Australia predicts it will be the biggest exporter of liquefied natural gas (LNG) in the world within five years, the country's federal resources minister said during a speech at a conference in Texas Wednesday.
Gary Gray said with seven of the world’s twelve projects under construction in Australia, he expects the country's production will approach 90 million tonnes a year by 2018.
The International Energy Agency predicts a 50% rise in gas demand by 2035, he said, making LNG the fastest growing energy source with demand potential similar to coal in the same period.
Related article: Rosneft and ExxonMobil Consider $15 Billion Pacific LNG Plant
Global gas trade is shifting to the Asia-Pacific region with more than two-thirds of LNG production serving the area with imports increasing on average by 7% a year — from 185 million tonnes in 2012 to 272 million tonnes by 2018.
Gray said China will account for a fifth of the increase and will become one of the world's largest LNG importers. Emerging economies overall will account for 80% of increased global demand over the next 20 years.
By. Kerry Hall
