gdge0061mar global lng market to 2020 sample 1,3-7,18,44,57 … · on the supply side, the global...

GDGE0061MAR / Published AUG 2012 Global LNG Market to 2020 - Emerging Suppliers, Changing Trade

Dynamics and New Technologies to Usher in a Paradigm Shift © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form

Global LNG Market to 2020 - Emerging Suppliers, Changing Trade Dynamics and New Technologies to Usher in a

Paradigm Shift Reference Code: GDGE0061MAR Publication Date: August 2012

High LNG Liquefaction Capacity Additions Will Result in Excessive Supply to the Global LNG Market by 2020

Global Liquid Natural Gas (LNG) demand will continue to increase in the future due to increased imports from the traditional importing countries and the emergence of new importing countries. The investment in the regasification terminals and liquefactions terminals will continue in the future due to optimistic outlook for increased LNG demand. New LNG carriers will also be commissioned in the future and new floating liquefaction technologies will help facilitate the economical transportation of offshore natural gas supplies.

On the supply side, the global LNG market is expected to remain tight up to 2015, due to spiraling LNG demand in Japan and possible delays in the entry of new LNG supplies. From 2016 onwards, the LNG supply will experience substantial growth due to the possible realization of new supplies from Australia and North America.

The figure below compares global LNG supply and demand in 2011, 2015 and 2020.

LNG Industry, World, LNG Supply and Demand, bcm, 2011, 2015 and 2020

2011 2015 2020

LNG

Sup

ply

and

Dem

and

(bcm

)

LNG SupplyLNG Demand

Source: GlobalData bcm - billion cubic meter

North America and East Africa are the Emerging Suppliers of LNG to World

North America and East Africa are the emerging exporters of LNG, globally. In North America, Canada and the US are expected to start exports of LNG from 2016. The natural gas prices in both the countries are very low compared to global LNG prices. The commercial production of shale gas in North America resulted in the fall of natural gas prices across the two countries. This fall of natural gas prices coupled with high LNG prices in Asia offered substantial margins for natural gas exporters of the both countries.

The US, which planned to import LNG as recently as five years ago, has acquired the capability to export LNG due to its shale gas boom. Consequently, several US companies have planned either new LNG export terminals or to convert their existing LNG import terminals into export terminals. However, the prospect of LNG exports has ignited a fierce debate in the US. Domestic consumers, manufacturers and environmental groups - even some lawmakers - have voiced opposition to exports, fearing an increase in domestic natural gas prices, the loss of cheap natural gas-fueled manufacturing opportunities, an increase in environmental pollution, and a potential compromise in the country’s long-term energy security. However, this domestic backlash against exports is unlikely to deter US LNG liquefaction projects, as the exports will bring more wealth and jobs to the US economy, and drive investment in the US natural gas Exploration and Production (E&P) sector.

East Africa is another emerging region for exports of LNG to the world. The recent discovery of new natural gas reserves and the possible potential for the development of LNG exports-related infrastructure have made East Africa an attractive destination for LNG exports. The scope of LNG exports to Asia-Pacific is especially high, as the region commands the highest LNG trade prices in the world and the geography of East Africa is suitable for exports of LNG to Asia-Pacific. Mozambique, Kenya and Tanzania are the key countries in East Africa for exports of LNG. Mozambique especially has the potential to become one of the leading exporters of LNG in the world by 2020, after Qatar and Australia. Anadarko Petroleum Corporation and Eni SpA have already discovered substantial natural gas reserves in Mozambique and plan to export LNG from the country by 2020.

