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Global LNG Market Will Reach 750-800bcm by 2030 as Demand Rises: Novatek

LNG

The global volume of the LNG market will reach 750-800 bcm by 2030 LNG with consumption up to about 190 bcm according to Tass citing Leonid Mikhelson, CEO of Novatek.

  • Global LNG consumption is expected to surpass predictions increasing by another 30 bcm by 2030 with Asia accounting for the highest increase.
  • "Because the European Union recognized natural gas as a transition source of energy a year ago, demand for LNG is likely to be higher than expected figures. Of course, Asia is expected to have the greatest increase in consumption. We think it's somewhere over 200 bln cubic meters," he said.
  • "Global demand will increase, and only three resource bases will be able to meet it - Qatar, Russia, and the United States. More than 70% of global liquefaction is now planned based on these reserves," Mikhelson said.
  • "In 2026-2027, several new projects will be launched in Qatar, due to which, we believe, the situation with gas prices should stabilize," he said.
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