Following four years of a flat supply in LNG, the industry has now entered a period of growth with the start up many sources – according to the latest ‘World LNG Factbook’.
The start up of BG’s Queensland Curtis LNG (QCLNG) facility, the world’s first LNG project to be supplied by coal seam gas, is one of the new wave of facilities coming onstream.
The World LNG Fact Book 2015, is produced by Petroleum Economist. This compendium of data on the global LNG market details trade flows, ships and terminals among much more. It also comes with a map of the world showing the location of all liquefaction and regas facilities.
According to Steve Hill, the BG Group’s President, who writes the foreword for this year’s book – the focus of the new market supply is Asia.
“Much of the new LNG supply starting up over the next few years is pointed towards Asia,” he said.
“The Asian LNG market accounts for 75% of global LNG demand today and growth is expected to continue over the coming years driven by continued economic growth and urbanisaition in Asia, as well as demand for cleaner burning fuels.”
Most encouragingly for the market, Hill says, “The consensus view is that LNG trade will exceed 400 million tonnes per annum by 2025.”
“By our estimates this would increase the share of LNG from 10% of gas consumed today to around 14% by 2025. This increase in market share indicates the growing importance of LNG in the overall gas trade…”
Interestingly, from the data provided in the guide, Qatar is still the global leader for export of LNG – but will soon be eclipsed by Australia, once facilities under construction are completed.
However, if just half of the United States’ planned or proposed plants are given the green light for construction – it still would become the global leader in the export of LNG. If all proposed sites were constructed, the country would have an export capacity of more than double of those operating currently in Qatar.
The books are available for purchase for £395 from www.petroleum-economist.com