The Future is Bullish for LNG
Chevron Vice Chairman and Executive Vice President of Midstream and Development, Mike Wirth, spoke at the Gastech conference in Chiba, Japan.
“Natural gas is truly becoming a globally traded commodity, and the future is bullish for liquefied natural gas,” according to Mike Wirth, Chevron vice chairman and executive vice president of Midstream and Development. With LNG demand projected to grow by roughly two-thirds over the next decade, he said, “It’s an exciting time to be a part of this industry.”
Wirth spoke on an International Energy Leadership Panel at the Gastech Exhibition and Conference in Chiba, Japan, this week, which discussed how gas suppliers are adapting to the changing global market. Gastech brings together more than 2,500 delegates including commercial experts and technical innovators from across the liquefied natural gas (LNG) supply chain.
Based on current projections, the Chevron vice chairman said LNG demand will outstrip supply from existing production and currently sanctioned projects in the next decade. Project developers must take a long-term view in making their decisions, he said.
In mature markets such as Japan and continental Europe, deregulation, fuel competition and environmental concerns will be important factors in making investment decisions. In emerging markets, natural gas will assume a rising share of the energy mix, encouraging new markets and new buyers for LNG.
Supporting these growing economies and improved living standards will require affordable energy that fits into household, business and government budgets. Wirth said that natural gas will be critical to providing the basics, such as transportation to get to work and to seek medical attention, and electricity to cook food and light homes, schools and businesses.
Chevron’s presence at the Gastech Conference featured images and messaging supporting the growing leadership in LNG and record of partnership and responsible operations around the world.
Read more on Chevron.com.