Asia’s need for future gas and liquefied natural gas (LNG) volumes, as well as associated infrastructure to meet rapidly expanding energy demand, is tremendous. Experts from energy research company Wood Mackenzie discussed the key drivers of Asia Pacific gas markets today at its Northeast Asia Gas Forum.
Vice president Valery Chow said “Asia will account for 60% of global gas demand growth between 2020 and 2050.
By 2050, a third of all global gas is expected to be consumed in Asia, up from 22% in 2020. We see the greatest upside from emerging markets in South and Southeast Asia, all of which are facing declining domestic gas production. LNG demand growth is supported by the development of new regasification, pipeline, and gas-to-power infrastructure.
“Coal-to-gas switching is a dominant theme in Asian gas in the medium-term. With coal currently accounting for more than 50% of the energy supply mix, there are significant opportunities for increased gas consumption as a...read more...