Qatar primary driver of LNG exports of GECF member countries

The Liquefied natural gas (LNG) exports of GECF member countries and observers have grown in March 2023 on a yearly (y-o-y) basis and Qatar is a primary driver of this growth according to Gas Exporting Countries Forum (GECF) monthly gas market report.

In March of this year, the LNG exports of GECF member countries and observers continued to expand, with y-o-y growth of 6.7% (1.11 million tonnes) to reach 17.66 million tonnes. The growth was primarily driven by Qatar (0.62 million tonnes), Norway (0.44 million tonnes), and by other countries the report noted. 

In 2022, global LNG exports increased by 5% (18 million tonnes) y-o-y to 399 million tonnes. This represents a slowdown in the pace of growth in LNG exports, which expanded by 6% (22 million tonnes) y-o-y in 2021. The higher LNG exports last year came from GECF and non-GECF countries as well as higher LNG reloads. 

GECF’s share in global LNG exports averaged 50% in 2022, relatively unchanged from a year earlier. The start-up and ramp-up of new liquefaction projects, higher feedgas availability, lower unplanned maintenance, and LNG production above the nameplate capacity in some countries, drove the increase in global LNG exports.

At a country level, Qatar reclaimed its position as the largest LNG exporter in 2022 with 80 million tonnes of LNG exports followed by Australia (79 million tonnes), the US (78 million tonnes), Russia (32 million tonnes) and Malaysia (27 million tonnes) respectively.

The GECF monthly gas market report noted that the increase in Qatar’s LNG exports was due to lower maintenance activity compared to the previous year.

The continued ramp-up in production from the Hammerfest LNG facility, which restarted in June 2022, supported higher LNG exports from Norway. 

Similarly, the ramp-up in production from the Coral South FLNG facility drove Mozambique’s LNG exports higher. 

In Trinidad and Tobago, lower maintenance activity and higher feed gas availability contributed to the uptick in LNG exports. Likewise, an increase in feed gas availability led to an uptick in Nigeria’s LNG exports. 

The total number of LNG export cargoes increased by 8% on monthly (m-o-m) basis to 551 in March 2023. The total number of LNG shipments for the first three months of 2023 reached 1598, which is 3% (or 50 more cargoes) than during the same period in 2022. 

The US, Australia, and Qatar lead the number of LNG shipments in 2023 thus far, it further said. 

It added that compared with one year ago, Qatar delivered 22 more cargoes in 2023 thus far, while Norway delivered 20 more cargoes. 

In March 2023, global LNG exports reached a record high of 36.36 million tonnes, representing a 6.5% (2.22 million tonnes) y-o-y increase. 

GECF member countries accounted for half of the incremental increase in LNG exports while non-GECF countries and LNG reloads accounted for the remaining half.

Non-GECF countries were the largest LNG exporters globally with a market share of 50%, while the market shares of GECF and LNG reloads stood at 48.6% and 1.4%, respectively.

In March 2022, the market share of GECF member countries and LNG reloads increased from 48.5% and 0.5%, respectively, while the share of non-GECF countries declined from 51%. At a country level, the US was the largest exporter in March 2023, followed by Australia and Qatar. 

The cumulative global LNG exports from January to March 2023 increased by 6.6% (6.51 million tonnes) y-o-y to 105.73 million tonnes.