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SINGAPORE — A Royal Dutch Shell executive says that his company is expecting heavy worldwide demand for liquified natural gas within the next decade, despite Petronas and Nexen recently scrapping plans to build LNG export terminals in B.C.
Shell Energy executive vice-president Steve Hill told The Globe and Mail that it is expecting large demand in the future from a variety of countries, including China, Egypt, India, Pakistan and Jordan. Hill said that despite a number of new LNG projects in the United States, Australia and Russia due to come online in the next few years, he believes that customers in Asia and parts of the Middle East will soak up supplies faster than analysts’ forecasts.
Shell owns a 50 percent stake in the proposed LNG Canada project in Kitimat. Petronas walked away from Pacific NorthWest LNG joint venture near Prince Rupert in July, which was followed by the announcement by Nexen Energy that it was cancelling the proposed Aurora LNG project in September. Both companies said that unfavourable market conditions when they made their announcements.
Shell and its three Asian partners are expected to make a final investment decision on LNG Canada by the end of 2018.
Story courtesy The Globe and Mail: https://beta.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/shell-looks-beyond-worries-about-lng-glut-sees-strong-global-demand/article36526870/?ref=http://www.theglobeandmail.com
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