June 28, 2024

Malaysia's Secures as Top Fifth World LNG Exporter, Rising Importance of LNG for Energy Security- BERNAMA

On 28 June 2024, MGA issued a press release following the International Gas Union (IGU) released its 15th annual World LNG Report 2024, the world’s most comprehensive public source of information on key developments and trends in the Liquefied Natural Gas (LNG) market. This report contains crucial information on LNG supply and demand dynamics, not just on a global scale and the wider Asia Pacific, but also with a specific focus on Malaysia.

The 2024 World LNG Report highlighted how LNG has become a critical component of the global energy system due to its flexibility, efficiency and reliability. As LNG’s importance continues to grow, decarbonising the LNG value chain is a priority for many stakeholders in the industry. Several proposed projects are undertaking innovative emissions-reducing measures to meet this need by integrating renewable electricity, carbon capture and storage (CCS), partnering to develop e-methane and grow bio-LNG, or liquefied biomethane, which is produced from capturing and upgrading biogas that would have otherwise been emitted from landfills, agricultural waste, or other feedstock.

The following are a few highlights on Malaysia in IGU’s 2024 World LNG Report;

  • Of the exporting regions, Asia Pacific exported the most in 2023 with a total of 134.80 MT and remained the largest importing region with 155.32 MT, where the inter-regional trade was at 95.0 MT.
  • Malaysia retained the fifth-largest exporter, after Russia, Qatar, Australia & the United States.
  • Total LNG export from Malaysia in 2023 was 26.75 MT constituting about 7% of the total LNG traded globally.
  • The Kasawari gas field in Malaysia with 3.7 MTPA Carbon dioxide (CO2) capacity is listed as one of the LNG-linked CCUS projects, with a carbon capture facility sourcing CO2 from the upstream or liquefaction components of LNG projects as another emissions mitigation measure.
  • Globally, Malaysia is highlighted as one of the largest operational liquefaction capacities at 32MTPA among 21 markets operating LNG export facilities.

MGA President highlighted that “MGA recognise the crucial role LNG will play in Malaysia’s energy transition roadmap, which anticipates gas demand to increase from 43% to 56% by 2050. This projected rise underscores the need for our industry to be fully prepared to meet these heightened expectations. This requires a multi-pronged approach, focusing on ensuring sufficient gas availability, developing & maintaining infrastructure readiness for smooth distribution and creating a conducive market environment. This; entails the formulation and implementation of pragmatic, clear and consistent policies to attract investments and to grow the gas industry.”

The press release had received coverage on national news platforms including BERNAMA, The Edge Malaysia, Astro Awani, Berita RTM, The Star, Business Today,  Utusan Harian, The Sun, Dayak Daily, New Straits Time, Free Malaysia Today, The Malaysian Reserve, Berita Harian, Malaymail, Suara Sarawak, TV Sarawak, Selangor Journal, Lumi News, Newswav and many more.

Please click the link below to read more of the news coverage.