Global energy demand is expected to grow substantially from 490 QBTU in 2010 to 622 QBTU in 2030. This will be driven by economic development and population growth in emerging markets, primarily India and China. As an abundant, cleaner and cost-efficient energy source, natural gas is expected play a larger role in the energy market going forward.
Over the last few years, the global gas market has witnessed significant changes. Gas supply has increased with the opening up of new sources and technologies. LNG projects in Australia, North America, Russia and Africa are progressing, and are expected to contribute significant volumes over the next 5 to 7 years.
LNG consumption has shifted further towards Asia, with demand in traditional markets like USA and Europe slowing down, and demand in Asia continuing to grow. Besides current importers like Japan, Korea, Taiwan, China and India, new countries in South East Asia and the Middle East are emerging as important LNG demand centres.
Affordability is growing, but continued high prices for Asia remain a concern. Supply is likely to remain balanced for a few years, beyond which planned projects will need to be competitive to ensure offtake.
In this changing paradigm, industry players need to come together and discuss opportunities and ways to unlock the
natural gas potential. The 8th Asia Gas Partnership Summit (AGPS), organised by GAIL (India) Ltd and the Federation of Indian Chambers of Commerce and Industry (FICCI), with the support of International Gas Union, is an important forum that provides this opportunity. It has become Asia’s premier natural gas event, and its success reflects Asia’s importance in the global energy and gas market.
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