Global liquefied natural gas (LNG) regasification projects are expected to be led by Asia from 2022 to 2026, with India considered one of the main drivers with 21% of project starts, according to leading data and analytics firm GlobalData.
In its latest report, the company revealed that 20 LNG regasification projects with a total capacity of 3.4 tcf (trillion cubic feet) are set to come out of India between 2022 and 2026.
Around 40% of the upcoming regasification projects are considered likely to be in the approval stage and expected to start operations from 2022 to 2026, with feasibility and construction following with 35% and 20%.
Commenting on the report, Sudarshini Ennelli, Oil and Gas Analyst, GlobalData, said, “In India, 16 upcoming regasification would be new-build projects while the rest are expansion projects.”
“Growing demand from both industrial sectors and Indian government’s plans to increase gas share in energy mix to reduce emissions are driving the natural gas demand in India.”
Two notable projects include Kakinada GBS Floating – a 351 billion cubic feet (bcf) capacity project to be operational by 2024 – and the Hindustan LNG-operated Yanam, which is expected to start operations by 2026 with a capacity of 268 bcf.