India’s gas demand will soar to 100 billion cubic metres (bcm) by 2033, driven by industry and city distribution expansion. But low-carbon hydrogen is less likely to see a boom in demand due to more competitive fossil fuel-based technologies and gaps in transport and storage infrastructure.
These are among the key findings of global business consultancy Wood Mackenzie’s just-released “Eye on the tiger: how higher Indian economic growth could impact global energy markets” report.
An additional 10 million tonnes per annum (mtpa) of Indian LNG demand will come at a time when global gas prices are expected to soften. With the market set to absorb more than 200 mtpa of LNG supply growth, equal to around 50% of current supply, LNG price upside will be limited, the report states. Middle Eastern LNG suppliers are set to benefit from their proximity.
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