GDGE0061MAR / Published AUG 2012 Page 3 Global LNG Market to 2020 - Emerging Suppliers, Changing Trade


1 Table of Contents 1 Table of Contents ............................................................................................................................ 3

1.1 List of Tables............................................................................................................................. 5 1.2 List of Figures............................................................................................................................ 6

2 Introduction ..................................................................................................................................... 7 2.1 Overview................................................................................................................................... 7 2.2 GlobalData Report Guidance ..................................................................................................... 7

3 Global LNG Market - Overview......................................................................................................... 8 3.1 The Global LNG Supply is Expected to Outstrip Demand by 2020............................................... 9 3.2 Australia is Likely to Overtake Qatar as the Country with Largest LNG Liquefaction Capacity in the

World by 2016......................................................................................................................... 10 3.3 Japan will Continue to be the Leading Country in Terms of LNG Regasification Capacity in 2016...

...................................................................................................................................... 14 4 Global LNG Market - Trends and Issues......................................................................................... 18

4.1 Asia-Pacific will Witness the Highest Regasification Capacity Additions in the World ................. 18 4.2 East Africa has the Potential to Emerge as New Frontier for Exports of LNG to the World.......... 19 4.3 China is Expected to Become Second Largest Importer of LNG in the World by 2020................ 20 4.4 New Maritime Regulations will Create New Market worth $2 Billion for LNG Producers.............. 21 4.5 Global LNG Market is Likely to Face Supply Constraints in Next Few Years due to Japan’s High

LNG Demand .......................................................................................................................... 22 4.6 Low Natural Gas Demand and Government Austerity Measures have Postponed the El Musel

LNG Import Terminal in Spain.................................................................................................. 23 4.7 International Sanctions have Derailed Iran’s LNG Export Plans................................................. 24

5 Emerging Suppliers in the Global LNG Market ................................................................................ 25 5.1 Australia Plans to be one of the Top Two Exporters of LNG in the World by 2020...................... 26 5.2 Canada has the Potential to Become a Major Supplier in the Global LNG Market ...................... 27

5.2.1 Kitimat LNG Terminal in Canada is Expected to Start LNG Exports from 2015.................. 27 5.2.2 Petronas and Progress Energy are Planning a Feasibility Study for an LNG Export Facility

on the West Coast of British Columbia............................................................................. 29 5.3 Commercial Production of Shale Gas in the US has Created Opportunities for LNG Exports...... 30

5.3.1 Federal Energy Regulatory Commission Approved Sabine Pass Terminal for Exports of LNG in April 2012 ........................................................................................................... 30

5.3.2 Several Consumer, Manufacturing and Environmental Groups are Opposing LNG Exports from the US.................................................................................................................... 32

5.3.3 The Impact of US LNG Exports on Domestic Natural Gas Prices could be Moderate......... 33 5.3.4 LNG Exports will Boost the US Natural Gas Exploration and Production Industry and Bring

Foreign Exchange........................................................................................................... 34 5.4 Papua New Guinea is the New Emerging LNG Supplier from Asia-Pacific ................................. 36

5.4.1 Papua New Guinea is Expected to Witness Start of Four New LNG Export Projects by 2014...................................................................................................................................... 37

5.5 Mozambique Could Emerge as a Major LNG Exporter in the World by 2020.............................. 39 5.5.1 Anadarko Petroleum and Eni Made a Significant Natural Gas Discovery in Offshore

Mozambique................................................................................................................... 39 6 Changing Trade Dynamics in the Global LNG Market ..................................................................... 43

6.1 Japan and South Korea Plan to Form “Buyer Consortium” for Greater Bargaining Power........... 44 6.2 Natural Gas Prices Could be Delinked from Crude Oil Prices due to Increasing Global LNG Trade

and the Start of US LNG Exports ............................................................................................. 45 6.3 The Increase in the Number of LNG Importing Countries will accelerate the Growth of Global LNG

Demand by 2020..................................................................................................................... 46 6.4 Floating LNG Terminals will Play a Significant Role in the Global LNG Trade ............................ 47

6.4.1 FLNG Regasification Terminals to Account for 27.4% of Global Regasification Capacity Addition by 2016............................................................................................................. 48

6.5 Increasing Project Costs and Tightened Regulations in Australia Could Significantly Impact the Growth of Global Liquefaction Capacity by 2020....................................................................... 49

