The International Gas Union (IGU) has released its 2016 World LNG Report, which discusses how the global LNG industry is poised for growth and plays a key role in expanding access to natural gas in the world’s future energy mix. Natural gas is a vital energy resource that can lead to a lower carbon future, cleaner air in metropolitan areas, and a prosperous economic future.
According to the report, LNG trade in total reached 244.8 million t in 2015, the largest year ever for LNG trade. Although the Pacific Basin remains the largest source of demand, growth was driven by Europe and the Middle East.
In 2015 global liquefaction capacity reached 301.5 million tpy. A further 142 million tpy of liquefaction capacity was under construction world-wide as of January 2016. Final investment decisions (FID) occurred for a combined 20 MTPA at Sabine Pass T5, Corpus Christi T1-2, Freeport LNG T3, and Cameroon FLNG.
In 2015, the start-up of new projects in Australia and Indonesia contributed to the growth in non long-term trade, as the delivery of commissioning cargoes plus the prevalence of more flexible contracts allowed short- and medium-term trade to grow in both countries by over 3 million t y/y. In total, all non long-term LNG trade reached 71.9 million t in 2015, accounting for 29% of total gross LNG trade.
“Natural gas accounts for roughly a quarter of global energy demand, of which 9.8% is supplied as LNG. The 2016 IGU World LNG Report shows that a major expansion of LNG supply through 2020 positions LNG to increase its market share. The LNG industry has developed to a point where the necessary foundations have been built to turn natural gas into a truly global commodity, enhancing both energy security and meeting growing demand,” commented David Carroll, President of the IGU.
Edited from press release by Angharad Lock
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/12042016/igu-releases-2016-world-lng-report-3015/