Latest
industry research report on: Global Floating Liquefied Natural Gas
Market | Industry Size, Share, Research, Reviews, Analysis,
Strategies, Demand, Growth, Segmentation, Parameters, Forecasts
Global Floating Liquefied
Natural Gas Market
Natural gas has always been
considered one of the most efficient fossil fuels and has witnessed
rising demand in the last few decades. Natural gas extraction and
production (E&P) infrastructure has also expanded accordingly and
natural gas now counts as one of the most important types of fuel
used around the world. However, despite significant expansion of
offshore petroleum E&P undertakings, offshore natural gas E&P
has traditionally consisted of transporting LNG in the gaseous form
to onshore facilities, where it could be liquefied and supplied to
further end users.
While this system has worked
well so far, the construction costs of onshore liquefaction
facilities are rising, leading to a need for more cost-effective
solutions. This has given rise to the idea of constructing offshore
LNG liquefaction facilities. This saves costs not only by eliminating
the need for onshore liquefaction, but also by allowing petroleum
companies to extract isolated reserves of natural gas. While
transporting gaseous LNG from such isolated patches to onshore
facilities can be prohibitively expensive, utilizing floating
liquefaction and storage will allow companies to make the most of
offshore LNG reserves.
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The
high amount of savings that can be gained from this system and
widespread support in the oil and gas industry are the major drivers
expected to propel the global liquefied natural gas market in the
coming years.
Global
Floating Liquefied Natural Gas Market: Drivers and Restraints
The
dramatic fall in oil prices in 2014 and 2015 has had a severe impact
on the dynamics of the oil and gas industry. The price reduction has
resulted in onshore natural gas liquefaction facilities becoming too
expensive for most oil and gas players. This has had a positive
effect on R&D into innovating floating natural gas liquefaction
units.
The
instability in the oil and gas market at present has also helped the
floating liquefied natural gas market, since oil and gas players have
become more cautious about investing in expensive onshore facilities.
This has allowed floating liquefaction of natural gas to emerge as a
potential solution, since floating natural gas liquefaction units can
comfortably outperform onshore facilities, leading to a higher profit
margin.
Since
liquefied natural gas takes up less space than gaseous natural gas,
it is drastically more economical for oil and gas companies to
utilize offshore natural gas liquefaction units rather than transport
gaseous natural gas in storage vessels.
The
time required to construct an onshore natural gas liquefaction
facility is also quite high. This has also led to rising
acknowledgement of the benefits of using floating liquefaction
vessels, which can be built quicker and do not require any long-term
commitment.
Global
Floating Liquefied Natural Gas Market: Competitive Dynamics
As
of 2015, there were no floating liquefaction vessels in use in the
global natural gas industry. Floating regasification vessels, which
allow for efficient transport of LNG, are currently the dominant type
of vessel in the offshore natural gas E&P scenario. Despite the
expected rise of floating liquefaction vessels, floating
regasification vessels will remain in production, since they are
relatively cheap to build and can be bought or leased for a
particular duration according to the demand. Among floating
regasification vessels, Höegh LNG, Excelerate Energy, and Golar LNG
have emerged as major players in the global market.
As
for floating natural gas liquefaction vessels, there are three major
projects expected to become operational in the coming months and
years. The oil-rich waters off the northern coast of Colombia will
see Exmar and Pacific Rubiales establish a floating natural gas
liquefaction facility with a capacity of 0.5 MMTPA. PETRONAS is
expected to produce 1-2 MMTPA liquefied natural gas from its floating
liquefied natural gas unit in Malaysia, while Shell is expected to
enter the floating liquefied natural gas market with its 3-MMTPA unit
in West Australia, expected to become operational by 2017.
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This research report analyzes
this market on the basis of its market segments, major geographies,
and current market trends. Geographies analyzed under this research
report include
North America
Asia Pacific
Europe
Middle East and Africa
Latin America
This report provides
comprehensive analysis of
Market growth drivers
Factors limiting market
growth
Current market trends
Market structure
Market projections for
upcoming years
This report is a complete study
of current trends in the market, industry growth drivers, and
restraints. It provides market projections for the coming years. It
includes analysis of recent developments in technology, Porter’s
five force model analysis and detailed profiles of top industry
players. The report also includes a review of micro and macro factors
essential for the existing market players and new entrants along with
detailed value chain analysis.
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market growth
It provides a six-year
forecast assessed on the basis of how the market is predicted to grow
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