Nigeria topped African exporters in Liquefied Natural Gas, (LNG), in 2021 with 17.9 million metric tons MMt, says a report published by leading information provider IHS Markit.
Algeria, followed closely with 12.3 MMt and Egypt with 6.9 MMt.
In 2021, the U.S. added 25 million metric tons of LNG capacity owing to an expansion in liquefaction capacity, coupled with average utilization of plants increasing to 98 per cent in the third quarter of last year.
Meanwhile, the report tipped U.S. and China to represent the top export and import markets, respectively, for Liquefied Natural Gas (LNG) in 2022.
For the U.S., the position represents a shift upward from being the third-largest LNG exporter in 2021 at 73.6 million metric tons (MMt), following Australia (83 MMt) and Qatar (81.3 MMt).
LNG development in the U.S. accelerated pre-pandemic due to the U.S. shale revolution and growing liquidity in LNG markets, including the commissioning of Venture Global’s 10 million tons per annum (MTPA) Calcasieu Pass LNG project, Tellurian’s 27.6 MTPA Driftwood LNG project and Cheniere’s Sabine Pass Train 6 facility.
Investments in gas and LNG capacity over the past 24 months were made under the assumption that oversupply in the LNG market would dissipate after 2021, and that demand growth would exceed incremental supply thereafter. While short- and medium-term demand for LNG exports faced uncertainty in the early part of the pandemic, industry experts remained confident that demand would recover to pre-pandemic levels in 2021 and beyond in mature markets, and even expand in emerging markets due to a low-price environment that would boost consumption.