Because of its greater reliance on oil prices, the liquefied natural gas market is particularly volatile. In most emerging economies, the spot price of liquefied natural gas is determined by oil linkage. The lack of common rules governing LNG uses is also limiting industry expansion. Each country has its own set of regulations governing LNG applications. Key companies in this market are finding it challenging to comply with various country-specific legislation and guidelines. This is deterring investment in the sector, stifling market expansion.
Growing demands for Liquefied Natural Gas in numerous end-use sectors, as well as rising population growth, are driving up energy consumption, particularly in China, Brazil, and India.
According to Coherent market Insights, The Liquefied Natural Gas Market was valued at US$ 8.8 Billion in 2021 in terms of revenue, exhibiting a CAGR of 9.0% during the forecast period (2022 to 2030).
Leading Companies in the Liquefied natural Gas Industry:
1. BP Plc
The company was founded in 1908 and is headquartered in London, the United Kingdom. BP p.l.c. engages in the energy business worldwide. It operates through Gas & Low Carbon Energy, Oil Production & Operations, Customers & Products, and Rosneft segments. On 28 December 2022, BP completed its purchase of Archaea Energy Inc., a leading provider of renewable natural gas (RNG), marking a milestone in the growth of bp’s strategic bioenergy business.
2. Cheniere Energy
The company was incorporated in 1983 and is headquartered in Houston, Texas. Cheniere Energy, Inc., an energy infrastructure company, primarily engages in the liquefied natural gas (LNG) related businesses in the United States. It owns and operates the Sabine Pass LNG terminal in Cameron Parish, Louisiana; and the Corpus Christi LNG terminal near Corpus Christi, Texas. On June 2022, Cheniere Energy, Inc. announced today that two of its subsidiaries, Sabine Pass Liquefaction, LLC and Cheniere Marketing, LLC have each entered into long-term liquefied natural gas sale and purchase agreements with Chevron U.S.A. Inc., a wholly-owned subsidiary of Chevron Corporation.
3. Chevron Corporation
Chevron Corporation was founded in 1879 and is based in San Ramon, California.
Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. On June 2022, Chevron Corporation has acquired Renewable Energy Group, Inc (REG), a leading biodiesel and renewable diesel producer.
4. China Petroleum & Chemical Corporation or Sinopec.
China Petroleum & Chemical Corporation or Sinopec, is a Chinese oil and gas enterprise based in Beijing. The company was founded on February 25. 2000. On December 2022, INEOS Limited completed the acquisition of 50% stake in Shanghai Secco Petrochemical Company Limited from China Petroleum & Chemical Corporation and Sinopec Shanghai Gaoqiao Company.
5. Conoco Philips
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. ConocoPhillips was founded in 1917 and is headquartered in Houston, Texas. On Januray 15 2021, Phillips announced that it has completed its acquisition of Concho Resources following approval by shareholders of both companies.
6. Eni SpA
The company was founded in 1953 and is headquartered in Rome, Italy. Eni S.p.A. engages in the exploration, development, and production of crude oil and natural gas. It operates through Exploration & Production; Global Gas & LNG Portfolio; Refining & Marketing and Chemicals; Plenitude and Power; and Corporate and Other activities segments. On December 2022 Italy’s Eni looks to acquire Neptune Energy for up to $6bn. The acquisition is expected to provide Eni with the opportunity to expand its natural gas business.
7. Equinor ASA
Equinor ASA was incorporated in 1972 and is headquartered in Stavanger, Norway. Equinor ASA, an energy company, engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products, and other forms of energy in Norway and internationally. It operates through Exploration & Production Norway; Exploration & Production International; Exploration & Production USA; Marketing, Midstream & Processing; Renewables; and other segments.
8. Exxon Mobil Corporation
Exxon Mobil Corporation explores for and produces crude oil and natural gas in the United States and internationally. It operates through Upstream, Downstream, and Chemical segments. The company was founded in 1870 and is headquartered in Irving, Texas.
9. Shell Global
Shell plc was founded in 1907 and is headquartered in London, the United Kingdom. Shell plc operates as an energy and petrochemical company Europe, Asia, Oceania, Africa, the United States, and Rest of the Americas. On decmber 2022, Shell completes acquisition of solar solutions provider Daystar Power Group.
*Definition- Liquefied natural gas is a colorless and odorless liquid generated by chilling natural gas to -1620 degrees Celsius. The process of liquefaction reduces the amount of gas by 600 times, allowing it to store and export easily. Liquefied natural gas is a growing fuel because it burns cleaner than gasoline, diesel, and other fuels.
