« BackNews: LNG Industry Grows 10% In 2017
LNG Industry Grows 10% In 2017
In 2017, our automatic tank gauging systems may well have measured an increase in the volume being produced worldwide, as last year saw the largest annual volume increase in LNG trade on record, according to Reuters.
That lead to the LNG trade increasing by some 10 per cent year on year, largely attributed to the capacity role of Australia and the US. Trade hit 38.2 billion cubic feet per day (bcfd) in 2017, up 3.5 billion from 2016.
The US, Australia and Russia are thought to have added the majority of this – as much as a 3.4 billion cubic feet per day of the overall total, however, Russia’s new capacity was only introduced in the last month of the year.
Other countries which increased output to provide the rest of the capacity in 2017 include Angola, Nigeria, Malaysia, Algeria and Brunei.
For example, Malaysia’s PFLNG Satu came online during 2017, and is notable not only for contributing 0.2 billion cubic feet per ay of LNG, but also for being the world’s first floating liquefaction plant. This sector is believed to be the next big step in LNG production, according to the Petroleum Economist.
Further projects in the works are thought to be likely to add 13.5 billion cubic feet per day by 2022.
The data, which comes from the U.S. Energy Information Administration, soothes concerns about the role of LNG in the future energy mix, with one billion cubic feet of LNG fuelling over five million homes in the US for the day.