GlobalData’s latest report, ‘Global Capacity and Capital Expenditure Outlook for Underground Gas Storage, 2022-2026’, states that the global working gas capacity of underground gas storage sites is expected to grow by 12% from 16.8 trillion cubic feet (tcf) in 2022 to 18.8tcf by 2026.
Among the regions, Europe and the Middle East are expected to witness substantial working gas capacity additions from planned and announced projects, with 882 billion cubic feet (bcf) and 570bcf, respectively.
Globally, Russia is expected to lead working gas capacity additions among countries from planned and announced projects during 2022-2026. However, these capacity additions remain uncertain due to plans of several oil and gas companies to quit the country due to the Ukraine war. Apart from Russia, China and Turkey are the other key countries in terms of working gas capacity additions, with 496bcf and 372bcf, respectively.
Among upcoming projects, the Jidong II gas storage project in China leads globally, in terms of working gas capacity among the planned and announced gas storage projects during the 2022 to 2026 outlook period, with 371bcf.