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'Limited US LNG' will enter Europe, says Statoil CFO

Theabundance of supply in the European gas market will limit the U.S. LNG volumesthat will come into Europe, according to a Statoil ASA executive.

"[TheEuropean Union] gas market is well supplied short term [with] both the gas fromRussia and from Norway and potentials on new LNG volumes coming in. So far thisyear, we see limited U.S. LNG volumes reaching the EU," Statoil CFO andExecutive Vice President Hans Jakob Hegge said during its April 27 earningscall.

"[D]ueto the shipping business, it is expected that the Australian LNG will end up inAsia. So the U.S. LNG even more flow according the price signals in the market,"Hegge adds.

Rep.Bill Johnson, R-Ohio, sees thingsotherwise stating that "most of … the European Union wouldmuch rather buy their energy resources from America."

hasrecently sent its two cargos to Portugal from its Sabine Pass facility.