The liquefied natural gas (LNG) demand will double over the next 20 years, Trend reports citing Wood Mackenzie.
This will be driven by Asia’s economic growth and increasing penetration – particularly where policy supports gas over coal, noted Massimo Di-Odoardo, Global Head of Gas Analysis.
“Our view isn’t dissimilar to Shell’s that the LNG market grows at four times the rate of oil demand in that period,” he said.
“Our base case forecasts global LNG demand grows by over 50% from 370 mmtpa in 2020 to 550 mmtpa by 2030. Allowing for projects already under development, there’s a supply gap of 102 mmtpa to be met by pre-FID projects which need to be onstream by the end of this decade.”
“But there are risks to our demand view. Gas demand has held up relatively well through the Covid-19 downturn, certainly compared with oil. The pace and shape of economic recovery though is far from clear and so, too, LNG demand growth in the next few years. Longer term, intensifying interest from policy makers and investors in new technologies, including green hydrogen and CCUS, casts doubt on the sustainability of demand growth,” he added.
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