According to the latest World LNG Fact Book 2015, produced by Petroleum Economist, the liquefied natural gas (LNG) industry has entered a growth period after four years of flat supply.
Fueling market growth is the start-up of numerous new facilities such as BG’s Queensland Curtis LNG (QCLNG), the world’s very first project to turn gas from coal seams into LNG.
The World LNG Fact Book 2015 gathers market data from across the globe; it combines maps with detailed information on individual import and export facilities.
President of BG Group Steve Hill, who wrote the foreword for the book, said the majority of new market supply is aimed towards Asia. At present, three-quarters of global demand comes from the Asian market.
“[Growth] is expected to continue over the coming years driven by continued economic growth and urbanization in Asia, as well as demand for cleaner burning fuels,” he said.
Hill added that the LNG trade is predicted to surpass 400 million tonnes per year by 2025. “By our estimates this would increase the share of LNG from 10% of gas consumed today to around 14% by 2015. This increase in market share indicates the growing importance of LNG in the overall gas trade…”
According to the book, Qatar is the global leader in terms of LNG exportation; however, Australia is expected to take the lead once facilities currently under construction are finished, reports Gas World.
Yet, if just 50% of the proposed facilities within the US are given the go-ahead, the country would top the list. If all facilities are constructed, then export capacity in the US would be over double that of Qatar.