He argues that breaking that dependency would bring other benefits, particularly in terms of energy security.
“The need for clean energy is now also the need for energy independence, energy security and lower electricity bills,” Mr Miliband said last week, “as vividly and tragically demonstrated by the invasion of Ukraine under Vladimir Putin’s rule.”
But industry experts have warned that Mr Miliband’s plans, which include a ban on new oil and gas licences in British waters, could make the UK even more reliant on LNG and other imports.
That’s because 180 of the UK’s 284 oil and gas fields are expected to stop producing within the next five years, and with no new fields to replace them, domestic production will decline by 2030.
There are high hopes that LNG will fill that void.
Experts say the industry is already preparing for a surge in demand, investing billions of pounds in new LNG terminals and fleets to transport the fuel around the world.
These ships are already some of the largest in the world, with some capable of carrying enough gasoline to supply the whole of Britain for almost a day.
More ships are under construction, according to the IGU report.
“The global LNG shipping backlog included a staggering 359 new vessels under construction as of the end of February 2024, representing more than 51% of the current fleet in operation.
“This indicates shipowners’ expectations that LNG trade will continue to grow with the planned increase in liquefaction capacity, particularly from the United States, with 77 vessels due for delivery in 2024.”
U.S. LNG production to triple by 2050
Where does that gas come from? Most of it comes from the United States.
Whatever environmental groups say, the U.S. Energy Information Administration projects that U.S. LNG production alone will triple by 2050.
The US is now also supplying the Middle East, with US energy company Sempra recently signing a deal with Saudi Arabia’s Aramco to supply 5 million tonnes of LNG per year.
An indication of the extent to which global LNG trade is expected to grow is that it is expected to increase from the current 401 million tonnes to 700 million tonnes by 2030.
“This large potential increase is a clear indication that the world still needs more LNG,” the IGU said.
This will be music to the ears of American LNG producers, who are ready to increase exports as Russia sinks further into the geopolitical abyss.