When it comes to natural gas storage Markets and Markets has said that it is playing a significant role in managing the reliability and security of supply. 10 years ago, when natural gas was a regulated commodity, storage was only seen as part of the product sold however, now that gas is deregulated storage is sought for commercial and operational purposes. Seasonal demand is the main use for natural gas storage at the moment and comes in two main forms, underground and above ground.
More gaseous forms of natural gas are usually stored underground in salt caverns, aquifers and depleted reservoirs. The growing demand for natural gas has been a major contributor to exploration and therefore the increased number of reservoirs available for storage purposes. Markets and Markets expect sound growth in the storage market due to this over the coming years. The Americas are tipped in the report as the largest market for underground storage. Last year, the Americas had the highest working gas capacity at 152 billion m2 and this is projected to increase by 158.6 billion m3 to 2019.
The CIS region follows the Americas in the underground storage stakes in the report. The region had a working capacity of 122.4 billion m3 last year and this is forecast to grow by 135.4 billion m3 by 2019.
When it comes to above ground storage, Markets and Markets has included LNG in its analysis. The Americas once again has the highest level, but this is when it comes to liquefaction capacity. The Asia Pacific is the region dominating the regasification market. Global LNG requirements are anticipated to increase over the next five years by 279.7 million tpy according to the report and by 2019, liquefaction capacity is anticipated to be 704.9 million tpy.
When it comes to regasification, the report highlights that Asia Pacific holds 306.8 million tpy and this is expected to increase to 764.7 million tpy by 2019.
Adapted from source by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/20082014/natural-gas-storage-markets-and-markets/