New LNG projects are facing significant delays, potentially leading to a supply crunch and higher prices in the global market.
The new crop of liquefied natural gas projects that were set to come online next year will be two years late in coming due to project delays , the head of LNG operations at TotalEnergies said at the Singapore International Energy Week event, as quoted by Reuters. TotalEnergies is the world’s third-largest LNG market player and the leader in LNG imports in Europe , according to the company’s website.
Even so, the outlook for LNG is rather bright, as suggested by the increase in demand for LNG carriers that led to the addition of 36 new vessels this year alone. Indeed, the world’s LNG tanker fleet has increased faster than the supply of the superchilled fuel this year due to various challenges. LNG projects are notoriously slow to come on stream.
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