A report from Singapore suggests liquefied natural gas (LNG) output may rise 14% next year as ventures in countries such as Qatar and Indonesia, accounting for more than a quarter of the world’s supplies, begin production.
Such a view apparently emanates from a London-based consultant, who is believed to see the output of LNG climb by around 25 million metric tonnes to approximately 208 million tonnes next year.
Andy Flower, an industry consultant and former executive at BP Plc’s LNG business, told the interview in Singapore that the increase may suffice to meet annual demand from South Korea - the world’s second-biggest LNG buyer.
“Consumption of LNG this year may reach about 183 million tonnes from 173 million last year. New projects are starting up in Qatar, Indonesia, Yemen, Australia and Russia,” Flower is believed to have said in the interview.
Global LNG trade rose 7.3% to 165.3 million tonnes last year, according to the BP Statistical Review of World Energy June 2008, while demand for the cleaner-burning fuel will increase by around 10% per year through to 2015 according to the sentiments of Citigroup Inc. analysts cited in an April report.