7 New Technologies will Play a Significant Role in the Expansion of Global LNG Trade...................... 50 7.1 Floating LNG Production Terminals will Help in the Monetization of Challenging Offshore Natural

Gas Reserves ......................................................................................................................... 50 7.1.1 Shell Plans to Build the World’s First Floating Liquefied Natural Gas (FLNG) Production

Facility Offshore Australia ............................................................................................... 51



7.2 Offshore LNG Regasification Terminals have Emerged as a Cost-effective Alternative to Land-based Terminals...................................................................................................................... 52

7.2.1 Floating Storage and Regasification Unit (FSRU) Technology Substantially Lowered the Lead Times for Development of LNG Import Infrastructure............................................... 52

7.2.2 Shuttle Regasification Vehicles Regasify LNG while on the Move..................................... 53 7.2.3 Gravity Based Structures Enable Permanent Offshore Regasification of LNG on Fixed

Platform ......................................................................................................................... 54 7.3 Development of Small to Mid-scale Natural Gas Liquefaction Technology has the Potential to

Address Regional Energy Necessities...................................................................................... 55 7.4 Mitsubishi Heavy Industries Completed Development of New Generation LNG Carrier, EXTREM..

...................................................................................................................................... 56 8 Appendix....................................................................................................................................... 57

8.1 Market Definition ..................................................................................................................... 57 8.2 Abbreviations .......................................................................................................................... 57 8.3 Sources .................................................................................................................................. 58 8.4 Methodology ........................................................................................................................... 59

8.4.1 Coverage ....................................................................................................................... 59 8.4.2 Secondary Research ...................................................................................................... 59 8.4.3 Primary Research........................................................................................................... 60 8.4.4 Expert Panel Validation................................................................................................... 60

8.5 Contact Us .............................................................................................................................. 60 8.6 Disclaimer ............................................................................................................................... 60



1.1 List of Tables Table 1: LNG Industry, World, Key Data of the Global LNG Liquefaction Capacity, 2011 .................... 10 Table 2: LNG Industry, World, LNG Liquefaction Capacity of the Top Six Countries, bcf, 2006-2011... 11 Table 3: LNG Industry, World, Planned LNG Liquefaction Capacity of Top Six Countries, bcf, 2011-2016

.......................................................................................................................................... 13 Table 4: LNG Industry, World, Key Data of the Global LNG Regasification Capacity, 2011 ................. 14 Table 5: LNG Industry, World, LNG Regasification Capacity of Top Six Countries, bcf, 2006-2011 ..... 15 Table 6: LNG Industry, Global, Planned LNG Regasification Capacity of Top Six Countries, bcf, 2011-

2016................................................................................................................................... 17 Table 7: LNG Industry, Australia, Planned LNG Liquefaction Terminals, 2012-2016 ........................... 26 Table 8: LNG Industry, The US, Important Milestones of the Sabine Pass Liquefaction Project, 2012 . 31 Table 9: LNG Industry, The US, Details of Key Organizations Opposing LNG Exports from the US, 2012

.......................................................................................................................................... 32 Table 10: LNG Industry, the US, Planned LNG Liquefaction Terminals, 2012-2018 .............................. 33 Table 11: LNG Industry, The US, Details of Key Organizations Opposing LNG Exports from the US, 2012

.......................................................................................................................................... 37 Table 12: LNG Industry, The US, Breakdown of Cost for Delivery of Natural Gas from Sabine Pass

Terminal to Europe/Americas and Asia, 2012 ...................................................................... 45 Table 13: LNG Industry, Australia, Key Facts of Prelude FLNG Project, 2012 ...................................... 51 Table 14: LNG Industry, Japan, Key Facts of EXTREM LNG Carrier, 2011 .......................................... 56



