A Step Towards World Market- LNG

                                                                                         

The statistics for then distribution of energy consumption across the globe indicate that developing countries are still to catch up with the developed countries. However, if the developing economies were to pace up their consumption to the same point as that of the average European consumer it would more than double the amount of energy requirement. Whereas, taking it to the level of the US consumers, with massive use of cars and air conditioning, would take the energy consumption to five times of the present figure.

China and India, the two major Asian economies together accounts for more than 33% of the world's population, however they represent barely 17% of the worldwide energy consumption. Leveling up their per-capita energy consumption to the world average would require additional energy of 40 million barrels of oil a day or in other words, 50 % of the oil production of the world today.

Presently gas supplies in EU accounts for approximately 20 % of the electricity distributed in member states like Germany or the UK. Most of the gas is pumped through pipelines from Norway, Russia and Algeria.

Within the next few years the robust growth in LNG market shall decouple gas prices from oil prices. LNG would then be bought and sold on its own trading exchanges and gas tankers will change their destinations for providing supplies to the highest bidder.

Despite the diversity of LNG supply from Qatar, Nigeria or Venezuela, Russia is all set to have a dominating presence in the emerging LNG market because of the considerably large size of its reserves. US geologists confirm that Russia possess 30 % of the proven gas reserves across the globe and as high as 25 % of the predicted undiscovered reserves fall in this region.

For further information about please read the report:
" Global LNG Market Worldwide (2005-2015)" published by RNCOS at:
http://www.rncos.com/Report/IM027.htm

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