Long Term Gas & LNG Demand Outlook Very Encouraging: Baker Hughes

The long-term demand outlook for both natural gas and LNG remains very encouraging, Baker Hughes CEO Lorenzo Simonelli said, cited by Platts.

• "Through 2040, we expect natural gas demand to grow by almost 20%, representing a 1% compound annual growth rate in underlying energy demand and the desire to drive towards net-zero energy" emissions, Simonelli said.
• Through the end of the 2020s, Simonelli projects that LNG demand will increase by mid-single digits.
• Global LNG demand is up 4% year to date compared to a decline of 50% in LNG prices over the same period.
• Baker Hughes forecast that this robust growth will support growth in installed capacity at LNG terminals to grow by 70% amid significant FIDs to come in the next three years.