1.2 List of Figures Figure 1: LNG Industry, World, Projected Flow of LNG from Export Terminals, 2012 ............................. 8 Figure 2: LNG Industry, World, Global LNG Supply and Demand, bcm, 2011, 2015 and 2020 ............... 9 Figure 3: LNG Industry, World, LNG Liquefaction Capacity Share (%) in Relation to the Growth (%) of

the Top Six Countries, 2006-2011 ....................................................................................... 11 Figure 4: LNG Industry, World, LNG Liquefaction Capacity Share (%) Vis-à-vis Growth (%) of Top Six

Countries, 2011-2016 ......................................................................................................... 12 Figure 5: LNG Industry, World, LNG Regasification Capacity Share (%) in Relation to the Growth (%) of

Top Six Countries, 2006-2011............................................................................................. 15 Figure 6: LNG Industry, Global, LNG Regasification Capacity Share (%) in Relation to the Growth (%) of

Top Six Countries, 2011-2016............................................................................................. 16 Figure 7: LNG Industry, Asia-Pacific, Planned LNG Regasification Capacity Additions, bcf, 2012-2016 18 Figure 8: LNG Industry, Mozambique, Anadarko Petroleum’s and its Partners’ Timeline for Export of

LNG from Mozambique, 2012.............................................................................................. 19 Figure 9: LNG Industry, China, Locations of the Planned/Under-construction LNG Terminals, 2012..... 20 Figure 10: LNG Industry, Global, Comparison of NPV of Costs for Ships Fueled by MGO, HFO and LNG

Over 20-year Period, $m, 2012 ........................................................................................... 21 Figure 11: LNG Industry, Japan, Monthly LNG Imports, Million Tons, January 2012 to April 2012 .......... 22 Figure 12: LNG Industry, Spain, Location of the El Musel LNG Import Terminal, 2012 ........................... 23 Figure 13: LNG Industry, Iran, Location of Iran LNG Project, 2012 ........................................................ 24 Figure 14: LNG Industry, Global, Select LNG Liquefaction Capacity Additions, bcf, 2012-2016.............. 25 Figure 15: LNG Industry, Canada, Location of Kitimat LNG Terminal, 2012........................................... 27 Figure 16: LNG Industry, Canada, Figure Illustrating Proximity of the Kitimat LNG Terminal to the South

East Asian Markets, 2012 ................................................................................................... 28 Figure 17: LNG Industry, Canada, Altares, Lily and Kahta Properties in North Montney, British Columbia,

2012................................................................................................................................... 29 Figure 18: LNG Industry, The US, Bird’s Eye View of Sabine Pass LNG Terminal, 2012........................ 30 Figure 19: LNG Industry, The US, Advantages and Disadvantages of LNG Exports from the US, 2012.. 34 Figure 20: LNG Industry, Papua New Guinea, Production and Consumption of Natural Gas, bcf, 2010-

2020................................................................................................................................... 36 Figure 21: LNG Industry, Papua New Guinea, Overview of the PNG LNG Project, 2012........................ 38 Figure 22: Natural Gas Industry, Mozambique, Overview of Anadarko Petroleum’s Activities in Offshore

Area 1, 2012....................................................................................................................... 40 Figure 23: LNG Industry, Mozambique, Equity Stakes Anadarko Petroleum and its Partners in the

Planned LNG Export Facility from Mozambique, 2012.......................................................... 41 Figure 24: LNG Industry, Mozambique, Eni’s Natural Gas Exploration Operations in Area 4 Offshore

Mozambique, 2012 ............................................................................................................. 42 Figure 25: LNG Industry, Global, Share of Japan and Republic of Korea in Global LNG Imports, 2011... 44 Figure 26: LNG Industry, Global, Planned LNG Regasification Capacity Additions of Select Countries, bcf,

2012-2016.......................................................................................................................... 46 Figure 27: LNG Industry, Global, Share of Planned FLNG Capacity in Global Planned LNG Liquefaction

Capacity Additions, %, 2016................................................................................................ 47 Figure 28: LNG Industry, Global, Share of Planned FLNG Capacity in Total Planned LNG Regasification

