A new report has identified Nigeria as possessing the capacity to have the highest liquefaction potential additions while Kuwait and Turkey will have highest regasification capacity additions among all countries in the Middle East and Africa’s Liquified Natural Gas, LNG industry between 2018 and 2022, according to GlobalData, a leading data and analytics company
According to the report, Kuwait and Nigeria will contribute significantly to capacity growth in the Middle East and Africa’s LNG industry between 2018 and 2022.
“LNG Industry Outlook in Middle East and Africa to 2022 forecasts total liquefaction capacity in the Middle East and Africa to increase from 172.7 million tonnes per annum (mtpa) in 2017 to 234 mtpa in 2022 at an average annual growth rate (AAGR) of 6.1 per cent. Similarly, the total regasification capacity is expected to grow from 3,007.6 bcf in 2017 to 5,895 bcf in 2022 at an AAGR of 13.5 per cent.
‘‘Nigeria will lead the Middle East and Africa in terms of liquefaction capacity additions. The country will have the highest liquefaction capacity additions of 18 mtpa, increasing from 22 mtpa in 2017 to 40 mtpa by 2022 at an AAGR of 12 per cent. The country is expected to spend US$25.26bn on new build liquefaction terminals during the outlook period,’’ the report read in part.
An oil and gas analyst at GlobalData, Soorya Tejomoortula, said, “Nigeria is expanding its liquefaction capacity to capture increasing global demand for natural gas. The country aims to become one of the major suppliers of LNG globally.”
The report also states that in terms of regasification capacity additions in the Middle East and Africa, 10 regasification terminals are expected to become operational between 2018 and 2022. The total planned regasification capacity in the Middle East and Africa in 2022 is expected to be 2,887.5 billion cubic feet bcf.
It states that Kuwait will lead the Middle East and Africa with total additions of 1071 billion cubic feet bcf. The country’s regasification capacity will increase from 264.8 bcf in 2017 to 1,335.8 bcf in 2022 at an AAGR of 32.4 per cent. The country is expected to spend around US$2.9bn on the development of upcoming regasification terminals during the outlook period.