GlobalData’s latest report, Global Capacity and Capital Expenditure Outlook for Underground Gas Storage – Turkey Leads Global New-Build Gas Storage Capex, indicates that global working gas storage capacity of underground gas storage sites is expected to grow by 16% from the current active capacity of 15.9 trillion cubic feet (tcf) in 2019 to around 18.4 tcf in 2023.
Underground gas storage outlook
Among regions, the Former Soviet Union (FSU), Europe and the Middle East lead globally in terms of working gas capacity additions from planned and announced gas storage projects, with capacities of 859 bcf, 738 bcf, and 573 bcf, respectively.
Among countries, Russia leads the working gas capacity additions from planned and announced projects with 780 bcf during 2019–2023. Turkey and Italy follow with 375 bcf and 249 bcf, respectively.
In terms of new-build capital expenditure (Capex) outlook for planned and announced gas storage projects during the period 2019–2023, Middle East leads with Capex of US$14.8 billion, followed by Europe and the FSU with US$14 billion and US$2.9 billion, respectively.
Among countries, Turkey, the UK, and Italy lead globally in terms of new-build Capex during the outlook period, with US$12 billion, US$5.9 billion, and US$3 billion, respectively, to be spent on planned and announced gas storage projects.
Total Capex spending on planned and announced gas storage sites by key countries during 2019–2023 (US$ billion)
Source: Midstream Analytics, GlobalData Oil and Gas
The Stepnovskoe II gas storage project in Russia leads globally in terms of working gas capacity among the planned and announced gas storage projects during the outlook period, 2019–2023 with 199 bcf.
Bednodemyanovskoye I and Kanchurinsko-Musinsky Complex II, also both in Russia, follow with capacities of 177 bcf and 167 bcf, respectively.
In terms of new-build Capex, Mersin II gas storage site in Turkey leads with US$7 billion among planned and announced projects globally, followed by the Mersin I and Deborah with US$3.5 billion and US$3.1 billion respectively. The Mersin I and Deborah gas storage sites are located in Turkey and the UK, respectively.