CEDIGAZ has released its ‘Medium and Long Term Natural Gas Outlook 2019’.
The non-profit association CEDIGAZ have recently reported that natural gas will play a crucial role supporting the global energy transition and meet all targets set by the NDCs. The LNG market is fast becoming one of the most competitive around, with the likes of Qatar exporting the most, and China importing the most, producing impressive growth figures of the last few years. Moreover, future LNG export projections make for exciting reading.
Natural gas will grow by around 40% between 2017 to 2040 (+1.4%/year). Asia is at the forefront of this growth period. Forecasts on gas demand in most emerging Asian markets have been revised north of projections compared to their existing targets.
Global LNG commerce will grow more than 3% per year to 2040.
It is estimated that LNG interregional gas demand will increase from 39% (in 2017) to a staggering 60% by 2040.
With the current rate of LNG growth, it is expected that the global market will remain well-supplied ‘until the middle of the next decade’ according to CEDIGAZ. This is based on the support of additional FIDs. The US will be a driving force for the worldwide market expansion and will possess a great deal of influence over the gas balance and pricing.
With LNG demand set to saw, the anticipated development of LNG liquefaction plants will be key to support demand until 2022. It is predicted that natural gas will play an even greater role in global business infrastructure and will support firms in almost every trade market.
Qatar and other Middle East countries collectively account as the second largest global growth market area. The region holds 23% of the international gas demand growth.
Learn more about the role of natural gas to support the global energy transition at World Energy Qatar at the DECC Doha Exhibition and Convention Center, Qatar on 29–31 March 2020.