Capacity, %, 2012-2016...................................................................................................... 48 Figure 29: LNG Industry, Global, Working Mechanism of a Typical Floating LNG Production Terminal,

2012................................................................................................................................... 50 Figure 30: LNG Industry, Global, Example for a Typical Floating Storage and Regasification Unit (FSRU),

2012................................................................................................................................... 52 Figure 31: LNG Industry, Global, Floating Shuttle Regasification Vehicles Moored at Distance from the

Shore, 2011........................................................................................................................ 53 Figure 32: LNG Industry, Global, Gravity-based Offshore LNG Terminal in the Adriatic Sea, North Italy,

2009................................................................................................................................... 54 Figure 33: LNG Industry, Global, Comparison of Typical Schedule of Mid-scale and Large-scale LNG

Project , 2009 ..................................................................................................................... 55 Figure 34: LNG Industry, Japan, Comparison between EXTREM LNG Carrier and Conventional LNG

Carrier, 2011 ...................................................................................................................... 56



2 Introduction

2.1 Overview The global LNG market is characterized by consistent change. In the 2012-2020 period, emerging suppliers, changing trade dynamics and new technologies will drive a paradigm shift in the market. There are many emerging suppliers in the global LNG market. Australia, currently ranked fifth in global LNG exports, plans to become the first or second largest exporter of LNG in the world by 2020. North American LNG exports, driven by the comparatively cheap shale gas in the region, will start in latter part of current decade. Additionally, African countries such as Mozambique and Tanzania will also start supplying LNG by 2020.

The global LNG market will continue to witness constant change in its trade dynamics during the forecast period. A number of major events and trends will have an impact on these dynamics in the current decade. The March 2011 earthquake in Japan, and the country’s subsequent decision to remove nuclear energy from its electricity mix, will lead to tighter global LNG market in the next few years as the country has turned to LNG to compensate for its lost nuclear energy. Additionally, several new countries will start importing LNG, due to the increasing prominence of natural gas as a source of cleaner thermal energy. Major traditional importers such as India and China will realize massive regasification capacities for greater imports of LNG, and North American LNG exports will be a major factor in the delinking of natural gas pricing from crude oil pricing,.

New technologies will have a considerable impact on the global LNG market. The development of small to mid-scale natural gas liquefaction technologies has increased the potential for countries to better address local and regional energy requirements. The development of mid-scale LNG technologies will help in the development of small natural gas reserves, and the development of small-scale natural gas liquefaction technology has the potential to facilitate widespread applications of LNG, such as in heavy duty truck fuel. Mitsubishi Heavy Industries, Ltd. has developed a new generation LNG carrier which facilitates greater size and structural efficiency, reduced weight, and improved operating economy and fuel consumption in comparison to current LNG carriers. The new design also increases maintainability, and compatibility with LNG terminals. This new technology will make the LNG market more efficient and increase LNG output and trade, driving growth as a result.

2.2 GlobalData Report Guidance This report discusses the global LNG market, key trends and issues, key emerging suppliers,

changing trade dynamics and new technologies in the market.

The report begins with an executive summary chapter, which highlights the key features of the industry.

Chapter three provides an overview of the global LNG market and provides analysis on the liquefaction and regasification capacities of top six countries in the world for the period 2006-2016.

Chapter four provides an overview of the key trends and issues in the global LNG market.

Chapter five discusses key emerging LNG suppliers in the global LNG market.

Chapter six discusses changing trade dynamics in the global LNG trade.

Chapter seven discusses the key technologies in the global LNG market.

Chapter eight is the appendix of the report.



4 Global LNG Market - Trends and Issues

4.1 Asia-Pacific will Witness the Highest Regasification Capacity Additions in the World

During the 2012-2016 period, Asia-Pacific will add a total of XXbcf of regasification capacity, out of the total global planned regasification capacity addition of XXbcf in the world. The share of Asia-Pacific in the planned global regasification capacity additions during the 2012-2016 period will XX%, which will be the highest for any region in the world.

