Reviewing the impact of LNG technology advancements on global energy markets
1 Independent Researcher, Canada.
2 Nigeria LNG Limited, Bonny Island, Nigeria.
3 Independent Researcher, Lagos, Nigeria.
4 Chevron Nigeria Limited, Nigeria.
5 Nigeria LNG Ltd, Bonny Island, Rivers State, Nigeria.
6 Harrisburg University of Science and Technology, USA.
Review Article
World Journal of Advanced Research and Reviews, 2024, 21(02), 335–345
Publication history:
Received on 29 December 2023; revised on 03 February 2024; accepted on 06 February 2024
Abstract:
Rapid technological advancements in Liquefied Natural Gas (LNG) have catalyzed a transformative shift in global energy markets. This review delves into the profound impact of LNG technology advancements, exploring their multifaceted consequences on the dynamics of the energy landscape. The evolution of LNG technologies, spanning liquefaction, transportation, and regasification processes, has ushered in a new era of energy accessibility, sustainability, and market competitiveness. The burgeoning role of LNG as a cleaner and more versatile fuel source is examined against the backdrop of global efforts to address climate change. Environmental considerations, carbon reduction goals, and the burgeoning demand for cleaner energy sources are driving the increasing adoption of LNG in the global energy transition. Government initiatives supporting LNG adoption and renewable energy policies influencing its utilization are dissected to comprehend the intricate policy factors shaping global LNG consumption. Economic drivers, including cost competitiveness and market dynamics, play a pivotal role in shaping the global LNG landscape. The review assesses the economic growth and industrial demand for LNG, providing insights into the intricate relationship between economic factors and the surge in LNG consumption. Additionally, the expansion of global LNG production capacity, exploration of unconventional gas resources, and geopolitical influences on LNG supply patterns are thoroughly scrutinized to provide a comprehensive understanding of the forces steering LNG trade dynamics. The regional dynamics in LNG trade are elucidated with a focus on major economies such as Asia-Pacific, Europe, and North America. The rising demand from these regions, coupled with infrastructure developments and regulatory frameworks, underscores the intricate interplay of factors shaping LNG trade dynamics on a regional scale. Furthermore, the review delves into the geopolitical implications of recent events on LNG markets, scrutinizing trade agreements and geopolitical risks to provide a holistic view of the broader geopolitical landscape impacting LNG stakeholders. In summation, this review provides a comprehensive analysis of LNG technology advancements and their far-reaching impact on global energy markets. As technological innovations continue to reshape the LNG landscape, this review serves as a roadmap for understanding the intricate interplay of environmental, economic, regional, and geopolitical factors that collectively define the contemporary dynamics of the LNG industry.
Keywords:
Impact; LNG: Technology; Advancement; Global Energy; Markets
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