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GlobalData: North America and Asia driving LNG industry

Published by , Senior Editor
LNG Industry,

GlobalData’s latest report suggests that significant liquefaction and regasification capacity growth in North America and Asia will drive the global LNG industry over the next four years.

Liquefaction capacity

The report, entitled ‘H1 2016 Global Capacity and Capital Expenditure Outlook for LNG Terminals - Asia Leads in Planned Regasification Projects Announcements’, suggests that North America leads the planned liquefaction capacity additions by 2020 (42 out of 75 planned liquefaction terminals).

Qatar Petroleum currently leads the world in terms of liquefaction capacity and GlobalData expects it to continue to do so for the next four years. North American companies such as Cheniere Energy, United LNG and Orca LNG are leading planned liquefaction capacity additions. GlobalData said that cancellations of planned liquefaction facilities have led to a 7% decrease of planned global capacity, from 800.3 million tpy six months ago to 743.3 million tpy.

Regasification capacity

Since GlobalData’s LNG capacity report in November 2015, a total of 13 regasification projects have been added. The research and consulting firm states that regasification capacity growth is driven by demand in Asia. India and China are expected to have the highest capital expenditure to bring planned regasification terminals online. GlobalData expects approximately US$17.1 billion to be spent between 2016 and 2020 to increase regasification capacity by 7.4 trillion ft3 in the two countries.

The company expects Korea Gas Corp. to remain the global leader in terms of regasification capacity for the next four years. Companies such as Kuwait Petroleum Corp., China Petrochemical Corp. and Excelerate Energy L.P. will lead the construction of regasification terminals.

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