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On March 7, Chevron said it expects a supply shortage
in the global LNG market by 2025.
This is in line with
comments made last month by top LNG trader Royal Dutch Shell.
Chevron expects a shortage of supply in the global LNG market by 2025
Countries such as China want to curb environmental pollution, so demand for natural gas, which burns cleaner than coal and oil, has surged
.
Chevron, which owns Australia's giant Gorgon and Wheatstone LNG projects, said global LNG demand is expected to reach nearly 600 million tonnes per year by 2035, while supply could be only half
.
"Demand in China is growing
significantly.
They have a very active plan to move away from coal in heating industry applications and are using LNG
in large quantities.
Chevron Downstream Executive Vice President Pierre Breber said
when asked about spot LNG prices.
In January, China imported record levels of LNG as it stockpiled LNG ahead of Lunar New Year celebrations
.
In February, Shell estimated that more than $200 billion of investment in LNG would be needed by 2030 to meet the growth
in demand.
The global LNG market will continue to grow rapidly through 2020 as facilities approved for construction over the past 5 years come online
.
However, Shell said at the 2018 LNG outlook that unless new investment emerges, the decline in industry spending since 2014 will lead to a supply gap
starting in the mid-2020s.
，
On March 7, Chevron said it expects a supply shortage
in the global LNG market by 2025.
This is in line with
comments made last month by top LNG trader Royal Dutch Shell.
Chevron expects a shortage of supply in the global LNG market by 2025
Chevron expects a shortage of supply in the global LNG market by 2025Countries such as China want to curb environmental pollution, so demand for natural gas, which burns cleaner than coal and oil, has surged
.
Chevron, which owns Australia's giant Gorgon and Wheatstone LNG projects, said global LNG demand is expected to reach nearly 600 million tonnes per year by 2035, while supply could be only half
.
"Demand in China is growing
significantly.
They have a very active plan to move away from coal in heating industry applications and are using LNG
in large quantities.
Chevron Downstream Executive Vice President Pierre Breber said
when asked about spot LNG prices.
In January, China imported record levels of LNG as it stockpiled LNG ahead of Lunar New Year celebrations
.
In February, Shell estimated that more than $200 billion of investment in LNG would be needed by 2030 to meet the growth
in demand.
The global LNG market will continue to grow rapidly through 2020 as facilities approved for construction over the past 5 years come online
.
However, Shell said at the 2018 LNG outlook that unless new investment emerges, the decline in industry spending since 2014 will lead to a supply gap
starting in the mid-2020s.
，
