Having opened its gates earlier this week (5th September), Gastech 2023 – the world’s largest meeting place for natural gas, liquefied natural gas (LNG), hydrogen, low carbon solutions and climate tech – has witnessed record-breaking attendance.
On its opening day the Singapore-based event saw delegates discuss the critical role that natural gas, LNG and hydrogen is likely to play in the future of energy security and as tools to advance the energy transition.
The event, which has 40,000 registered visitors, features a line-up of more than 600 speakers during the four-day show, including Rt. Hon. Boris Johnson, former Prime Minister of the UK, H.E. Dr Tan See Leng, Singapore’s Minister for Manpower and Second Minister for Trade and Industry and H.E. Tarek El Molla, Egypt’s Minister of Petroleum and Mineral Resources.
Following a welcoming speech by Leng where he underlined the need to reach Net Zero while preserving energy security and economic competitiveness, the Strategic Conference began with a high-level discussion between international energy ministers on how natural gas and LNG will enable the global energy industry to meet near-term demand for low carbon energy.
“We have all agreed that natural gas is the best choice for the energy transition,” said Molla. “Egypt has built on the momentum of COP27, but continued investment, as well as sustained cooperation among countries, is very much needed.”
There was also a call for inclusive dialogue on decarbonisation ahead of the COP28 Summit, with Hon. Joseph McMonigle, the Secretary General of the International Energy Forum (IEF), criticising the ‘outdated’ linear approach to Net Zero that is not workable in many areas around the world.
“We need everyone at the table, and I hope that at this COP, we will focus on progress and not perfection. There are so many things we can do to make progress on climate change, and natural gas is going to help the world to decarbonise,” he added.
Additional sessions saw CEOs from JERA, Baker Hughes, Woodside Energy, ADNOC, Mitsubishi Corporation and Pavilion Energy discuss collaborative business models for the energy transition, while business leaders from ExxonMobil, Eni, Chevron, Shell and Vitol delved into the global LNG market.
Participants also discussed how the changing LNG needs of Europe are expected to outpace global supply capacity until the middle of this decade, resulting in heightened levels of competition as Asian demand picks up.
The opening day also saw the announcement of Venture Global LNG’s long-term expansion plan to increase production from 70 million tonnes per annum (MTPA) to more than 100MTPA of LNG export capacity.
Read more:Venture Global to expand LNG export capacity to more than 100 MTPA
“Venture Global LNG is thrilled to announce our long-term plan to expand LNG production both in and outside of Louisiana, building on the momentum of our first three projects – Calcasieu Pass, Plaquemines LNG and CP2 LNG,” said Mike Sabel, CEO of Venture Global LNG.
Having already established itself as a major centre for global oil trading, Singapore is on track to become the leading Asia-Pacific (APAC) trading hub for LNG.
According to the Energy Market Authority (EMA), 80% of Singapore’s electricity is imported through four natural gas pipelines from the South Sumatra and West Natuna gas fields in Indonesia and from Malaysia.
To reduce the country’s reliance on these sources of energy, the Singapore government announced plans in 2006 to develop the country’s first LNG import and regasification terminal on Jurong Island.
The $1.7bn terminal began operations in 2013 and allow LNG to be imported from anywhere in the world.
