Report: Working gas storage capacity of underground gas storage sites to grow 21.6% by 2021

The global working gas storage capacity of underground gas storage sites is expected to grow by 21.6% from 15.3 trillion cubic feet (tcf) in 2017 to 18.6tcf by 2021, according to a report by GlobalData.

Titled ‘Global Capacity and Capital Expenditure Outlook for Underground Gas Storage – Middle East to More than Double its Working Gas Storage Capacity by 2021’, the report provides an insight into the working gas storage capacity of underground gas storage sites.

In terms of regions, the Former Soviet Union (FSU) is projected to add the highest planned working gas capacity of approximately 1,736 billion cubic feet (bcf) by 2021, to be followed by Europe with 641bcf.

Russia is expected to lead the countries with the highest planned working gas capacity additions of 1,647bcf, followed by China with 375bcf, the US with 243bcf and Italy with 237bcf.

In terms of companies, Gazprom is expected to have the highest planned working gas storage capacity additions of 1.7tcf by 2021 with a capital expenditure (capex) of $15.8bn, followed by Bendis Enerji with 158bcf with a capex of $10.9bn.

A total of $57.3bn is expected to be spent on the construction of new underground gas storage sites between 2017 and 2021. The highest capex is expected to be spent by the Middle East at $17.9bn, followed by the FSU ($16.4bn) and Europe ($15.3bn).

In terms of countries, Russia is expected to witness the highest capex of $14.4bn to increase the working gas storage capacity of the country to 4.2tcf. Turkey is expected to witness the second highest proposed capex of $11.9bn, followed by Iran with $6bn.

The total planned working gas storage capacity additions during 2017-2021 are anticipated to be through depleted oil and gas field sites (2,051bcf), aquifer sites (764bcf), salt cavern sites (481bcf), and other sites (27.2bcf).

Eight underground gas storage projects were stalled and another eight were cancelled in comparison to the previous report.