The International Gas Union (IGU) has released its 2017 World LNG Report, examining the current state of the Global LNG Industry. The latest report highlights the dynamic 2016 experienced by the global LNG industry – with significant growth in LNG supply projects, as well as increases in demand for LNG as a fuel from new and existing markets across the globe.
The following summary points are derived from the IGU press release prepared by Menelaos (Mel) Ydreos, Director, External Affairs (and NGV Global Board Member):
- Global LNG trade in 2016 reached a record 258 million tonnes (MT) – an increase of 5% from 2015, and the largest ever year for LNG trade. This dramatic increase is particularly noticeable when compared with the average 0.5% growth rate of the previous four years.
- Global liquefaction capacity is expected to grow significantly over the next few years, with 114.6 MTPA of capacity under construction as of January 2017.
“The increased use of natural gas is hugely beneficial to the environment, and subsequently human health, across the globe. Our recent reports on urban air quality, as well as the use of LNG in marine shipping, are testament to this. This year’s World LNG report is extremely promising, and LNG maintains an essential role in expanding access to gas across the globe, acting as a key pillar in the future energy mix,” said David Carroll, President of the IGU.
Carroll notes in the Report’s opening statement that LNG bunkering is helping shape the LNG industry, with the fuel increasingly adopted for maritime transport.
Natural gas has many important benefits – it is abundant, flexible and is the perfect complement to intermittent renewables for power generation. Natural gas provides clean affordable heating for industrial processes and for commercial and residential customers around the world. Natural gas also has benefits relative to coal and oil – in terms of lower carbon emissions as well as particulates and other pollutants that contribute to poor air quality and ensuing health concerns.
To download the full report, please click here.