Commodity Market Report

Global gas: Costs (2021)

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15 February 2022

Global gas: Costs (2021)

Report summary

This report discusses the methodology and assumptions underlying our gas supply cost analysis in our Global Gas Model and Global Gas Service. Qatari projects maintain their cost advantage over other most major global LNG projects with a cost of delivery to Asia below US$6/mmbtu. However, LNG spot prices remain high. As a result, momentum continues to build on new fast-to-market North American projects. Indigenous production in Europe is higher up on the cost curve but stays economic under the current price environment. Further upstream development could boost piped supply to the European market if prices stay above $8-10/mmbtu. Beyond 2030, LNG demand continues to grow, more expensive projects will be needed to fill the supply-demand gap. Additional US supply will meet this demand. It will also likely be the marginal source of supply setting prices beyond 2030.

Table of contents

  • Methodology and assumptions
  • LNG supply – Low cost and fast-to-market projects lead the way
  • Global LNG supply and demand delivered to Japan (2025)
  • Delivered cost to Europe

Tables and charts

This report includes 9 images and tables including:

  • Chart 1: LNG breakeven cost stack shipping to Asia
  • Chart 2: US LNG competitiveness when shipping to Asia
  • Chart 3: Global LNG supply and demand delivered to Japan (2025)
  • Chart 4: Global LNG supply and demand delivered to Japan (2030)
  • Chart 5: UK production and costs
  • Chart 6: Norway production and costs
  • Chart 7: Russian gas to Europe from the existing and new upstream developments
  • Chart 8: Northwest Europe cost of supply for selected projects
  • Chart 9: Southern Europe cost of supply for selected projects

What's included

This report contains:

  • Document

    Cost Stacks 2021 Publish.xlsx

    XLSX 152.55 KB

  • Document

    Global gas: Costs (2021)

    PDF 1021.16 KB