By Murat Temizer
ISTANBUL (AA) - U.S. LNG exports have triggered a change in the global energy market while unconventional gas in the U.S. market has reshaped the U.S. energy market, Andrew Walker, vice president of Cheniere Marketing said on Tuesday.
Speaking at the World Energy Congress, of which Anadolu Agency is the global communication partner for 2016, Walker said that LNG is a sector that has slowly developed and has now become a global commodity.
"First it started with demand and supply balance. But after the 2000's it became more flexible with spot LNG deliveries," he said.
Roger Bounds, senior vice president for global gas at Shell also said that the LNG market is quite young and even younger in the Middle East.
"There was a quick growth in the LNG market and the natural gas market will further grow by 2-3 percent per year in the coming 10-15 years. The LNG market will also grow by 4-5 percent. We can see this because decisions have been made for new production facilities and investments. We always talk about projects, but we should also talk about consumers. More consumers ask for LNG and this is really important," Bounds said.
The executive advisor to Japanese company Tokyo Gas, Shiragu Muraki, asserted that the shale gas revolution in the U.S. has made many significant changes to various energy markets in which the diversification of supplies has become a necessity. He also said that Canadian LNG will make a mark on the energy market.
"Diversification of energy resources is very important. For example Russia has redirected to Asia," he said.
"Diversification is important especially in the future pricing mechanism. I think there will be new energy hubs in Asia. There will be more customers in the gas market and this will bring dynamism to the market. These changes will make natural gas and LNG more competitive and safe," Muraki said