1 NLNG Limited, Nigeria.
2 Chevron Nigeria Limited, Nigeria.
3 NLNG - Bonny Island Rivers State, Nigeria.
4 Independent Researcher, Uyo Nigeria.
5 University of Johannesburg, South Africa.
Review Article
World Journal of Advanced Research and Reviews, 2024, 21(01), 058-074
Article DOI: 10.30574/wjarr.2024.21.1.2686
Received on 22 November 2023; revised on 28 December 2023; accepted on 30 December 2023
This scholarly paper comprehensively analyses the global Liquefied Natural Gas (LNG) market, delving into its multifaceted dynamics and future prospects. The study's background establishes the increasing global importance of LNG, driven by its role in the contemporary energy mix and the evolving landscape of energy production and consumption. The paper aims to dissect current trends, challenges, and opportunities in the LNG market, focusing on its historical evolution, technological advancements, environmental sustainability, economic factors, and geopolitical influences.
The paper synthesizes peer-reviewed literature through a meticulous methodology to ensure a broad and in-depth coverage of the subject. The scope encompasses a detailed exploration of the historical milestones of the LNG industry, its role in the energy mix, the impact of technological innovations, and the interplay of environmental, economic, and regulatory factors. The study also scrutinizes the influence of geopolitical dynamics on the global LNG trade.
The main findings reveal that technological advancements have significantly reshaped LNG production and distribution, enhancing efficiency and sustainability. Environmental considerations emerge as pivotal in the industry's evolution, with a clear need to balance economic growth with ecological preservation. The economic analysis underscores market volatility influenced by global trade dynamics and geopolitical shifts, highlighting the sector's sensitivity to international events.
The paper recommends a strategic focus on innovation, sustainability, and geopolitical engagement to foster the LNG industry's growth. It emphasizes the necessity for adaptive regulatory frameworks and investment in renewable energy infrastructure to support LNG's expanding role in the global energy landscape.
Liquefied Natural Gas; Technological Advancements; Environmental Sustainability; Economic Analysis; Geopolitical Dynamics; Energy Transition
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Oladipo Olugbenga Adekoya, Adedayo Adefemi, Olawe Alaba Tula, Aniekan Akpan Umoh and Joachim Osheyor Gidiagba. A comprehensive review of Liquefied Natural Gas (LNG) market dynamics: Analyzing the current trends, challenges, and opportunities in the global LNG market. World Journal of Advanced Research and Reviews, 2024, 21(1), 058-074 . Article DOI: https://doi.org/10.30574/wjarr.2024.21.1.2686