At the World Gas Conference held in Beijing on May 20, Ms. Meg O'Neill, CEO of Woodside Energy - Australia's largest gas producer - made a noteworthy statement: global natural gas demand could skyrocket by 50% from now until the end of the decade.
The message is clear and consistent: Countries on the path to net zero emissions are still hungry for reliable and affordable energy and gas is certainly an important part of that picture, ONeill stressed, according to Reuters.
Woodside has not only developed liquefied natural gas (LNG) projects in Australia but also expanded its reach internationally, with a major step in the acquisition of the Driftwood LNG project in Louisiana (USA) through a $1.2 billion deal to acquire tellurian last year.
In April this year, Woodside became the first company to approve a final investment decision (FID) for an LNG export project in the US - the plant in Louisiana. Previously, the group sold 40% of its shares in this project to Stonepeak Infrastructure Investment Fund, helping to raise $5.7 billion in capital to develop the plant's foundation phase.
Not stopping there, last week, Woodside signed a preliminary cooperation agreement with Saudi Arabian oil giant Aramco to discuss the possibility of Aramco participating in raising capital and purchasing LNG from the Louisiana LNG project.
In addition to US expansion plans, Woodside is accelerating the completion of the Scarborough project - one of the largest energy projects off the coast of Western Australia.
Despite the wave of investment in renewable energy, natural gas, especially LNG, is still considered an indispensable "transitional fuel" in the emission reduction journey.
Woodside's saying many customers are willing to sign LNG purchase contracts until the 2040s is proof of confidence in the long-term role of this fuel.
Observers say that in the context of Asia increasing LNG imports, Europe wants to ensure stable supply after the Russia-Ukraine conflict, while the Middle East and the US become hot spots for gas infrastructure investment, the global LNG market is facing a decade of explosive growth in both demand and strategic competition.
