Increasing demand for liquefied natural gas (LNG)
The demand for liquid fuels is expected to increase from the 86 million oil-equivalent barrels per day, as of December 2007, to 116 million oil-equivalent barrels per day in 2030. The demand for natural gas is expected increase in North America, Europe and the Asia Pacific.
The company forecasts the global liquefied natural gas (LNG) demand to grow at more than 4% per year through 2030, driven by the demand in North America, Europe, and Asia Pacific markets. The demand for LNG would reach about 16% of the world’s gas demand by 2030. Currently, Exxon Mobil is participating in LNG projects in Qatar and Indonesia with a combined gross capacity of approximately 35 million tons per year, supplying LNG to markets in Asia, Europe, and North America. This represents about 20% of global industry capacity.
In March 2007, Exxon Mobil completed RasGas Train 5, one of the largest LNG plants in the world, for supplying gas into the northern European market. RasGas Company is a joint venture owned by Qatar Petroleum (QP) and Exxon Mobil RasGas. Over the next ten years, Exxon Mobil’s joint venture facilities in Qatar will have grown to over 60 MTA, contributing to Qatar becoming the world’s largest LNG supplier. Exxon Mobil is also developing LNG regasification terminals in the UK, the US, and offshore Italy with Qatar Petroleum. Such investments place the company in an ideal position to exploit growing demand for LNG.