LNG demand, shipping will expand through 2010
The 1990s, especially the middle years, have witnessed a dramatic turnaround in the growth of liquefied-natural-gas demand which has tracked equally strong natural-gas demand growth. This trend was underscored late last year by several annual studies of world LNG demand and shipping. As 1998 began, however, economic turmoil in Asian financial markets has clouded near-term prospects for LNG in particular and all energy in general. But the extent of damage to energy markets is so far unclear. A study by US-based Institute of Gas Technology, Des Plaines, IL, reveals that LNG imports worldwide have climbed nearly 8%/year since 1980 and account for 25% of all natural gas traded internationally. In the mid-1970s, the share was only 5%. In 1996, the most recent year for which complete data are available, world LNG trade rose 7.7% to a record 92 billion cu m, outpacing the overall consumption for natural gas which increased 4.7% in 1996. By 2015, says the IGT study, natural-gas use would surpass coal as the world`s second most widely used fuel, after petroleum. Much of this growth will occur in the developing countries of Asia where gas use, before the current economic crisis began, was projected to grow 8%/year through 2015. Similar trends are reflected in another study of LNG trade released at year end 1997, this from Ocean Shipping Consultants Ltd., Surrey, U.K. The study was done too early, however, to consider the effects of the financial problems roiling Asia.
- OSTI ID:
- 566731
- Journal Information:
- Oil and Gas Journal, Vol. 96, Issue 6; Other Information: PBD: 9 Feb 1998
- Country of Publication:
- United States
- Language:
- English
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