From OffshoreEnergy, January 12:
Rystad Energy, the independent energy research and business intelligence company, analyzed the gas-related activity of 2020 and published a report that offers key figures and a long-term outlook on the future of the industry.
In 2020, Global natural gas production is estimated to have dropped by 3.6 per cent. Rystad Energy approximates the total produced figure at around 3,918 billion cubic meteres.
The gas-producing region that the pandemic impacted the most is North America, with production estimated to have dropped by 47 billion cubic meteres from 2019 to 1,103 billion cubic meteres in 2020. Demand for gas did not fall as much as for oil, recording only a 2.5 per cent decline to an estimated 3,840 billion cubic meteres. Demand in Asia remained relatively strong, while European consumption dropped by around 7 per cent year-on-year, or by around 40 billion cubic meteres. Africa resulted in 26 billion cubic meteres.
As new plants started operations, mainly in the US, liquefaction capacity grew by 5 per cent, reaching 464 million tonnes per annum. US capacity is estimated to have reached 71 million tonnes per annum (+42 per cent).
Global LNG imports grew by 3 per cent to 363 million tonnes in 2020. Asian LNG demand grew 4 per cent year-on-year, driven by China. European imports remained strong during the first half of the year.
As for outlook towards 2040, Rystad Energy expects global natural gas production to grow by 24 per cent to 4,857 billion cubic meteres in 2040, with most additions coming from North America, followed by Russia and the Middle East....
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