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.