LNG ’Growth Commodity’ For Oil Companies
The growth in demand for radar tank gauging systems is clear, and is undoubtedly tied to the fact that the world’s largest oil companies are pumping more natural gas than ever before, according to Business Insider.
While these gases used to be an afterthought product, expert now say that there has been a clear shift over the past decade, with more emphasis placed on natural gas as a core commodity. The data, from Wood Mackenzie energy consultancy, has shown that between them, BP Plc , Exxon Mobil Corp , Royal Dutch Shell Plc , Total SA and Chevron Corp have increased output of natural gas by 15 per cent.
Brian Youngberg, an energy industry analyst at Edward Jones, now says that he expects to see a four per cent increase each year, stating: “"LNG is the growth commodity for these companies”.
Exxon, for one company, says that the presence of natural gas has largely eradicated concerns about energy supplies. Gas reserve supplies increased by 16 per cent in the last year and by 2040, this company believes it will be responsible for satisfying over a quarter of energy demand.
With far less greenhouse emissions when burned than oil or coal, LNGs are also satisfy the need for cleaner energy sources. It is traditionally harder to transport than crude oil, which can be stored indefinitely, however, the advent of LNG shipping is one of the contributing factors to the boom in natural gas as an effective and economically viable energy source.