Americas News
World's Gas Supply Can Last 200 Years: CEO
The world has enough gas for the next 200 years, according to Nigel Darlow, CEO of Atlantic LNG Company of Trinidad and Tobago (Atlantic), who said the growth of liquefied natural gas (LNG) plants around the world is not a threat to his company's business, the Trinidad & Tobago Guardian reports.
"It is true that we are seeing a lot of LNG plants around the world, especially in Australia which is set to become the largest exporter of LNG," Darlow said.
"In addition, we are seeing a huge growth of shale gas in the U.S., and that is going to support U.S. LNG exports with the first two on streams by 2016.
"And we've seen East African gas discoveries in Mozambique and Tanzania."
Nonetheless, Darlow said, demand for the fuel is continuing to outpace supply, with gas replacing oil and coal in many markets, including rapidly growing Asian economies.
"At the moment China's energy consumption is only four per cent gas and that is expected to increase significantly over the next few years," he said.
Darlow said Atlantic's exports to the U.S. have declined from 50 percent to less than 20 percent over the past four years, but the company now exports to 21 countries around the world and will add more export markets once the Panama Canal is expanded.
Drewry Maritime Research predicted last month that LNG tankers may face a glut in the market between 2013 and 2015, but supply of the fuel will catch up with available vessels as new projects come online.
