Singapore gas and LNG long-term outlook H2 2020 Report

Commodity Market Report 01 April 2021

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Report summary

Coronavirus dampens gas and LNG demand in the near term, but long-term growth remains robust as economy recovers and limited alternative energy sources. Expiry of piped gas contracts with Indonesia and Malaysia drives LNG demand growth in the 2022-2025 period. Indonesia has announced ending Sumatra gas export to Singapore after contract expiry, confirming Singapore's further reliance on LNG. Singapore's EMA awarded two new LNG term import licenses to ExxonMobil and SembCorp. This adds to the existing importer list of Shell and Pavilion. With the upcoming expiry of LNG marketing exclusivity and now having four licensed LNG importers, the LNG market scene in Singapore is set to become more dynamic and competitive. This report presents Wood Mackenzie's view of Singapore’s gas and LNG market including our latest supply-demand balance, contract developments, regas infrastructure, market structure and policy

Key developments since the last report
- Lockdowns dampen gas and LNG demand in 2020, but expect demand to recover and remain robust over the long-term
- Developments continue in the LNG space, particularly LNG bunkering
- EMA appoints two new non-exclusive LNG importers