{"text":[[{"start":13.09,"text":"QatarEnergy and ExxonMobil have launched production at a massive liquefied natural gas plant on the US gulf coast, adding to global supply during a severe shortage caused by the Iran war."}],[{"start":27.64,"text":"The first of three LNG units at the Golden Pass facility has begun operating and will ship its first cargo in the second quarter of 2026, the companies said in statements."}],[{"start":39.84,"text":"The addition of new supplies in the global LNG market could help alleviate some of the shortages created by production from Qatar and the United Arab Emirates being trapped in the Gulf."}],[{"start":53.27,"text":"“The operational phase and market entry of Golden Pass LNG will come at an important time when global energy security ranks very high on energy agendas worldwide,” said QatarEnergy CEO Saad al-Kaabi. "}],[{"start":69.6,"text":"One LNG carrier, ExxonMobil’s HL Sea Eagle, already appears to be on its way to Golden Pass to load, analytics firm Kpler said in a note. It is estimated to arrive at the facility on April 22. "}],[{"start":85.3,"text":"When all three units are online, Golden Pass will be able to produce up to 18mn tonnes of LNG a year, making it one of the largest terminals in the US."}],[{"start":97.84,"text":"However, Golden Pass’ exports will not replace the huge loss of LNG supplies caused by the Iran war, said Alex Munton, an analyst at energy research group Rapidan. "}],[{"start":112.94,"text":"Qatar typically exports more than 80mn tonnes and the UAE sends out around 5mn tonnes, but all of this output is unable to reach global markets because of the Iranian threat to shipping through the Strait of Hormuz."}],[{"start":129.42,"text":"QatarEnergy owns 70 per cent of Golden Pass while Exxon holds a 30 per cent stake. Both companies are scrambling to source cargoes of LNG to supply customers following the closure of the Strait of Hormuz."}],[{"start":146.86999999999998,"text":"LNG production has been halted in Qatar since March 2."}],[{"start":153.39999999999998,"text":"On March 19, Iran attacked two LNG production facilities owned by QatarEnergy and ExxonMobil at Ras Laffan, causing damage that will take up to five years to fix, Al-Kaabi said in a statement. "}],[{"start":168.57999999999998,"text":"QatarEnergy’s participation in Golden Pass is an important first step in diversifying its portfolio beyond its home market, a process it started several years ago but has grown more urgent since conflict broke in the Middle East. "}],[{"start":185.86999999999998,"text":"United Arab Emirates state oil company Adnoc is also looking to expand its geographical reach in LNG beyond its home market. It recently bought stakes in the first and second phases of Next Decade, an LNG terminal based in Brownsville, Texas. Australia’s Woodside is also building an LNG facility in Louisiana. "}],[{"start":208.85999999999999,"text":"“There is new and growing interest in US LNG and the war in the Middle East has served as further catalysts of driving additional potential customers towards America,” said Charlie Riedl, executive director of the Center for Liquefied Natural Gas, a Washington-based industry group."}],[{"start":228.5,"text":"He said the start-up of Golden Pass would provide some meaningful supply to global markets. "}],[{"start":235.63,"text":"Construction began on the $10bn-plus Golden Pass project in 2019 but faced lengthy delays and cost overruns, which contributed to a bankruptcy filing by its lead contractor Zachary Holdings in May 2024. "}],[{"start":262.15,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1774946793_5752.mp3"}