LNG 2024: Latin America and Caribbean Edition

This briefing by Global Energy Monitor analyzes the expansion of liquefied natural gas (LNG) infrastructure in Latin America and the Caribbean (LAC), focusing on the significant export ambitions of Mexico and Argentina and the import expansion in Brazil. The report warns that these investments, totaling an estimated US$123.6 billion, risk becoming stranded assets and could derail the region's energy transition despite the availability of abundant renewable energy resources.

• Global LNG terminal development has reached an estimated US$1.1 trillion, with 1,048.2 million tonnes per annum (mtpa) of export capacity and 672.7 mtpa of import capacity in development as of 2024. This growth continues despite International Energy Agency (IEA) warnings that the trade should peak this decade to limit global warming to 1.5℃.
• Mexico possesses the world's third-largest planned LNG export buildout, totaling 73.6 mtpa. This expansion is largely intended to export U.S. gas from the Permian Basin. Key projects include the New Fortress Altamira FLNG Terminal, which launched its first terminal in August 2024, the Costa Azul LNG Terminal, and the Saguaro Energía LNG Terminal, the latter of which is proposed with a capacity of 15–30 mtpa.
• Argentina is planning the Argentina GNL Terminal, a US$30 billion project that would be the largest LNG export project in the LAC region and among the largest globally, with a total capacity of up to 30 mtpa. The project aims to export gas from the Vaca Muerta shale basin, which has been described as a "carbon bomb" that could consume 11% of the global carbon budget for the 1.5℃ warming limit.
• Brazil is the largest LNG importer in the LAC region and has the world's fourth-largest planned buildout of import capacity at 36.5 mtpa. The country has more than doubled its import capacity since 2020, driven by declines in Bolivian gas production and the need for reliable power during droughts.
• New LNG terminals in the LAC region are linked to broader gas infrastructure expansions, including 2,652 kilometers of new gas transmission pipelines and 19.3 GW of new gas-fired power capacity. In Brazil specifically, an additional 7.5 GW of gas-fired power is under development to support LNG imports that began since 2020.
• The LAC region faces significant economic and environmental risks from LNG expansion, including the potential for stranded assets and vulnerability to global market volatility. For example, in 2022, gas prices rose by 40% in Argentina, Brazil, and Uruguay, while fertilizer prices increased by nearly 190% in the first half of that year.
• Other LAC countries are also developing import capacity, totaling 9.4 mtpa. This includes Chile's 2.7 mtpa Penco Lirquén FSRU, Nicaragua's 1.3 mtpa Puerto Sandino FSRU, and Colombia's 4.1 mtpa of capacity in development, including the proposed Buenaventura FSRU.

APA

Clark, R. R. G. (2024). LNG 2024: Latin America and Caribbean Edition. Global Energy Monitor. https://globalenergymonitor.org/research/lng-2024-latin-america-and-caribbean-edition

Chicago

Clark, Robert Rozansky, Gregor. LNG 2024: Latin America and Caribbean Edition. Global Energy Monitor, 2024. https://globalenergymonitor.org/research/lng-2024-latin-america-and-caribbean-edition.

Wikipedia

{{cite report |last1=Clark |first1=Robert Rozansky, Gregor |title=LNG 2024: Latin America and Caribbean Edition |publisher=Global Energy Monitor |date=29 October 2024 |url=https://globalenergymonitor.org/research/lng-2024-latin-america-and-caribbean-edition |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{clark2024lng, author = {Clark, Robert Rozansky, Gregor}, title = {{LNG 2024: Latin America and Caribbean Edition}}, institution = {Global Energy Monitor}, year = {2024}, month = oct, url = {https://globalenergymonitor.org/research/lng-2024-latin-america-and-caribbean-edition}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }