LNG to account for almost half of all traded gas by 2030, GECF says

The share of traded LNG will increase to reach about 48 percent of all traded gas by 2030, according to a new report by the Gas Exporting Countries Forum (GECF).

Doha-based GECF said in its new Global Gas Outlook 2050 on Wednesday that LNG trade would reach 650 billion cubic meters by 2030 and rise to 1,110 bcm by 2050 when it would account for 56 percent of all traded gas.

Global traded volumes of natural gas would grow at an annual average rate of 1.4 percent between 2019 and 2050, representing an overall increase of 52 percent, reaching 1,990 bcm of total natural gas consumption in 2050, the report said.

In line with natural gas demand, global gas trade is also set to increase not only in terms of volume, but also in terms of new suppliers and importers.

By 2050, GECF expects that the total number of LNG exporters would exceed 30 countries, while around 50 countries will be importing LNG.

Moreover, LNG liquefaction capacity would reach around 1,240 mtpa, with the great majority from the US (259.1), followed by Qatar (178.8), Russia (165.1) and Australia (134.7), it said.

Total gas investment to reach $10 trillion by 2050

With lower cost brownfield expansions, Africa with projects totaling 218.5 mtpa of liquefaction capacity could emerge as a key LNG production region, the report said.

Over the outlook period, GECF expects LNG regasification from existing, under construction, potential, proposed, stalled and speculative projects to reach around 1,398 mtpa, including 896.1 mtpa in Asia, and 201.5 mtpa regasification projects in Europe.

Furthermore, total gas investment between 2020 and 2050 would reach about a cumulative $10 trillion, the report said.

Most of this amount includes upstream activities, however, trade infrastructure such as liquefaction and regasification plants would require an additional cumulative $708 billion investment, with more than half in liquefaction projects, it said.

Most of this investment would take place in Africa, non-OECD Asia and Eurasia, the report said.

GECF is an international governmental organisation that gathers the world’s leading gas and LNG exporting countries. Together, the coalition represents 70 percent of the world’s proven gas reserves, 44 percent of its marketed production, 52 percent of pipeline, and 51 percent of LNG exports in the world.

- Advertisements -

Most Popular

Stena Bulk sells its last LNG carrier

Swedish shipping firm Stena Bulk has sold its last liquefied natural gas (LNG) carrier to an undisclosed Asian buyer. The...

Shell launches largest bio-LNG plant in Germany

A unit of LNG giant Shell has launched what it says is the largest bio-LNG production plant in Germany. The...

Oman LNG, Turkey’s Botas seal 10-year SPA

State-owned producer Oman LNG has signed a 10-year sales and purchase agreement with Turkey’s state-owned natural gas and LNG...

More News Like This

GECF: global LNG imports to rise about 4.5 percent in 2023

Global liquefied natural gas (LNG) imports are forecasted to increase by 4-4.5 percent to 416 million tonnes this year,...

GECF’s Sentyurin: LNG as fuel for ships and vehicles to rise five-fold

The LNG as fuel sector for both vessels and vehicles will rise five-fold in the next three decades due...