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BG Group Chief Executive excited over the future of LNG

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LNG Industry,

Helge Lund, the Chief Executive of BG Group, has spoken on the future of LNG at the Gastech conference 2015 at Singapore, claiming: “Today, we continue to see LNG and shale gas shaping our markets and, I firmly believe, gas has an exciting future.

“This is not, as some of our critics like to suggest, a twilight industry but one I believe will continue to develop, as we provide the answers to key global economic and societal challenges.”

Lund went on to say that, by 2040, energy will have grown by a minimum of 37%. “In volume terms”, Lund added, “the world will need an extra 42 million barrels of oil equivalent per day to meet this demand and that is without replacing the natural decline in existing fields.

“The IEA forecast gas usage will increase by 55% by 2040 – or roughly 31 million barrels of oil equivalent per day. LNG will be a major factor in that growth.

“BG’s own forecast is for LNG volumes to grow between 4 – 6% on average each year to 2025.”

Citing China’s commitment to reducing pollutions, Lund added: “Most of this growth will come from China, India and here in South East Asia.”

Concluding his speech, Lund accepted the challenges that lay ahead in the LNG industry, but noted the opportunity that was present too. He said: “The fall in commodity prices has exposed the pressures on our businesses. But it has also provided the moment for confronting brutal facts, and using them as a catalyst to drive change. It will certainly be difficult, but I am an optimist.”

Edited from various sources by David Rowlands

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