The past year has been the first showing of the growth spurt previously forecast in the liquefied natural gas sector and BP expects to see global supplies increase by around a further 30 percent by 2020.
Global gas markets have grown more complex and interconnected. As US LNG capacity expands, a view on US gas prices will increasingly require an opinion on international gas and oil balances, global coal markets and European carbon prices, according to a new report.
Until recently, financing issues, market conditions, price sensitivity and the small size of the individual gas markets were all strong deterrents to sellers looking at Africa as an LNG destination, even though the region’s per capita energy consumption is very low and there are hundreds of millions without electricity and modern cooking facilities.
In recent years, cost overruns, rebids and schedule delays have plagued liquefied natural gas projects worldwide. This, coupled with increased liquefaction capacity set to come online from projects currently in development or post-final investment decision, has created a business environment where plant owners and developers must drive to reduce the total cost of ownership of their projects to remain competitive.
The maritime industry has seen many changes over its long history, drastically transforming how things are done.