Shell to boost LNG capacity to 12mt by 2030
Oil and gas company Shell has announced plans to expand its capacity by up to 12 million tonnes (mt) by the end of the decade, reported Reuters, citing Shell’s Integrated Gas president Cederic Cremers.
This increase is attributed to several projects currently under construction, as confirmed by Cremers.
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Cremers stated: “That is not an ambition. Those are all projects that are currently in construction.”
The projects contributing to this capacity boost include those in Canada, Qatar, Nigeria and the United Arab Emirates (UAE).
Shell’s current buying capacity stands at approximately 70 million tonnes per annum (mtpa) of contractual liquefied natural gas (LNG).
Shell LNG Marketing and Trading delivered nearly 65mtpa of LNG to more than 30 countries last year.
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By GlobalDataIn addition to construction projects, Shell is also enhancing its supply capabilities through strategic acquisitions and partnerships.
Cremers highlighted the recent acquisition of Pavilion Energy in Singapore, which was completed by the end of the first quarter, and contracts with third-party suppliers as key to its strategy.
Looking to the future, Cremers noted that by 2030, a significant portion of new supply, around 60%, is expected to come from the US and Qatar, with demand primarily driven by Asia and sectors that are challenging to electrify.
Shell earlier this year projected that global LNG demand could surge by around 60% by 2040, spurred by economic growth in Asia, the impact of AI, and initiatives to reduce emissions in heavy industries and transportation sectors.
Earlier this month, Shell announced the final investment decision to initiate production at the Aphrodite gas field in the East Coast Marine Area in Trinidad and Tobago.
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