O'Melveny Insights 2023

26 The past year saw a remarkable turnaround in the liquefied natural gas (LNG) market, with a dramatic increase in demand for development of US LNG projects. High LNG and gas prices in Europe, driven even higher by Russia’s invasion of Ukraine, made clear to importing countries the need to boost their energy security by developing more LNG supply sources. Developers of US LNG export projects captured the majority of long-term LNG contracts concluded last year, making 2022 a banner year for the industry. But as a new year begins, the LNG industry grapples with a few key uncertainties. 07