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BG Group CEO comments on LNG industry

LNG Industry,

Chris Finlayson, CEO of BG Group, was the guest of honour and speaker at the International Petroleum (IP) week dinner, held in London on the 19th February.

This year is the centenary of the inaugural meeting of the Institution of Petroleum Technologists, the forerunner of the Energy Institute, which organises IP week. Commenting on the period from 1914 to 2014, Finlayson highlighted some of the key achievements in the oil and gas sector.

Global diversity of supply

Finlayson also looked to the future, focusing on gas supply and demand. Commenting on how unconventional gas reserves look set to transform global diversity of supply, he explained that the US will soon become self-sufficient in natural gas and a potential exporter of LNG.

"We are all aware that the United States has the potential to export potentially high quantities of LNG. More than 260 million tpa of export capacity has been proposed."

"But there is a lot of uncertainty on exactly how much will actually get built, and to what extent and how quickly this might change the global LNG trade."

"What is clear is that LNG is already paving the way for more sustainable transport solutions in the United States."

"The giant logistics firm UPS is switching approximately 1000 of its heavy trucks to LNG and investing US$ 50 million in its network of fuelling stations."

Future demand

With regard to gas demand, Finlayson explained that BG Group sees strong growth with the market expected to grow at approximately 2.4% per annum to 2025. The greater availability and increased mobility of gas is making this possible.

Singling out China, he added that by 2030, the company expects the country will account for almost half of all the growth in energy consumption.

Finlayson noted: "This is a staggering rate of growth. Looking at it another way, between 2014 and 2030 China's total annual energy consumption will increase by an amount equivalent to almost four and half times what Japan consumes annually."

Adapted from press release by Katie Woodward

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