The figure below shows planned LNG regasification capacity additions in Asia-Pacific during the 2012-2016 period:

Figure 7: LNG Industry, Asia-Pacific, Planned LNG Regasification Capacity Additions, bcf, 2012-2016

Bang

lade

sh

Chi

na

Indi

a

Indo

nesi

a

Japa

n

Mal

aysi

a

Phili

ppin

es

Rep

ublic

of

Kore

a

Sing

apor

e

Viet

nam

Pla

nned

Reg

asifi

catio

n C

apac

ity, 2

012-

2016

, bcf

2012 2013 2014 2015 2016

Source: GlobalData, Oil and Gas eTrack, LNG Capacity Database [Accessed May 25, 2012]

Asia-Pacific is witnessing strong demand for natural gas due to several factors as the growth in the region’s economies, the limited presence of natural gas reserves in some countries, and rapid urbanization and population growth. This strong demand in natural gas is being partially fulfilled by LNG imports. As the natural gas demand in Asia-Pacific is projected to continue its strong growth in the future, the region will have the highest regasification capacity additions in the world by 2016.



6.1 Japan and South Korea Plan to Form “Buyer Consortium” for Greater Bargaining Power

Japan and South Korea, the two major LNG importing countries globally, may form a “buyer consortium” for greater bargaining power in the global LNG market. In November 2011, senior officials from the Gas Division of South Korea's Knowledge Economy Ministry and Japan's Ministry Economy, Trade and Industry started consultation for an LNG policy that could affect the global LNG supply chain, which is currently dominated by the International Oil Companies (IOCs) and LNG exporting countries. The consultation could also pave the way for the formation of an eventual forum for the key LNG importing countries in the world, which could provide a counter-check to any plans of the natural gas exporting countries to gain more control over the global natural gas supply (Kumagai, 2011).

The consultation at the ministerial level was initiated after both the countries experienced high LNG import prices in 2011 due to a sharp increase in LNG demand following the March 2011 earthquake in Japan. The consultation was aimed at exercising the combined influence and buying power of both countries on LNG suppliers. Currently, imports to Japan and South Korea were estimated to constitute approximately XX% of the global LNG trade, and the formation of any buyer consortium will give both the countries some degree of supply security, possibly at more sustainable prices (Kumagai, 2011).

The figure below shows the share of South Korea and Japanese imports in the global LNG trade for 2011:

Figure 25: LNG Industry, Global, Share of Japan and Republic of Korea in Global LNG Imports, 2011

Japan

Republic of Korea

Rest of World

Source: GlobalData, Oil and Gas eTrack, LNG Capacity Database [Accessed June 24, 2012]

Officials of both the countries discussed opportunities for cooperation at the ministerial level, which included joint development of LNG projects and joint participation of Japanese and South Korea companies in upstream production. Already, in February 2011, Kogas, a South Korean company, and Mitsubishi Corporation, a Japanese company, entered into a memorandum of understanding for strategic collaboration in their natural gas businesses, especially for LNG projects. This strategic initiative resulted in an agreement for collaboration to develop a natural gas project in June 2011. The project is planned in the Cordova Embayment of northeastern British Columbia, Canada.



8 Appendix

8.1 Market Definition Historic data is taken from oil and gas company websites and oil and gas related news and journals.

All LNG capacities are annual capacities as of the 31st December of the respective year.

Capacity information for the period 2012-2016 is forecast.

Planned LNG terminals/facilities (assets) in this report denote new-build facilities.

Planned or new-build LNG terminals/facilities are those that would commence operations between 2012 and 2016.

Capacity is forecast based on new project developments and capacity expansion announcements made by companies and oil and gas ministries.

The total capacity of a company refers to the total equity-weighted capacity of the company.

Capacities of partly owned and significant subsidiaries are not included in the capacity of the parent company. The former are shown as separate companies.

