In the last 10 years (2013-2022), the global LNG import capacity, termed as regasification capacity, expanded by 49% (45.8 Bcf/d) to hit 140.0 Bcf/d across 48 countries. This growth is projected to continue, increasing by an additional 16% by the end of 2024.
In recent developments, Germany, the Philippines, and Vietnam commenced LNG imports for the first time. By the close of the following year, Antigua, Australia, Cyprus, and Nicaragua are anticipated to follow suit, according to a publication by the EIA.
Furthermore, by the end of 2024, it's expected that 55 countries will possess LNG regasification terminals with a total combined capacity of 163 Bcf/d.
Countries like Japan, South Korea, and China boast the most considerable spare capacities, enabling them to address unexpected spikes in demand, especially during winter months. In the previous year, a mere 37% of the global capacity was utilized, equating to 51.7 Bcf/d.
Here's a glimpse of the global scenario regarding LNG imports:
Asia:
China: They're in the midst of constructing facilities to enhance capacity by 8.5 Bcf/d. Although China was at the forefront of LNG imports in 2021, there was a downturn in 2022, largely due to the economic repercussions of COVID-19.
India: The country anticipates a boost of 1.3 Bcf/d in regasification capacity by the tail end of 2023, made possible by two new terminals: Dhamra LNG and Chhara LNG.
The Philippines & Vietnam: Both nations embarked on LNG imports in 2023. The Philippines is set to amplify its capacity by an additional 1.1 Bcf/d within the year, while Vietnam has plans to augment its capacity by 0.1 Bcf/d come the end of 2024.
Europe:
Overall Expansion: By 2024, Europe anticipates a one-third growth in regasification capacity compared to 2022 figures, a response to dwindling pipeline gas imports from Russia.
Germany: Recently, they initiated LNG imports and have expedited the development of their regasification infrastructure by harnessing Floating Storage and Regasification Units (FSRUs). Presently, three terminals are operational with an additional three slated for completion by 2023, yielding a combined capacity of 3.7 Bcf/d.
Other European Nations: Eleven other countries are gearing up to enhance their capacities, contributing a cumulative increase of 4.9 Bcf/d. Each of these nations will contribute between 0.1 to 0.7 Bcf/d.
Other Regions: Countries like Brazil and Australia are set to ride the global wave of LNG regasification expansion.
Comments