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Global Review: LNG - Beware the LNG boom.
(From Reinsurance)
The energy industry has been positioning itself to profit in an energy economy fuelled increasingly by liquefied natural gas (LNG). This 'dash for gas' is on behalf of an abundant, relatively clean hydrocarbon that many believe can close the worrying gap between energy supply and energy demand.
Industrialised countries such as the US, Japan and the UK are running out of their own domestic supplies of natural gas, and are looking abroad to meet rising demand. The emerging economic superpowers of India and China are also increasingly gas-dependent.
Qatar, Iran, Australia, Indonesia and Brunei are - and will continue to be - the world's principal locations of LNG plants, with Qatar and Iran dominating new developments. There is also increasing expansion of LNG supply from North Africa.
The scale of new investment in LNG, fed by the world's leading oil companies, is staggering. In early February this year, ExxonMobil and Total committed a combined $16.3bn to Qatar's North Field, the largest single gas deposit in the world. That project is expected to supply up to one-fifth of Britain's gas.
Then Shell announced a whole new LNG project called Qatargas-4 that will cost up to $7bn for shipping enough gas to Europe and North America each year in order to power 7 million homes; this is expected to start in 2010.
Underpinning the boom in demand for imported LNG is the technology to cool the gas into liquid so that it can be shipped on tankers, like oil.
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