Russia to Lead Global Underground Gas Storage Capacity Additions to 2022, says GlobalData
The global underground working gas storage capacity is expected to grow by 19 percent, from the current 14.9 billion cubic feet (bcf) in 2018 to around 17.8 bcf in 2022. Among countries, Russia is expected to lead in terms of planned and announced working gas capacity additions, with 912 bcf by 2022. China, Turkey, and Italy follow with 375 bcf, 340 bcf and 275 bcf, respectively, according to GlobalData, a leading data and analytics company. The company’s latest report: ‘Global Capacity and Capital Expenditure Outlook for Gas Storage – Russia to Lead in Gas Storage Capacity Additions’ shows that the Former Soviet Union (FSU) is expected to add the highest working gas capacity by 2022, with around 991 bcf. Europe will follow with 727 bcf of planned and announced working gas capacity additions. Globally, 115 new-build underground gas storage projects are expected to commence operations between 2018 and 2022. Europe leads with 55 new-build projects, followed by North America with 21 and the FSU with 19. A total of $33.3bn is expected to be spent on new-build gas storage projects globally, between 2018 and 2022. The Middle East leads globally in terms of capital expenditure (capex) over the next four years, with $13.3bn, followed by Europe and the FSU with $12.5 bn and $3.3bn, respectively. Turkey is expected to be the top spender on new-build gas storage projects, with $11.3bn during 2018−2022, the highest among all countries. Italy has the second-highest proposed capex in the same period with $3.9bn, followed by the UK with $3.8bn. IMAGE FOR PUBLICATION: Please click here for enlarged chart Among companies, Gazprom has the highest expected planned and announced working gas storage capacity additions of 958 bcf. The company is expected to spend capex of $2.7bn on planned and announced projects by 2022. China Petrochemical Corp is expected to be second highest in working gas storage capacity additions by 2022, with 367 bcf. In terms of capex, Bendis Enerji is expected to spend the highest capex of $10.6bn among all companies by 2022, followed by Gazprom and Snam S.p.A. with $2.7bn and $2.2bn, respectively. Information based on GlobalData’s report: Global Capacity and Capital Expenditure Outlook for Gas Storage – Russia to Lead in Gas Storage Capacity Additions |
