GIIGNL-全球液化天然气行业年度报告2021（英文）-2021.5-68页_5mb

Summary of the LNG Industry Annual Report 2020

Core Content

The GIIGNL Annual Report 2020 provides an overview of the global Liquefied Natural Gas (LNG) industry, focusing on trade dynamics, market resilience, and the role of LNG in the energy transition. The report highlights the impact of the Covid-19 pandemic, weather events, and logistics bottlenecks on the LNG market, while also showcasing the industry's adaptability and continued growth.

Main Views and Key Information

LNG Industry Overview

• The LNG industry is resilient and flexible, even in the face of global market volatility.
• LNG trade grew by 0.4% in 2020, reaching 356.1 MT, up from 354.7 MT in 2019.
• 86 member companies of GIIGNL collaborate to enhance the safety, reliability, efficiency, and sustainability of LNG import activities.

Global LNG Trade and Market Trends

• Asia remains the largest importer of LNG, accounting for 71% of global demand, up from 69% in 2019.
• China and India showed strong recovery from the impact of the pandemic, with China's LNG imports increasing by 11.7% and India's by 11%.
• US liquefaction plants played a key role in providing flexibility to the market, enabling physical rebalancing and spot price stabilization.
• Spot and short-term LNG volumes grew by 19.8%, reaching 142.5 MT, or 40% of total trade.

LNG Trade by Region

• Asia received 41% of global LNG volumes, while Europe received 13%, and the Americas received 46%.
• The Pacific Basin is the largest source of LNG supply, contributing 41% of total volumes.
• The Atlantic Basin saw an increase in supply, while the Middle East and Americas experienced declines.

New Importing Countries and Infrastructure

• Myanmar joined the ranks of LNG importing countries in May 2020.
• 8 new regasification terminals were commissioned in 2020, in Bahrain, Brazil, Croatia, India, Indonesia, Myanmar, and Puerto Rico.
• New uses of LNG, such as LNG-to-power and LNG as marine fuel, are gaining traction due to its environmental and cost advantages.

Market Dynamics and Regional Shifts

• Europe absorbed uncommitted LNG volumes in the first half of 2020 but reduced imports in the second half due to lockdowns and storage filling.
• Japan experienced the largest decline in LNG imports, falling by 3.2% due to lower electricity demand, but showed a recovery in the fourth quarter.
• China remained the second-largest importer with 68.9 MT, or 19.3% of the market share, up from 17.4% in 2019.
• Asia drove the growth in global LNG demand, with China, India, and South Korea as the top importers.

LNG Contracts and Capacity

• Long and medium-term contracts in 2020 accounted for 60% of total trade, with a volume-weighted average duration of 11.3 years.
• New contracts were signed in 2020, including:
  • Australia/Barossa project (1.5 MTPA, 10 years)
  • Qatar/Ras Laffan (2 MTPA to China, 2022–2032)
  • Nigeria/Bonny Island (1.5 MTPA to ENI, 2021–2031)
  • UAE Das Island/ADNOC LNG Portfolio (1.8 MTPA to Southern and Southeast Asia, 2022–2028)
• Total regasification capacity reached 947 MTPA, with 8 new terminals commissioned in 2020.

Environmental and Sustainability Efforts

• The LNG industry is actively working to reduce its carbon footprint and greenhouse gas (GHG) emissions.
• Net zero targets have been announced by Japan, South Korea, and China, the world's largest LNG importers.
• New technologies such as electric motors, carbon capture and sequestration, and bio-LNG are being deployed to enhance sustainability.
• LNG-fueled vessels, including the first LNG powership, and bunkering operations highlight the growing use of LNG in the maritime sector.

Future Outlook

• The LNG industry is expected to play a crucial role in the global energy transition and in supporting affordable and cleaner economic recovery.
• Infrastructure investment and access to low-cost supply will be essential for future growth.
• The interdependence of regional markets is increasing, as evidenced by the role of US LNG in balancing supply and demand.

Conclusion

The 2020 LNG industry report underscores the resilience and adaptability of the sector in the face of unprecedented challenges. It highlights the growth in LNG trade, the emergence of new markets, and the increased use of LNG in diverse applications. The report also emphasizes the importance of sustainability and the need for continued investment to meet future energy demands and support the transition to a low-carbon economy.