1、The LNG industryGIIGNL Annual Report 2022ProfileProfileGIIGNL is a non-profit organisation whose objective is to promote the development of activities related toLNG: purchasing, importing, processing, transportation, handling, regasification and its various uses.The Group constitutes a forum for exc
2、hange of information and experience among its 84 members in order to enhance the safety, reliability, efficiency and sustainability of LNG import activities and in particular, the operation of LNG import terminals. GIIGNL - International Group of Liquefied Natural Gas ImportersAll data and maps prov
3、ided in this publication are for information purposes and shall be treated as indicative only.Under no circumstances shall they be regarded as data or maps intended for commercial use. Reproduction of the contents of this publication in any manner whatsoever is prohibited without prior consent of th
4、e copyright owners.AcknowledgementsWe wish to thank all member companies for their contribution to the report and the following international experts for their comments and suggestions: Cybele Henriquez Cheniere Energy Najla Jamoussi Cheniere Energy Sarah Holden Clarksons Oliver Stavrinidis Clarkson
5、s Laurent Hamou Elengy Luis Ignacio Parada Enags Mara ngeles de Vicente Enags Paul-Emmanuel Decros Engie Oliver Simpson Excelerate Energy Dimitris Alexiou Excelerate Energy Andy Flower Flower LNG Mathias Borgnes Hegh LNG Thomas Thorkildsen Hegh LNG Gavin Stevens MOL Carlos Humphrey Naturgy Energy Gr
6、oup Mayumi Ikeda Tokyo Gas Laurent Chaveron TotalEnergies Xinyi Zhang TotalEnergiesEditorialJean AbiteboulPresidentThe LNG industry in 2021Dear Colleagues,In 2021, natural gas markets were characterized by persistent supply constraints and fast recovering demand, which put strong upward pressure on
7、LNG prices and highlighted the interdependence and vulnerability of energy supply chains. The looming price volatility has been exacerbated in February 2022 by the Russia-Ukraine conflict, and the current European energy crisis proves to be a stark reminder of LNGs vital role in ensuring energy secu
8、rity and economic stability. Governments and public institu- tions are becoming increasingly involved in the LNG business, and we will monitor the consequences of this paradigm shift over the course of the coming year. During 2021, LNG imports returned to robust growth, reaching 372.3 MT, a 4.5% inc
9、rease over 2020. Asia remained the main demand center for LNG, growing by 7.1%. Strong economic recovery in China, rising natural gas demand for power generation in South Korea, lower than expected pipeline gas supplies to Europe and reduced availability of hydropower in Brazil contributed to the si
10、gnificant increase in global LNG demand. China overtook Japan as the worlds top LNG importing country, recording a 15% annual growth. On the supply side, the United States added22.3 MT of new volumes to the market, recording a 49.8% rise in exports and becoming Europes lea- ding LNG supplier.With 68
11、 new vessels delivered during the year, the LNG shipping fleet reached 700 vessels, including 48 FSRUs and 31 LNG bunkering vessels, represen- ting a 9% increase in cargo capacity. Freight rates remained very strong throughout the year and the or- derbook at year end was remarkably high, with 196 un
12、its to be delivered by 2025.Global regasification capacity rose by 46 MTPA last year, reaching 993 MTPA. Four new large-scale ter- minals were brought in operation in Brazil, Croatia, Indonesia and Kuwait. Five expansion programs were completed, four of which in China and one in Japan. Croatia becam
13、e the 44th LNG importing market, while at least 6 new markets could start importing in 2022, in El Salvador, Ghana, Hong Kong, Philippines, Sene- gal and Vietnam.In the meantime, LNG production has been strug- gling to keep pace with demand, which sent spot LNG prices upwards. While 7.4 MTPA of new
14、ca- pacity came onstream, 5 MTPA of which in the United States, global LNG exports were affected by unscheduled maintenance and shortfalls in feedgas. Increased output from the US, Egypt, Malaysia and Russia was partly offset by lower exports from Ango- la, Indonesia, Nigeria, Norway, Peru and Trini
15、dad. In 2021, only two FIDs were taken, the North Field East expansion project in Qatar, which will add 33 MTPA of liquefaction capacity from 2025, and Pluto LNG Train 2 in Australia, for 5 MTPA. By 2025, more than 120 MTPA of new liquefaction capacity are planned to progressively come online, which
16、 should partly re- lieve tensions in the LNG market.In an environment marked by geopolitical tensions, risks of energy shortages and price volatility, last year saw a strong return of long-term contracts. Asian buyers, notably Chinese NOCs and independent im- porters played a leading role in securin
