Asia is expected to lead in terms of planned and announced liquefied natural gas (LNG) regasification capacity, according to a report by GlobalData.
Titled ‘Semi-Annual Global Capacity and Capital Expenditure Outlook for LNG Regasification Terminals – Petrobangla and Kuwait Petroleum Lead Global Capacity Additions’, the report focuses on global LNG regasification capacity and capital expenditure (capex) outlook between 2018 and 2022.
As per the report, global LNG regasification capacity during the outlook period is set to increase by 39.6% from 45.9 trillion cubic feet (tcf) in 2018 to 64.1tcf in 2022.
Asia and Europe are expected to account for more than 65% of the global regasification capacity growth and around 75% of the global capex spending.
Asia’s contribution of around 12.6tcf will come through 65 projects, while Europe will add 2.8tcf of planned capacity additions through 15 projects.
Since the previous report was published in June last year, a total of 33 new regasification terminals have been announced, while six terminals were halted and nine were scrapped.
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By GlobalDataIndia is expected to have planned regasification capacity additions of 5.1tcf, followed by China with 2.5tcf.
Between 2018 and 2022, Asia is also set to lead in terms of capex for LNG regasification projects, with proposed capex of $39.1bn. Europe is expected to secure second place with $7.4bn.
China is poised to lead in terms of capex spending, with proposed capex of $15.5bn, followed by India and Bangladesh with $6.2bn and $3.7bn, respectively.
Bangladesh Oil, Gas and Mineral (Petrobangla) and Kuwait Petroleum are expected to lead in terms of capacity additions with each set to add 1.1tcf by 2022.
Meanwhile, Kuwait Petroleum is expected to have the highest capex spending on planned regasification projects during the outlook period with $3bn, followed by Shandong Hanas New Energy and China National Offshore with $2.6bn and $2.4bn, respectively.
