Gazprom and PTT Public Company Limited (PTT) has Signed a MOU on cooperation in Oil & Gas Industry

Increasing oil & gas activities will surge the demand for Global Natural Gas Compressors Market

Russia: Gazprom, a Russian public joint stock natural gas company, has signed a memorandum of understanding (MOU) with Thailand’s national oil company PTT Public Company Limited (PTT) on cooperation in oil & gas industry activities. The potential collective cooperation approach will target hydrocarbon development, liquefied natural gas (LNG) projects, LNG and liquefied petroleum gas (LPG) trading.

TechSci Research depicts that the increase in oil & gas activities would drive the demand of natural gas compressors market. Backed by growing consumption of natural gas, the demand for natural gas compressors is anticipated to grow at a robust pace over the next five years. Moreover, increasing upstream, midstream and downstream applications, expanding city gas distribution and replacement of aging compressors are some of the other major factors expected to boost the global natural gas compressors market during 2016-2021.

According to a recent released report by TechSci Research, “Global Natural Gas Compressors Market Forecast & Opportunities, 2021”, the global natural gas compressors market is anticipated to cross US$ 5.5 billion by 2021. On the basis of technology, natural gas compressors are segmented into two categories - positive displacement compressors and dynamic compressors. Among these categories, positive displacement compressors form the most preferred natural gas compressors category, predominantly due to their low cost and increasing use in gas gathering and processing. However, in the recent years, majority of the upstream and midstream companies are inclining towards dynamic compressors due their higher efficiency and low maintenance compared to positive displacement compressors.