43% growth predicted for global LNG regasification capacity by 2023

Kuwait Petroleum Corp has the highest planned and announced LNG regasification capacity additions globally by 2023, according to GlobalData.

Global LNG regasification capacity is expected to grow by 43% during the period 2019–2023, from 45.7 trillion cubic feet (tcf) this year to 65.9 tcf by 2023, according to a report by GlobalData.

Kuwait Petroleum Corp, China National Offshore Oil Corporation and Shandong Hanas New Energy Co Ltd have the highest planned and announced LNG regasification capacity additions globally by 2023, with capacities of 1,155 billion cubic feet (bcf), 738 bcf, and 731 bcf, respectively, the report found.

Planned and announced LNG regasification capacity additions by key companies, 2019–2023

Source: Upstream Analytics, GlobalData Oil and Gas

In terms of capital expenditure (Capex), China National Offshore Oil Corporation has the highest new-build Capex of $4.7 billion to be spent on new-build regasification projects in the period. Shandong Hanas New Energy Co Ltd and Kuwait Petroleum Corp follow with $2.9 billion and $2.7 billion, respectively.

Among terminals, Al-Zour in Kuwait continues to lead with the highest LNG regasification capacity additions as well as the new-build Capex globally during the outlook period.

Kuwait Petroleum Corporation, Kuwait’s national oil company, has 100% equity stake in the terminal, which is expected to start operation in 2021. The terminal has a capacity of 1.2 tcf, and a total new-build Capex of $3.6 billion. Kuwait Integrated Petroleum Industries Co is the operator of the terminal.

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