Energy major Shell expects several traditional LNG exporter nations to turn into net importers, driving demand for the super chilled fuel and potentially easing concerns that the industry faces oversupply from a
Energy major Shell expects several traditional LNG exporter nations to turn into net importers, driving demand for the super chilled fuel and potentially easing concerns that the industry faces oversupply from a raft of planned new projects.
Cederic Cremers, Shell's president for integrated gas, told Reuters that Indonesia, Malaysia, and Algeria are likely to become net import markets in the future as their domestic gas demand is rising while production is declining.
"Our prediction is that between now and 2040 that's pretty much close to 50 million tons of additional draw on the LNG market," he said on the sidelines of the World Gas Conference.
These LNG exporters are likely to join Egypt, which became a net LNG importer last year.
Egypt is in talks with energy firms and trading houses to buy 40-60 LNG cargoes amid a worsening energy crunch ahead of peak summer demand. Earlier, the country had signed deals worth about $3 billion with Shell and TotalEnergies to secure LNG.
Meanwhile, LNG projects are facing challenges stemming from project delays during the COVID pandemic that limited new supply in 2023 and 2024, bottlenecks in global supply chains and labour shortages on the U.S. Gulf Coast.
"The net
Content Original Link:
" target="_blank">
