Feb 16 (LNGJ) - Shell said in a liquefied natural gas sector outlook that Europe’s increased need for LNG looks set to intensify competition with Asia for limited new supplies over the next two years. Total global trade in LNG reached 397 million tonnes in 2022. Shell added that European countries, including the UK, imported 121MT of LNG in 2022, an increase of 60 percent compared with 2021, which enabled them to withstand a slump in Russian pipeline gas imports following the invasion of Ukraine.
“With reduced Russian pipeline gas, LNG is becoming an increasingly important pillar of European energy security, supported by the rapid development of new regasification terminals in northwest Europe. In contrast, China is evolving from being a rapidly growing import market to playing a more flexible role with an increased ability to balance the global LNG market,” stated the Shell report.