17、g new term purchases from the US, Qatar and Russia.In the future, the much-needed substitution of coal and polluting liquid fuels as well as the geographi- cal mismatch between natural gas production andconsumption regions will generate significant addi- tional LNG demand. While many economies in th
18、e world are facing rising energy bills and energy supply security issues, LNG has clear potential to support economic growth and the achievement of net zero carbon ambitions, provided that additional invest- ments in all stages of the natural gas and LNG supply chains are made to meet expected deman
19、d growth.The LNG industry is also continuing its efforts to re- duce the carbon footprint of the LNG supply chain and drive transparency on greenhouse gas emissions, in- cluding methane. In this regard, GIIGNL published in 2021 the first holistic framework to monitor, report, verify and offset GHG e
20、missions from LNG cargoes.In an environment dominated by energy security issues and decarbonization commitments, LNG is a proven, clean and flexible solution, which is uniquely placed to meet sustainability challenges while en- hancing competitiveness and energy resilience. As the International Asso
21、ciation of LNG Importers, GIIGNL remains committed to promote dialogue and share experience to ensure a stable, flexible, affor- dable and sustainable access to LNG imports for the benefit of all.Jean AbiteboulPresidentGIIGNL Annual Report 2022 Edition - 3Key figures 2021Key figures2021372.3 MTimpor
22、ted vs. 356.1 MT in 2020+4.5%7growth vs. 202019exportingcountries44importingmarketsnew LNG regasification terminals73%39%of global LNG demand in Asiaof global LNG volumes supplied from the Pacific Basin993 MTPAtotal regasification capacity*462 MTPAtotal liquefaction capacity* At the end of 20214 - G
23、IIGNL Annual Report 2022 EditionKey figures 2021136.3 MTimported on a spot orshort-term* basis or 36.6% of total trade36.6%ContentsKey Figures 4LNG trade in 2021 6Contracts signed in 2021 8Medium-term and long-term contracts in force in 2021 12LNG shipping 20LNG imports in 2021 36Liquefaction plants
24、 44Regasification terminals 52Retail LNG in 2021 65World LNG Maps 66About GIIGNL 70*Quantities delivered under contracts of a duration of 4 years or lessGIIGNL Annual Report 2022 Edition - 5LNG trade in 2021In 2021, global LNG imports reached 372.3 million tons (MT), increasing by 16.2 MT compared w
25、ith the previous year. The post- lockdowns economic recovery and continued coal-to-gas switch resulted in a surge in LNG im- ports, although the annual growth rate (+4.5%) remained far from pre-pandemic levels. The recovery has been uneven across regions, with Asia recording the highest growth led b
26、y China which overtook Japan as the worlds leading LNG importer while Europe struggled to attract LNG cargoes throughout most of the year.Croatia joined the rank of LNG importers. 44 markets imported LNG volumes, from 19 exporting countries.49%US LNG growth outpaces global LNG growthIn 2021, increme
27、ntal LNG supply from the United States (+22.3 MT) accounted for more than the to- tal global incremental supply (+16.2 MT). Imports from the United States grew by 49.8%, thanks to the ramp-up of five large liquefaction projects commis- sioned in 2020 (Cameron LNG Trains 2 and 3, Corpus Christi LNG T
28、rain 3, Freeport LNG Trains 2 and 3) as well as to the commissioning of Sabine Pass Train 6 in 2021. New supply was also added, but to a much lesser extent, by Egypt (+5.2 MT), Algeria (+1.2 MT), Malaysia (+1.1 MT) and Australia (+0.8 MT). Besides Sabine Pass Train 6, other supply additions in 2021
29、included Yamal Train 4, PFLNG Dua in Malaysia and the restart of operations of Damietta in Egypt.The greatest declines in LNG exports were recorded by Nigeria (-4.1 MT) due to maintenance issues, Trinidad and Tobago (-3.9 MT) due to lack of feedgas and Norway (-2.9 MT) due to delays in the restart o
30、f operations at Snohvit after the technical incident which occurred in 2020.The Atlantic Basin and the Middle East experienced growth in 2021, adding +17.9 MT and +0.6 MT respectively. Similarly to 2020, the Pacific Basin continued to show a decline in LNG exports in 2021 (-2.3 MT). The Pacific Basi
31、n remains the largest source of LNG supplies to the global market with143.9 MT or 38.6%, closely followed by the Atlantic Basin with 135.2 MT or a 36.3% market share, and the Middle East with 93.2 MT, a 25% market share. Supply from the Middle East increased from 92.6 MT to 93.2 MT, a +0.6% increase
