Shell’s New LNG Forecast Rekindles Brass LNG Profitability Posture

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By Chineme Okafor in Abuja
A new forecast on the global liquefied natural gas (LNG) market by Royal Dutch Shell has disclosed that demand for LNG will continue to grow at an average of five per cent annually until 2030, thus rekindling confidence that Nigeria’s $15 billion Brass LNG project could still be profitable if executed.
The forecast, which was released by Shell and obtained by THISDAY on Tuesday in Abuja, said the projected five per cent annual growth rate for the LNG market would be driven by the increasing number of buyers recorded since 2015 and from which China and India are the fastest growing buyers.
Global LNG demand, it noted, reached 265 million tonnes (MT) in 2016, while the number of buyers grew to 35 from 10 that it was at the start of the century. It listed Colombia, Egypt, Jamaica, Jordan, Pakistan and Poland as the six new countries that have joined the growing number of LNG importers.
More to come…