The Royal Dutch Shell Group sees a potential shortage of liquefied natural gas by mid 2020 unless new production commitments are made soon amid an increased demand.
Shell in a statement released to local media said the global LNG market had grown significantly with demand now at 293 million tons, up by 29 million tons in 2017.
The company’s annual LNG Outlook said Japan remained the world’s largest LNG importer in 2017, while China moved into second place as Chinese imports surged past South Korea’s.
Total demand for LNG in China reached 38 million ton as a result of continued economic growth and policies to reduce local air pollution by switching to gas from coal.
“We are still seeing significant demand from traditional importers in Asia and Europe, but we are also seeing LNG (providing) flexible, reliable and cleaner energy supply for other countries around the world,” said Maarten Wetselaar, Shell Integrated Gas and New Energies director.
