Gas is expected to rise by over 50% by 2040 and the U.S. will become the world’s largest LNG exporter, say experts at Gastech 2018, the global exhibition and conference at the forefront of the international gas, LNG and energy industries.
On the event’s third day, delegates heard forecasts that the U.S. will become the world’s leading LNG supplier by 2028 and still be the largest natural gas producer by 2040. The forecast was made by leading energy industry consultancy Wood Mackenzie.
Kristy Kramer, Wood Mackenzie’s Head of Americas Gas Research, said the shale gas revolution had resulted in the U.S is becoming the largest gas producer in the world, comprising 23% of total global production.
“At the start of 2014, more than 50% of U.S. gas production was from shale and today it has reached 65%. Wood Mackenzie forecasts continued production growth of 47% by 2035,” she said.
“The outlook for U.S. natural gas is extremely promising. With an abundance of low cost gas resource and sustained demand growth, the size of the U.S. natural gas market will greatly expand over the next 20 years. We expect the U.S. to be the largest natural gas producer by 2040, with production increasing to almost 130 bcfd – more than 50% over today’s level.”
Optimism has returned to the global LNG market, and Wood Mackenzie recently upgraded its forecast of the LNG supply-demand gap for new projects.
“By 2035, US LNG exports are forecast to reach more than 140 mmtpa – far above that of Qatar (100 mmtpa) and Australia (80 mmtpa) as the next largest exporters,” said Kristy.
For more information visit: www.gastechevent.com
20th September 2018