Page 107 - Russia OUTLOOK 2024

Shah Deniz field, allowing it not to only cover its own gas needs but export supplies to Georgia and Turkey.
With much of its gas contracted to foreign buyers, Azerbaijan then turned back to Russian supplies in 2017-2018, only to cease purchases again after the second stage of Shah Deniz’s development flowed its first gas in 2019. And then in mid-November this year Gazprom announced it would once again resume gas deliveries to Azerbaijan – some 1 bcm between now and March to cover peak winter demand.
• 7.3 LNG production LNG production
LNG exports could grow from 33.3mn tonnes in 2023 to 38mn tonnes in 2024, to 40mn tonnes in 2025 and to 44mn tonnes in 2026.
LNG trade has already set a record in 2022 but is expected to grow by another 25% in five years to 500mn tonnes annually, according to the International Energy Forum (IEF). China has overtaken Japan to become the world's largest LNG importer, and the US will become the largest LNG exporter in 2023.
In Europe, LNG's share of the demand mix has grown from 12% ten years ago to more than 50%, and European regasification capacity is anticipated to grow by another 48% by 2030.
President Joe Biden's administration imposed sanctions on the Arctic LNG-2 project in Russia in December. Novatek, Russia's largest LNG producer, has a 60% stake, and intends to start production by the end of this year.
Arctic LNG-2 would be Russia's third large-scale LNG project and is designed to help Russia achieve a goal of gaining 20% of the global LNG market by 2035, up from around 8% currently.
Russia intends to boost LNG production from 33mn tpy this year to 100mn tpy by 2030, with those volumes to be ensured by planned projects, Deputy Prime Minister Alexander Novak said.
LNG output will start rising in Russia from 2024, Novak said. "The production of liquefied natural gas will equal around 33mn tonnes, the same as last year. However, we expect an increase starting next year due to the launch of the first line of the Arctic LNG-2," he said.
LNG exports to Europe rising
107 Russia OUTLOOK 2024 www.intellinews.com