Total global oil and gas production is expected to increase by 3% during the 2018 to 2022 outlook period, while the U.S. leads globally in terms of liquids storage capacity.
GlobalData’s latest analysis of the global liquids storage market shows total production is expected to increase to more than 60 billion boe (barrel of oil equivalent) by 2022.
Meanwhile, the U.S has the highest installed liquids storage capacity globally with 2,174 million barrels (mmbbl). Indonesia and China follow with 2,015mmbbl and 776mmbbl respectively.
Currently, the US accounts for 26% of the total global liquids storage capacity. The country has 1,679 active liquids storage terminals and is expected to add a capacity of 45mmbbl from 21 planned and announced storage terminals during 2018 to 2021.
A total of more than 500 planned and announced projects are expected to come online globally by 2022. Asia leads with the highest number of planned and announced projects among regions, followed by Africa and Europe.
In Southeast Asia, more than 40 key crude oil and natural gas projects are expected to start operations by 2025. Indonesia leads with the highest number of planned projects, followed by Malaysia and Vietnam.
Malaysia leads in terms of announced projects, followed by Indonesia and Vietnam. Key projects in Southeast Asia are expected to contribute up to 190 thousand barrels of oil per day (mbd) to global crude production and more than 8,400 million cubic feet per day (mmcfd) to global gas production in 2025.
Among operators, Sapura Energy Berhad, Husky-CNOOC Madura Limited and PETRONAS Carigali Sdn Bhd lead in terms of operatorship of planned and announced projects.
Meanwhile, the global LNG regasification industry is expected to increase by 40% during the outlook period 2018–2022.
Asia and Europe lead globally with the highest planned regasification capacity additions and capex on the new build projects over the next four years.
Asia and Europe is expected to contribute more than 65% of the total global capacity growth and about 75% of proposed capex on new build terminals. Among the regions, Asia alone is expected to add more than 12 trillion cubic feet (tcf) of regasification capacity, followed by Europe with 3 tcf of capacity.
In North Sea, more than 40 key crude oil and natural gas projects are expected to start operations by 2025. The UK leads with the highest number of planned as well as announced projects, followed by Norway, the Netherlands and Denmark.
Key projects in North Sea are expected to contribute up to 940 mbd to global crude production and more than 1,300 mmcfd to global gas production in 2025.
Among operators, Statoil Petroleum AS, Statoil UK Ltd and Independent Oil and Gas Ltd lead in terms of operatorship of planned and announced projects.
For more information, visit: www.globaldata.com
10th Apr 2018
