EIA: several countries to become new LNG importers in 2023

The EIA expects global LNG import capacity (also known as regasification capacity) to expand by 16%, or 22.8 billion ft³/d, in 2023?24 compared with 2022 once all regasification terminals currently under construction are completed.

Over the past 10 years (2013–22), global regasification capacity has grown by 49% (45.8 billion ft³/d) to reach 140 billion ft³/d across 48 countries. By the end of 2024, 55 countries are expected to have LNG regasification terminals. Historically, available regasification capacity significantly exceeded LNG imports. Spare regasification capacity, particularly in east Asia, is maintained for security of supply reasons, given the region’s high dependence on real-time LNG imports. Global LNG trade in 2022 amounted to 51.7 billion ft³/d, implying 37% utilisation of available regasification capacity.

Regionally, Asia will lead the growth in global regasification capacity, accounting for 52% (11.9 billion ft³/d) of the total capacity additions in 2023?24, while Europe will account for 38% (8.6 billion ft³/d) and other countries for 10% (2.3 billion ft³/d).

In Asia, China and India will account for most of the regasification capacity additions.

In Europe, LNG regasification capacity is set to expand by one-third by the end of 2024 compared with capacity at the end of 2022, following a reduction in natural gas imports by pipeline from Russia.

In South America, Brazil expects 1.8 billion ft³/d of capacity additions to come online this year. Smaller capacity additions in Nicaragua and Antigua and Barbuda, which are expected to become new LNG importers, will total 0.2 billion ft³/d by the end of 2024. Australia is building a new offshore regasification terminal on the east coast, with a capacity of 0.3 billion ft³/d.

Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/11082023/eia-several-countries-to-become-new-lng-importers-in-2023/