30 October 2013 05:18 [Source: ICIS news]
SINGAPORE (ICIS)--The global refining industry is anticipating a surge in liquefied natural gas (LNG) supplies beyond 2015, primarily boosted by exports from the US, a Singapore government minister said on Wednesday.
"Although the US has been the world’s largest gas producer, this has traditionally been for domestic consumption," said S Iswaran, the city-state's second minister for trade and industry.
"The game-changer has been the US government’s recent decision to award gas export approvals," he said.
There are currently four LNG facilities in the US that have secured approval for exports, according to Iswaran.
"As gas production in the United States continues to rise, so too the expectation for more export approvals," Iswaran said.
Asia has overtaken Europe as the world’s largest importing region, and it is the fastest growing gas market in the world, with an estimated total demand of 790bn cubic metres by 2015, he added.
LNG buyers are also expecting a rise in exports from other countries apart from the US such as Australia, Papua New Guinea, Nigeria, Mozambique, and possibly Russia, according to Iswaran."Further upstream, we are seeing more exploration for unconventional gas reserves in China, South America and parts of Europe," he added.
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