LNG liquefaction capacity refers to the maximum or design production capacity of a LNG terminal.

LNG regasification capacity refers to the maximum or design import capacity of a LNG terminal.

The latest equity stakes have been assumed to remain the same until 2016, unless explicitly mentioned by the company.

8.2 Abbreviations AAGR - Annual Average Growth Rate

B.C. - British Columbia

bcf - Billion cubic feet

bcm - Billion cubic meters

Capex - Capital expenditure

DOE - U.S. Department of Energy

ECA - Emission Control Area

EIA - U.S. Energy Information Administration

ENH - Empresa Nacional de Hidrocarbonetos de Mocambique

FEED - Front-end engineering and design

FERC - Federal Energy Regulatory Commission

FID - Final investment decision

FLNG - Floating LNG

FSRU - Floating Storage and Regasification Units

GBS - Gravity Based Structures

GDP - Gross domestic product

HFO - Heavy Fuel Oil

KOGAS- Korea Gas Corporation

LNG- Liquefied natural gas



Mcf - thousand cubic feet

MMcm - million cubic meters

MMbbl - Million barrels

MMtpa - Million tons per annum

NPV - Net present value

PNG - Papua New Guinea

Shell - Royal Dutch Shell PLC

SRV - Shuttle Regasification Vessel

tcf - Trillion cubic feet

tcm - Trillion cubic meters

UAE - United Arab Emirates

8.3 Sources Cheniere Energy Inc. (2012), U.S. Opportunity to Export. Available from:

http://www.cheniere.com/lng_industry/us_opportunity_to_export.shtml [Accessed June 13, 2012].

The Structure Group (2011), Increased Global LNG Trade May Decouple Gas From Crude Pricing. Available from: http://www.thestructuregroup.com/increased-global-lng-trade-may-decouple-gas-from-crude-pricing [Accessed June 13, 2012].

Eni (2012) via Africa Business Centre. Mozambique moving on LNG future. Available from: www.africabusinesscentre.co.uk. [Accessed June 12, 2012].

Dow Jones (2012), UPDATE: US Likely To Limit LNG Exports To Keep Low Gas Price. Available from: http://online.wsj.com [Accessed May 22, 2012].

Eni SpA (2012), Eni: new giant gas discovery in the offshore Mozambique. Available from: http://www.eni.com/en_IT/media/press-releases/2012/02/2012-02-15-mozambique-discovery.shtml [Accessed June 12, 2012].

Japanese Ministry of Finance (2012a), UPDATE 2-Japan LNG imports hit record as nuclear use dwindles. Available via: http://www.reuters.com/article/2012/02/20/energy-japan-mof-idUSL4E8DK02G20120220. [Accessed June 12, 2012].

Japanese Ministry of Finance (2012b), TABLE-Japan March LNG import volume near record high. Available via: http://www.reuters.com/article/2012/04/19/energy-japan-mof-idUSL3E8FJ0YH20120419. [Accessed June 12, 2012].

Japanese Ministry of Finance (2012c), TABLE-Japan April LNG import volume up 14.9 pct y/y. Available via: http://www.reuters.com/article/2012/05/23/energy-japan-mof-idUSL4E8GN01P20120523. [Accessed June 12, 2012].

Hamilton (2012), Shell partners with Asian energy giants to build LNG plant in B.C. Available from: http://www.vancouversun.com/Shell+partners+with+Asian+energy+giants+build+plant/6626909/story.html#ixzz1xS4NseCP [Accessed June 11, 2012].

Kitimat LNG (2012), Project Benefits. Available from: http://www.kitimatlngfacility.com/Project/project_benefits.aspx [Accessed June 8, 2012].

Kumagai (2011), Japan, South Korea challenge majors' domination of LNG supply chain. Available from: http://www.platts.com/weblog/oilblog/2011/12/05/japan_skorea_challenges.html [Accessed June 13, 2012].

