Russia - can it become a top-3 LNG producer by 2030?
Russia is the second largest gas producer on the planet, but produces only 30 mmpta of LNG and has a global market share of 8%. This is clearly not enough for the Russian government, which target an LNG output of between 80-140 mmtpa by 2035. These figures are achievable with the new wave of projects from NOVATEK, Gazprom, Rosneft and their partners. If all of Russia’s projects in the advanced planning stages are brought onstream, Russian output could end up between 87-94 mmtpa by 2030. This could allow the country to reach the third position of global LNG producers, just behind the US and Qatar. Russia’s share of global LNG supply would double. IOCs have a large role to play in the Russian LNG space. TotalEnergies, Shell and ExxonMobil have interests in the planned developments and will work with their respective partners to support planned delivery, while maximising long-term profit generation. The future of Russian LNG looks promising and there’s more to come.