India to contribute 35% of Asia and Oceania’s LNG regasification capacity growth in 2023
India is expected to drive capacity growth in Asia and Oceania’s LNG regasification industry from planned and announced (newbuild) projects between 2019 and 2023, contributing around 35% of the total growth, according to GlobalData.
Company analysis reveals that India’s newbuild regasification capacity is expected to grow from 730.5bn cf in 2019 to 3,209bn cf in 2023.
The planned terminals, which have received relevant approvals in India, are expected to contribute 1,784.6bn cf of capacity in 2023 while early-stage announced projects are expected to contribute 1,424.5bn cf of capacity.
Arpan Roychowdhury, Oil and Gas Analyst, comments: ‘A total of 17 newbuild terminals are expected to contribute LNG regasification capacity growth in India during the outlook period. Among these, eight are planned terminals while nine are announced terminals. The Yanam regasification terminal is expected to add the highest capacity of 535.7bn cf among these terminals in 2023.’
GlobalData identifies China as the second highest country in terms of regasification capacity growth in Asia and Oceania in 2023. Around 58% of the country’s regasification capacity growth is expected to come from four early-stage announced projects, while the remaining 42% will come from four planned terminals. The Putian terminal is expected to have the highest capacity among these terminals with 292.2bn cf of capacity in 2023.
Meanwhile, Bangladesh is expected to add all of its newbuild capacity growth from three announced regasification terminals by 2023. Of these, the Matarbari III terminal is expected to have the highest capacity, 362.3bn cf, in 2023.
Figure 1: Planned and announced LNG regasification capacity growth in Asia and Oceania, 2023