32、.As production from the US continues to increase, the gap between supply from the Pacific Basin and the At- lantic Basin has substantially narrowed from 28.8 MT in 2020 to only 8.6 MT in 2021.18%Among LNG supplying countries, Australia and Qatar are still leading the pack, with 78.5 MT and 77 MT res
33、pectively. Third, the United States supplied 67 MT of LNG in 2021 and could become the worlds leading LNG supplier in 2022. The Russian Federation came fourth with 29.6 MT, followed by Malaysia with 25 MT. Australia, Qatar, and the United States accounted to- gether for 59.8% of global LNG supply.As
34、ian demand growth exceeds global LNG supply growthAsia continues to be the leading importing region with a 73.2% share of global LNG imports, up from 71.4% in 2020. Asian LNG imports grew by 7.1% in 2021, reaching 272.5 MT. Imports rose in all Asian countries except India, Japan, Malaysia and Singap
35、ore. India experienced the greatest decrease in LNG imports (-2.6 MT or -9.8%) due to the high spot LNG prices and to the increase in domestic gas production, which led Indian gas consumers to import less LNG through the first three quarters of the year. This had a no- table impact in spot imports w
36、hich recorded a steady decline from March 2021 onwards.China overtook Japan as first LNG importer globally. The country experienced the worlds highest growth rate in terms of imported volumes i.e. +10.4 MT or+15%, totaling 79.3 MT at year-end. Record imports were driven by the robust economic recove
37、ry as well as the growth in gas for power generation and coal to gas switching. In order to avoid the situation of win- ter 2020/2021, Chinese buyers procured LNG ahead of the winter season to comply with storage require- ments and anticipate high demand.+15%LNG imports into Japan remained relativel
38、y stable, recording a slight decline of 0.1 MT or -0.1%. The decline can be explained by the continuation of restrictions throughout most of 2021, which included restrictions on commercial activities, as well as a decrease in gas-fired power generation to the benefit of nuclear generation.Increase i
39、n Chinese LNGof US volumes delivered to Asia, 32% to Europe, 18% to Americas, 1% to the Middle Eastof global LNG volumes imported from the US.imports, compared with + 12% in 2020.South Korea experienced a strong growth in LNG im- ports (+6.1 MT or +15%), notably due to a greater gas demand for the p
40、ower sector and for industrial consumption. The demand growth was exacerbated by the cold weather and the recovery from the pan- demic. Maintenance in nuclear generation and the implementation of sustainable governmental policies which resulted in a decline in coal consumption also contributed to ga
41、s demand growth.Other Asian countries have also seen important increases in their LNG consumption: in Taiwan, im- ports grew by 9.5% (+1.7 MT) due to an increase in gas-fired power generation following the planned outages of hydro, coal and nuclear plants. Other Asian countries which increased their
42、 LNG imports in 2021 are: Thailand (+0.9 MT), Bangladesh (+0.9 MT), Pakistan (+0.8 MT), and Indonesia (+0.6 MT), mostly due to the decline of domestic gas production and to post-Covid recovery.Europe in competition with Asia and Latin AmericaConstrained by dwindling domestic gas production, high dem
43、and due to lower temperatures, along with lower than expected additional pipeline deliveries from Russia which brought storage levels to record lows, Europe suffered an unusual situation in 2021, when high JKM / TTF price differential made flexible LNG volumes go preferably to Asia instead of Europe
44、 throughout most of the year. This situation worsened until the last quarter of 2021 and Europes difficulty to fill in its underground storages forced demand to adjust through a reduction in industrial consumption and gas-to-coal switching. Overall, Europes net LNG imports decreased by 8% in 2021 to
45、taling 75.1 MT, a decrease of 6.5 MT compared to 2020. The United Kingdom (-2.4 MT or -17.8%) and Italy (-2.2 MT or-24.1%) recorded the largest declines, whereas Croa- tia imported LNG for the first time (1.2 MT).Imports into the American region increased by 36.3% (+4.8 MT), reaching 18 MT in 2021.
46、Mexican imports recorded the largest drop -67.5% or -1.3 MT, as the country is continuing its trend towards becoming less reliant on LNG imports. Other countries in the Ameri- can region experiencing significant decreases include the United States with -0.5 MT or -52.7% and Colombia with -0.3 MT or -85%. The draught experienced in Brazil highly dependent on hydropower generation and the inability to increase domestic production to meet demand, led to an increase in LNG imports following th
