Malaysia retains position as 5th largest LNG exporter in 2023

KUALA LUMPUR — Malaysia has retained its position as the fifth largest liquefied natural gas (LNG) exporter in 2023, after Russia, Qatar, Australia and the United States.

According to the International Gas Union’s 15th annual World LNG Report 2024 released today, Malaysia’s total LNG export in 2023 was 26.75 million tonnes (MT), constituting about seven per cent of the total LNG traded globally.

“The Kasawari gas field in Malaysia with 3.7 million tonnes per annum (MTPA) carbon dioxide capacity (CO2) is listed as one of the LNG-linked carbon capture, utilisation and storage projects, with a carbon capture facility sourcing CO2 from the upstream or liquefaction components of LNG projects as another emissions mitigation measure.

“Globally, Malaysia is highlighted as one of the largest operational liquefaction capacities at 32 MTPA among 21 markets operating LNG export facilities,” the report said.

The report highlighted that Asia Pacific was the highest exporting region, with a total of 134.80 MT.

“The region also remained the largest importing region with 155.32 MT for LNG, where the inter-regional trade was at 95.0 MT in 2023,” it added.

The International Gas Union president Li Yalan said that as the world moves toward a low-emissions future, nations seek ways to achieve their climate commitments while keeping energy affordable, available and secure.

“LNG is a tool that will be critical to providing greater resiliency for rapidly changing energy systems around the world, and it will have an essential role in mitigating the inherent risk of uncertainty through that process,” she said.

Meanwhile, Malaysian Gas Association (MGA) president Abdul Aziz Othman said the MGA recognises the crucial role LNG will play in Malaysia’s energy transition roadmap, which anticipates gas demand increasing from 43 per cent to 56 per cent by 2050.

“This projected rise underscores the need for our industry to be fully prepared to meet these heightened expectations,” he said.

He said moving forward, MGA strongly supports the government’s aspiration for a fully liberalised gas market, including the power sector.

“We believe such a move will enhance energy supply security and foster a more efficient market environment, ultimately benefiting Malaysian consumers,” he added. — BERNAMA / pic BLOOMBERG