US-Iran Conflict Sparks Global LNG Frenzy

The escalating conflict between the United States and Iran is fueling a global scramble for liquefied natural gas (LNG) supplies, as major Middle Eastern pipelines face damage and shipping routes are halted.

Gas storage facilities in the European Union are at just 65% capacity, a record low, and if Europe turns to aggressive spot purchases ahead of winter, Asian countries may face a surge in competition for cargoes.

In this context, global deals for gas field development projects have reached $32 billion in the first half of this year, the largest in over a decade. SK Innovation E&S has led development of Australia's Barossa gas field since 2012, securing 1.3 million tons of LNG annually based on its 37.5% stake.

Australia has emerged as Korea's largest supplier, accounting for 28.4% of the country's LNG imports from January through July this year.