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Page added on February 25, 2013
Liquefied natural gas demand to rise 4.6 per cent annually over 15 years
The demand for liquefied natural gas (LNG) is forecast to rise by 4.6 per cent annually over the next 15 years.
According to organisers of an industry event here, LNG is one of the fastest growing segments of the gas market, with industry research suggesting that LNG demand is forecast to rise by 4.6 per cent annually over the next 15 years.
In the Middle East and North Africa (MENA) region alone, theInternational Energy Agency (IEA) expects demand for natural gas to rise by 79 billion cubic meters (bcm) or 20 per cent between 2011 and 2017, outstripping incremental supply in the region by 7 bcm as low gas prices encourage higher consumption by the utilities and transportation sectors.
On the customer side, demand from the Asia-Pacific region for LNG from the MENA region is strong – particularly from Japan, Korea and India. This trend looks like it will continue through 2020 with a significant increase in demand from China and Korea expected, industry experts said.
To meet these growing demands, the infrastructure underpinning global trade in LNG – storage tanks, terminals, tankers – will need to grow and develop in tandem, they added.
“The growth of the global LNG market is spurring innovation in the industry as companies think bigger but leaner at the same time.
“There are some fascinating cutting edge technologies being developed at the moment, which we will be getting an insight into at LNG 17,” said Jay Copan, Executive Director of LNG 17.
6 Comments on "Liquefied natural gas demand to rise 4.6 per cent annually over 15 years"
DC on Mon, 25th Feb 2013 11:48 pm
OR instead, ET could have just said
LNG demand will double(+100%) in 15 years.
BillT on Tue, 26th Feb 2013 1:55 am
Economist’ dreams…
Ken300 on Tue, 26th Feb 2013 5:47 am
Long haul truckers are switching to LNG to save on fuel costs.
Many companies are converting their fleets to use LNG.
It is one of the many reasons why demand for oil is slowly dropping in the US. Add to that increased fuel efficiency and a growing fleet of alternative fuel vehicles and we can see a continued decline in oil and an increase in demand for CNG and LNG.
GregT on Tue, 26th Feb 2013 6:33 am
Sorry Ken,
You are in complete denial.
LNG is also a greenhouse gas, and it is now being reported that it may even be a worse contributor to Climate change than oil.
Are you concerned about the Economy and BAU, or are you concerned with life on earth as you know it?
The next 2 years could be the make or break point in North America. If the trends continue, we will really are fucked. I would suggest that now would be a good time to start planning on how to feed yourself, because if you are under 40, the odds of you starving to death are getting better by the day.
BillT on Tue, 26th Feb 2013 9:35 am
GregT, most people don’t want to hear that, even if it is the truth. I would say that if you are under 50, you are going to see that possibility. Given the high probability of a 4-6C increase in the world’s average temperature in the next 20 years, and all of the climate changes that will cause. I think by 2020, food may be way more important than that unused piece of metal rusting in the driveway.
Others on Wed, 27th Feb 2013 3:13 am
Instead of processing the heavy crudes at a higher price, it should be easier to liquefy natgas and use them as LNG.
Read this article
http://www.investingdaily.com/16229/the-sweet-and-sour-economics-of-refining