These are just two of the drivers making LNG one of the fastest-growing energy markets worldwide, with demand expected to more than double to approximately 480 million tons annually (MTA) over the next 20 years.
ExxonMobil and our affiliates around the world have operated successfully in the LNG marketplace for decades. Together with our valued partners, we have been a driving force in transforming the LNG market into a more efficient and truly global business. Our experience spans the entire value chain, including natural gas fields and liquefaction facilities, regasification terminals, and LNG and gas marketing. Linking these individual elements of expertise into an integrated, value-added LNG development provides a strong, reliable offering to suppliers and buyers.
In partnership with Qatar Petroleum we have developed and employed new technologies resulting in the largest LNG production facilities and LNG vessels in the world, as well as large and technically advanced LNG regasification terminals in Italy, the UK and the U.S. Advanced technologies, project execution capabilities and economies of scale have reduced costs, thereby extending our ability to bring LNG to more people around the world.
In Europe, we have added 2.8 billion cubic feet per day of LNG regasification capacity with the opening of the South Hook Terminal in Wales and the Adriatic LNG Terminal offshore Italy, increasing access to attractive European markets. Our Adriatic LNG Terminal is the world’s first offshore gravity based LNG storage and regasification terminal.