Exxon ‘very bullish’ on natural gas; will double LNG investment by 2030, executive says

ExxonMobil is reportedly looking to dramatically increase its investment in liquified natural gas (LNG) by doubling the volume it handles each year. 

The plan is being reported by Asia news outlet Nikkei, based at least in part on an interview with Andrew Barry, Exxon’s vice president of global LNG marketing.

He was quoted as saying the multinational energy company is "very bullish about the growth opportunities in natural gas and LNG."

"When you think about that in the portfolio with a corporation, investing in more LNG is certainly part of the strategy," he told Nikkei.

Barry also said the energy crisis in Europe has prompted a "return to long-term contracting" for gas investments.

Exxon reportedly manages about 22 million tons of LNG each year, but is hoping to increase that to 40 million tons by 2030. Last year, Exxon announced a partnership with Qatar Energy to add 33 million tons of LNG capacity by 2026.

It has also reached a deal to buy 5 million tons of LNG from the U.S. and Mexico to export to Europe and Asia, Nikkei reported.

The news regarding Exxon comes shortly after reports that the energy giant Shell may be diluting its green energy stake and is approaching companies to offer up some of their renewable investments for purchase.

Shell’s CEO, Wael Sawan, earlier this month told the BCC that the world "desperately needs oil and gas" and that it would be "dangerous and irresponsible" to cut production and cause the cost of living to skyrocket.

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