Global regasification capacity is expected to grow by 36 per cent during 2019–2023, increasing from 44.7 trillion cubic feet (tcf) in 2019 to 60.8 tcf by 2023, according to a recent report by GlobalData.
The 45-page report, ‘H2 2019 Global Capacity and Capital Expenditure (Capex) Outlook for LNG Regasification Terminals – India Continues to Dominate Global Regasification Capacity Additions and Capex Spending’, takes in historical LNG regasification capacities data from 2013 to 2018, and considers the industry outlook for 2023.
Among regions, Asia is forecast to lead with the highest planned and announced (new-build) LNG regasification capacity additions. The region contributes around 56 per cent of the total global LNG regasification capacity additions and is expected to add around 8.2 tcf of regasification capacity by 2023.
Europe and the Middle East follow with capacity additions of 2.1 tcf and 2.0 tcf, respectively.
Among countries, India is forecast to lead globally with 2.7 tcf of new-build regasification capacity additions by 2023. Pakistan and China follow with similar capacities of 1.3 tcf and 1.2 tcf, respectively.
Planned and announced capacity additions by key countries, 2019–2023 (tcf)
Source: Midstream Analytics, GlobalData Oil and Gas © GlobalData
Among companies globally, Kuwait Petroleum Corp is forecast to lead with the highest planned and announced LNG regasification capacity additions of 1.2 tcf by 2023. Hiranandani Group and Mitsubishi Corp follow with capacities of 716.9 billion cubic feet (bcf), and 709.0 bcf, respectively.
Among terminals, the Al-Zour terminal in Kuwait will lead globally with the highest LNG regasification capacity by 2023 with 1.2 tcf, followed by Matarbari and Rayong terminals with 547.5 bcf and 365.3 bcf, respectively.