Reuters is reporting that 2019 will reportedly see a record amount of LNG production capacity be approved. This new capacity will help satisfy the current climate of strong global demand, particularly from emerging markets such as China.
According to Giles Farrer, Wood Mackenzie’s research director for global gas and LNG, 60 million tpy of LNG capacity could receive a final investment decision (FID) this year. This is significantly higher than the previous record, set in 2005, of 45 million tpy. It is also triple 2018’s figure of 21 million tpy.
Notable examples of projects scheduled to commence operations this year, highlighted by Woodmac, include Novatek’s Artic LNG 2, at least one project based in Mozambique, and three US LNG projects. The three potential US projects include the Golden Pass joint-venture (Qatar Petroleum, ExxonMobil and ConocoPhillips), the Calacasieu Pass project (Venture Global LNG), and Sabine Pass Train 6 (Cheniere Energy). It is also reported that the Woodfibre LNG project, based in Canada and operated by Singapore’s Pacific Oil and Gas, may also receive approval in 2019.