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This is also natural gas and not oil. They're very different markets and usages.
by jofer 11y ago
This is also natural gas and not oil. They're very different markets and usages.
- eCa 11y agoAh, yes. The BOE got me confused.. Calculation makeover: We consume about 50 million BOE of natural gas per day[1], so this vessel will fulfill 0.2% of the current demand. [1] https://en.wikipedia.org/wiki/List_of_countries_by_natural_gas_consumption https://en.wikipedia.org/wiki/List_of_countries_by_natural_g...
- jofer 11y agoOf total gas production, yes. However, LNG is a different story. Unless I'm doing the math wrong (which is quite possible), this facility alone will produce ~2% global LNG production. (This facility has a capacity of up to 5.3 mmtpa, while global production of LNG in 2014 was 246 mmtpa.) I'm not saying it's dwarfing global supply, but a single facility producing 2% of the global output is a pretty big deal. Of course, global LNG output will probably be significantly higher by the time this facility comes on-line, and 5.3 mtpa is its maximum production. At any rate, it doesn't really detract from what you were saying overall, but this is a very major player in the LNG market.