A British-Dutch multinational oil major believes India’s gas market may increase by six times the current level by 2030.
In its LNG Outlook report Royal Dutch Shell further adds that liquefied natural gas (LNG) may be the largest contributor to it.
In its LNG outlook report, the company said that LNG demand growth from China, India and new entrants absorbed supply growth in 2016. The report said that while the global demand for gas is expected to increase by 2 per cent a year between 2015 and 2030, LNG is set to rise over twice that rate at 4-5 per cent per year.
This comes at a time when the Ministry of Petroleum and Natural Gas expects India’s LNG import terminal capacity to double to 47.5 mt by 2022. “India imported almost 20 mt of LNG in 2016-17. When we started with Hazira project in 2005, then this was zero and within a span of 12 years reaching more than 20 mt is an extraordinary growth,” said Shell Energy Asia Vice-President Ajay Shah, who is in charge of developing markets.