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Home > LNG could challenge oil as transport fuel

 

LNG could challenge oil as transport fuel

 

June 12, 2015. China may take the lead, along with the trucking sector, in the transport shift from oil to natural gas and liquefied natural gas, a report from IHS finds.

   Michael Stoppard, Chief Gas Strategist for the consultant firm, said lower crude oil prices have taken the spotlight off the pursuit for natural gas as an alternative transport fuel. "Nonetheless, the shift to greater use of gas in trucks is set to continue," he said in a statement. "It is widely accepted that power generation is the primary growth market for natural gas demand, but gas as a fuel offers a new market with potentially more value."

   While passenger vehicles and trucks are comparable in terms of oil consumption, the study finds truck fleets have better economics and a faster turnover when it comes to switching to alternative fuel sources.

   IHS, in a report published from Paris, found natural gas and LNG could displace more than 1.5 million barrels of oil demand by 2030. Combined with shipping fleets, transportation demand could account for 10 percent of the global LNG market.

   "China, the world leader in LNG-vehicle adoption with annual sales orders of magnitude higher than in any other market, will remain critical to continued growth," the report adds.

 

(Quoted from:www.gnvmagazine.com