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LNG Sector Set For Investment Boost
Strong demand for liquefied natural gas (LNG) around the world, as well as rising oil prices and a shift away from high-carbon energy sources, are contributing towards greater investment in the LNG sector.
Reuters recently predicted that the industry is set to see a surge in investment as a number of new “mega LNG projects” get underway.
The news provider noted that China’s demand for the fuel has been a big factor in boosting the industry and encouraging energy companies around the globe to invest in LNG infrastructure.
One nation that’s putting its faith in LNG is Qatar. It’s already the largest LNG producer in the world and the country intends to expand its facilities by another third in the next five to seven years.
According to Reuters, demand for LNG is expected to grow by ten per cent in 2018, after rising by 12 per cent last year, Bernstein figures showed.
The organisation is also predicting that more than 200 million tonnes of new LNG supply will be needed through to 2030 and that this demand will spark a wave of new projects.
Reuters isn’t the only news provider to notice that big energy companies are shifting their focus away from oil and onto LNG. Last month, Business Insider highlighted data from Wood Mackenzie, which showed that collectively BP Plc, Chevron Corp, Exxon Mobil Corp, Royal Dutch Shell Plc and Total SA have boosted natural gas production by 15 per cent.
Rising demand for LNG also means the need for new LNG storage and transportation facilities. If you need help with overfill prevention systems for your LNG facility, contact our experts today.
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