Russia to dominate global working gas capacity additions by 2024

Russia is expected to witness the highest global working gas storage capacity additions, contributing around 21% of global additions by 2024, according to the latest analysis from GlobalData.

Russia is likely to increase working gas storage capacity by 585bn cf by 2024, of which nearly 573bn cf has received necessary approvals for development. Haseeb Ahmed, Oil and Gas Analyst, GlobalData, comments: ‘Russia is expected to witness the start of six newbuild gas storage sites by 2024. Of these, five are planned and the remaining is an announced site. Stepnovskoe II is the largest upcoming gas storage site in the country, with a capacity of 199bn cf, followed by Bednodemyanovskoye I, with 177bn cf by 2024.’

GlobalData identifies China as the second-highest contributor to the global working gas storage capacity additions, contributing around 17%, or 473bn cf, by 2024. The country has four planned gas storage projects, the largest of which is Liaohelei 61, with a capacity of 406bn cf by 2024. Tongluoxia is the second largest, at 53bn cf.

Ahmed continues: ‘Turkey ranks third across the globe, contributing roughly more than 13% of the world’s working gas storage capacity additions during the outlook period 2020–2024. The country has six upcoming projects, of which five are planned and the remaining one is an announced project. Tuz Golu II and Mersin II are the largest, with respective capacities of 148bn cf and 106bn cf by 2024.’