Texas oil and gas industry could get a boost from additional LNG exports to European Union
The European Union Ambassador to the United States said the Lone Star State could get a boost from increased exports of Liquified Natural Gas to Europe.
In an exclusive interview Friday, Ambassador Jovita Neliupsiene said the potential additional exports come as the EU continues to phase out buying oil and gas from Russia.
"What Europe is right now experiencing at the moment is huge pressure because of not only the energy prices but because of the weaponization of energy," said Neliupsiene. "After Russia invaded Ukraine, there was a joint decision by 27 member states to phase out of Russian gas and oil."
Neliupsiene said the EU has been buying $65 billion worth of LNG a year from the U.S., including Texas—a 70% increase from what it used to be.
A report by the Texas Comptroller's Office released in September said that in 2023, the state exported more than 1.3 billion cubic feet of LNG, worth more than $9 billion, which was about one-third of exports from the U.S.
When asked if she expected the EU to buy more LNG from Texas and the U.S. the Ambassador said, "Hopefully we will phase out Russian LNG as well. So that gives huge possibilities for states like Texas to export even more to Europe."
The EU borders Ukraine and Neliupsiene said the world handles this war will influence and impact what the world's other authoritarian regimes do.
"The EU is committed to support Ukraine for as long as it takes and as long as it takes to make sure that Ukraine prevails because, for us, it's an existential threat," Neliupsiene said.
The EU reportedly relies on American fighter jets like the F-35 produced by Lockheed Martin in Fort Worth.
"Actually, more than half of what we spend on defense is spent here in the U.S. and in Texas because defense production, [the] defense industry is much, much stronger here than the EU," Neliupsiene said.
The Ambassador said the EU's trade with and investment in Texas adds up to nearly 270,000 jobs and more than $300 billion a year.
"I was told that everything was bigger in Texas," said Neliupsiene. "So, I can tell that our trade cooperation with Texas is the biggest out of all the states."
When asked if she was concerned about the potential for tariffs imposed by the incoming Trump administration, Neliupsiene said she wanted to focus on the positive partnership between the EU and the U.S. and that there could be ways to expand trade including the potential for the EU to buy more energy goods produced in Texas.
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