Woodside Energy Forecasts 50% Growth in LNG Demand Over Next Decade

Woodside Energy Group expects demand for liquefied natural gas (LNG) to grow by 50% over the next decade, driven by increasing global demand for cleaner energy sources. The company has highlighted the importance of LNG in meeting this demand, particularly in Asia, where it is expected to become a key player in the region's energy market. Woodside Energy has also emphasized the need for investment in new LNG infrastructure and projects to meet the expected demand.

Woodside Energy Group, a leading player in the global energy sector, anticipates a 50% increase in demand for liquefied natural gas (LNG) over the next decade, driven by the growing global demand for cleaner energy sources. The company has underscored the significance of LNG in meeting this demand, particularly in Asia, where it is expected to become a key player in the region's energy market.

According to Andrew Barry, vice president of global LNG marketing and chairman of Exxon Mobil LNG market development, recent agreements between Russia and China may not significantly alter the demand for imported LNG in China Exxon Bullish on China’s LNG Demand, Eyes New Markets^[1]. Barry expressed optimism about the growth potential of LNG in China, noting that LNG-fueled trucks and marine vessels are expanding rapidly and represent massive growth areas Exxon Bullish on China’s LNG Demand, Eyes New Markets^[1].

In addition to China, Woodside Energy has identified significant opportunities in new markets across Asia Pacific, Africa, and Latin America. Barry mentioned that markets such as Vietnam, Thailand, the Philippines, South Africa, and Colombia are potential markets with a need for natural gas but lack the necessary infrastructure Exxon Bullish on China’s LNG Demand, Eyes New Markets^[1]. The company is actively engaged in discussions for potential investments and target markets across several regions Exxon Bullish on China’s LNG Demand, Eyes New Markets^[1].

TotalEnergies, another major player in the LNG market, has also shown confidence in the long-term demand fundamentals. The company recently announced a substantial investment in the Rio Grande LNG facility, signaling its strategic pivot toward securing long-term energy supply chains TotalEnergies Doubles Down on US LNG Expansion with $2.8 Billion Rio Grande Investment, Strengthening Global Energy Security Amid Soaring Demand^[3]. The investment, which includes a 10% direct stake in the joint venture developing Train 4 of the Rio Grande LNG facility, reflects TotalEnergies' commitment to expanding its LNG export capacity from the United States TotalEnergies Doubles Down on US LNG Expansion with $2.8 Billion Rio Grande Investment, Strengthening Global Energy Security Amid Soaring Demand^[3].

The global LNG market is experiencing unprecedented growth, with demand projected to increase by 3-4% annually through 2030. This surge is primarily driven by Asia-Pacific markets, where countries like China and India are transitioning from coal to cleaner-burning natural gas for power generation and industrial applications TotalEnergies Doubles Down on US LNG Expansion with $2.8 Billion Rio Grande Investment, Strengthening Global Energy Security Amid Soaring Demand^[3].

Woodside Energy Group's expectations align with the broader industry trend. The company's strategic emphasis on LNG reflects the growing recognition of natural gas's role in reducing global carbon emissions. By investing in new LNG infrastructure and projects, Woodside Energy aims to capitalize on this growing demand and secure its position as a key player in the global LNG market.