Outlook 2024: Asia’s appetite for LNG in an age of uncertainty

Asia remains primed for long-term LNG growth, despite the commitment by countries to meet their net-zero emissions targets

The main driver for Japan is replacement demand for its long-term contracts as they expire over 2024-26, while in China new terminals coming on stream over the next two years are fuelling LNG demand. Southeast Asia remains a key driver for long-term demand growth although questions remain over the affordability of gas in the near term. Here we explore the region in more detail. Japan: Japan remains committed to long-term LNG buying as current long-term contracts expire from 2024 to 2026. However, they are looking for up to ten years’ supply as they are unable to forecast their downstream demand in the longer term. Expectations of 12 nuclear reactors to come online by 2024 means that Japanese