Reuters is reporting that Chevron Corp is expecting a global LNG supply shortage by 2025. This predication echoes comments made by LNG trader Royal Dutch Shell (RDSa.L).
Recent LNG demand has surged due to countries such as China looking to curb emissions by switching to cleaner fuels.
Chevron has said it expects global demand to be nearly 600 million tpy by 2035, and supply levels could account for only half of that figure.
"China's demand is increasing significantly - they've had a very active programme to move off of coal in heating industrial applications, and that's pulled on LNG," said Pierre Breber, EVP downstream at Chevron.
Shell's previous comments included estimates that more than US$200 billion of investments would be needed to meet the boom in demand by 2030.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/07032018/chevron-expecting-an-lng-supply-shortage/