Japan Oil and Gas Report Q2 2014 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-03 05:43:05
Japan´s consumption of imported oil and natural gas has increased as a result of nuclear power generation losses in the wake of the 2011 earthquake and tsunami. However, liquefied natural gas (LNG) consumption appears to have hit an upper limit as gas power is running near maximum capacity, while demand for expensive oil wanes. We expect some nuclear power will return to service in 2014 though it will be a slow and gradual process leaving Japan with significant long-term fuel import costs. As a result Japan is looking to move away from oil-indexed LNG, and is showing the most interest in North America´s LNG projects.
The main trends and developments we highlight for Japan´s oil and gas sector are:
- Liquefied natural gas (LNG) imports appear to have hit an upper limit in terms of usage and cost. 2012 was a record year with Japan importing 118.75bn cubic metres (bcm); however, gas power generation is running at high capacity and LNG imports for 2013 are expected to be less. The expectation of nuclear restarts in 2014 could further ease high LNG import requirements, though oil-fired power generation will be the first to give way. Gas consumption is estimated to total 121.47bcm for 2013 and will remain relatively flat to 2023 in anticipation of greater efficiencies and nuclear output meeting energy demand growth.
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