Macauhub (2011), Italian group ENI announces large investments in natural gas in Mozambique. Available from: http://www.macauhub.com.mo/en/2011/11/14/italian-group-eni-announces-large-investments-in-natural-gas-in-mozambique/ [Accessed June 12, 2012].



McCarthy (2012), LNG export plans pit producers against North American gas users. Available from: http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/lng-export-plans-pit-producers-against-north-american-gas-users/article542722/ [Accessed May 21, 2012].

Molchanov et al. (2012), Will LNG Exports Rescue the North American Natural Gas Market? Available from: http://www.energytribune.com/articles.cfm/10703/Will-LNG-Exports-Rescue-the-North-American-Natural-Gas-Market [Accessed May 22, 2012].

Oil Search Limited (2012), PNG LNG Project Overview. Available from: http://www.oilsearch.com/Our-Activities/PNG-LNG-Project/PNG-LNG-Project-Overview.html [Accessed June 11, 2012].

Weems and et al (2012), The Top 10 Issues Facing the LNG Industry in 2012. Available from: http://www.kslaw.com/library/newsletters/EnergyNewsletter/2012/March/article1.html [Accessed June 12, 2012].

8.4 Methodology GlobalData’s dedicated research and analysis teams consist of experienced professionals with marketing, market research and consulting backgrounds in the energy industry, and advanced statistical expertise.

GlobalData adheres to the codes of practice of the Market Research Society (www.mrs.org.uk) and the Strategic and Competitive Intelligence Professionals (www.scip.org).

All GlobalData databases are continuously updated and revised.

8.4.1 Coverage The objective of updating GlobalData’s coverage is to ensure that it represents the most up-to-date vision of the industry possible.

Changes to the industry taxonomy are built on the basis of extensive research of company, association and competitor sources.

Company coverage is based on three key factors: market capitalization, revenues and media attention/innovation/market potential.

An exhaustive search of 56 member exchanges is conducted and companies are prioritized on the basis of their market capitalization

The estimated revenues of all major companies, including private and governmental, are gathered and used to prioritize coverage

Companies which are making the news, or which are of particular interest due to their innovative approach, are prioritized

GlobalData aims to cover all major news events and deals in the energy industry, updated on a daily basis.

The coverage is further streamlined and strengthened with additional inputs from GlobalData’s expert panel (see below).

8.4.2 Secondary Research The research process begins with exhaustive secondary research on internal and external sources being carried out to source qualitative and quantitative information relating to each market.

The secondary research sources that are typically referred to include, but are not limited to:

Company websites, annual reports, financial reports, broker reports, investor presentations and US Securities and Exchange (SEC) filings.

Industry trade journals and other literature.

Internal and external proprietary databases.

National government documents, statistical databases and market reports.

News articles, press releases and web-casts specific to the companies operating in the market.



8.4.3 Primary Research GlobalData conducts hundreds of primary interviews each year with industry participants and commentators in order to validate its data and analysis. A typical research interview fulfills the following functions:

It provides first-hand information on the market size, market trends, growth trends, competitive landscape, and future outlook.

It helps in validating and strengthening the secondary research findings.

It further develops the analysis team’s expertise and market understanding.

Primary research involves email interactions and telephone interviews, as well as face-to-face interviews for each market, category, segment and sub-segment across geographies.

The participants who typically take part in such a process include, but are not limited to:

Industry participants: CEOs, VPs, business development managers, market intelligence managers and national sales managers.

Outside experts: investment bankers, valuation experts, research analysts and key opinion leaders specializing in oil and gas markets.

8.4.4 Expert Panel Validation GlobalData uses a panel of experts to cross-verify research and forecast methodologies and drive its analytical content.

The GlobalData expert panel comprises marketing managers, product specialists, international sales managers from energy companies, academics and geologists from research universities, consultants from venture capital funds and distributors/suppliers of oil and gas goods and services.

Details of the makeup of the expert panel can be viewed through our website, and are available to clients on request.

8.6 Disclaimer All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means; electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, GlobalData.

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