GE and Woodside Sign an Agreement for Increasing the Use of LNG in Australia.

Improving technology in various sectors will surge the demand of LNG in Australia.

Western Australia: GE and Woodside have signed an agreement for increasing the use of LNG as a fuel in Western Australia. By this agreement, they will be developing a new fuel technology in Marine, Transportation, Mining and Power Sectors, which gives an opportunity for LNG to develop as a transition fuel. Woodside has recently bought Siem Thilma vessel which can run on diesel as well as LNG. Thilma is currently working in Dampier Offshore region in Western Australia.

TechSci Research depicts that growing focus on expansion of gas pipeline infrastructure, rising demand for natural gas from downstream sectors, declining LNG prices coupled with implementation of favourable government policies is boosting demand for LNG across the globe. Increasing focus on development of adequate support infrastructure in various developing as well as developed economies is expected to boost LNG demand in the coming years.

According to released report of TechSci Research, “Global LNG Market Demand & Supply Analysis, By Region, By Country, By LNG Terminal, Competition Forecast and Opportunities, 2011-2025”, global LNG supply market is forecast to exhibit a CAGR of over 5% during 2016-2025, on account of rising demand for cleaner fuels; oversupply of LNG due to liquefaction capacity additions in Australia, US and Papua New Guinea; and declining prices of LNG over the last few years. In 2015, global LNG export market was dominated by Qatar and Australia, due to huge natural gas reserves and large liquefication capacities in these countries. Increase in spot market purchase is expected to keep LNG prices under check in Asia-Pacific and Europe.