed from Cheniere’s Sabine Pass terminal in Lake Charles.
Now, buyers including South Korea, Mexico, Chile and Japan have set the U.S. on a path to becoming a net gas exporter for the first time in decades.
As the surge in production from America’s shale reservoirs transforms the nation into a global gas powerhouse, the U.S. may surpass Australia and Qatar to becoming the world’s largest LNG supplier by 2035.
