Much of the investment so far has also taken place domestically.
SEATTLE (Oil Monster): The global energy crisis could bring a massive investment in natural gas infrastructure, with new investment in the industry hitting as much as $42 billion in 2024, according to Rystad Energy.
Underinvestment in infrastructure has been a key component of the global energy crisis, which threatens to send Asia, Europe, and the US into a crisis this winter. Analysts have said OPEC+ has largely run out of spare capacity, which the cartel has blamed on chronic underinvestment throughout the entire industry.
'As the global energy crisis deepens and countries scramble to secure reliable energy sources, investments in new liquefied natural gas infrastructure are set to surge,' Rystad said in a note on Wednesday.
The analysts also predicted that total natural gas production will reach 14.7 million barrels per day in 2030, nearly double from the 8.7 million barrels per day reported in 2021. Total production is estimated to peak at 16.3 million bpd in 2034.
That won't come in time to aid Europe and Asia as they scramble for fuel supplies, but it will help cement the US's position as the world's top LNG exporter. By 2030, the Americas – with the US in the lead – is expected to fuel around 30% of the world's natural gas consumption, and Asian-Pacific countries will account for around 25%, Rystad said.
Much of the investment so far has also taken place domestically. $10 billion has poured into Texas for Exxon Mobil's and Qatar Energy's Golden Pass LNG project. Another $13.2 billion has been directed to Louisiana to build Venture Global's Plaquemines LNG project.
Courtesy: www.businessinsider.com
United States Crude Oil Prices | |||
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COMMODITY | PRICE | CHANGE | |
Alabama Heavy Asphaltic Sour | 55.28 | +3.49 | |
Alabama Light Sour | 61.42 | +3.88 | |
Alabama Light Sour Womack Hill Type | 55.28 | +5.30 | |
Alabama Light Sweet | 66.42 | +3.88 | |
Alabama/ Florida Panhandle | 64.12 | +1.90 |
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