Shell Plc said that demand for liquefied natural gas by 2040 will be slightly lower than previously forecast as the world is preparing for life beyond fossil fuels.
The LNG market “will continue growing into the 2040s, mostly driven by China’s industrial decarbonisation and strengthening demand in other Asian countries,” Shell’s report said.
Shell holds the largest gas liquefaction and marketing portfolio among global energy majors, servicing almost 20% of worldwide demand, according to Bloomberg Intelligence.