Andrey Ryabov, chief expert of the analytical department on the oil and gas industry of the Fuel and Energy Complex analytical center, said that the world production of liquefied natural gas is expected to increase by 3% by 2024, reaching about 420 million tons. TASS. At the same time, Russia’s share in the world market will exceed 9 percent with the launch of the Arctic LNG 2 project, which will increase liquefied gas exports by 15 percent, or 5 million tons.
Ryabov noted that the liquefied natural gas market is expected to continue growing in 2024. The increase in production and exports may be around 3 percent of the 2023 level and reach approximately 420 million tons. The largest liquefied natural gas exporting countries will maintain their positions in the market, but significant production increases are expected only in Russia and the USA.
The first train of NOVATEK’s Arctic LNG 2 LNG facility in Russia is planned to be put into service this year, which will allow liquefied gas exports to increase to 38 million tons annually by the end of 2024. According to the FEC think tank, the USA will continue the high use of existing liquefaction capacities and increase its liquefied natural gas exports by 4-5 million tons per year, to approximately 90 million tons. According to the expert, Qatar and Australia will keep their gas supply volumes at last year’s level, around 79-80 million tons.
Moreover, according to Finam analyst Sergei Kaufman, new capacities in the field of liquefied natural gas are expected to be actively commissioned from mid-2024. He predicts that many projects with a total capacity of approximately 50 billion cubic meters will come online next year and that most of the new capacity will come from the United States.
Ryabov noted that new countries such as Congo, Mexico, Senegal and Mauritania will enter the liquefied natural gas market in 2024. It estimates that these new market participants will be able to supply an additional 3 million tonnes of liquefied gas next year.
But more significant changes are expected in the global liquefied natural gas market in 2025: production could increase by another 30 million tonnes, tripling 2024 growth. Ryabov noted that this will be due to the commissioning of various facilities in the USA and the increase in production, the peak of productivity of new projects by “new” players, the start of exports of liquefied natural gas from Canada and further growth. Production in Russia.
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