U.S. LNG Exporters Await Damage Impact as Storm Passes
(Bloomberg) -- Along with millions of Americans, much of the Gulf Coast’s energy infrastructure is at risk from Hurricane Laura’s “unsurvivable storm surge” that could inflict more than $15 billion in insured losses. Ahead of the storm, liquefied natural gas producers shut wells and vessels steered clear of export terminals including Cheniere Energy Inc.’s Sabine Pass and Sempra Energy’s $10 billion Cameron LNG facility.
Cameron and Sabine Pass are expected to be offline for a few days as it will take time for waterways to resume operation, according to traders surveyed by Bloomberg. In the unlikely scenario that the facilities require repairs, they would go offline for much longer, they said.
Those locations account for just over half of the U.S.’s LNG export capacity and about 8% of global capacity, according to company and BloombergNEF data.
Hurricane Laura made landfall as a Category 4 hurricane early Thursday morning in Louisiana.
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