Russia is expected to drive the growth in the global underground gas storage industry between 2019 and 2023, contributing around 32 per cent of the working gas capacity growth from planned and announced projects, according to GlobalData.
The company’s report, ‘Global Capacity and Capital Expenditure Outlook for Underground Gas Storage – Turkey Leads Global New-Build Gas Storage Capex’, reveals that Russia’s underground gas storage sector is expected to have a working gas storage capacity of 780 billion cubic feet (bcf) by 2023 from planned and announced projects.
Ashwin Gupta, oil and gas analyst at GlobalData, said: “In Russia, ten planned and announced gas storage sites are expected to start operations by 2023. Of these Stepnovskoe II, Bednodemyanovskoye I, and Kanchurinsko-Musinsky Complex II are the key projects in the country with a working gas storage capacities of 199 billion bcf, 177 bcf and 167 bcf, respectively.”
GlobalData identifies Turkey as the second largest country in terms of new build underground gas storage capacity growth by 2023. The country is expected to add 375 bcf of working gas capacity by 2023 from the seven planned and announced underground gas storage site during the outlook period.
Italy stands third in terms of global working gas storage capacity growth, during the outlook period. The country’s underground gas storage sector is expected to witness start of operations of 15 new build underground gas storage sites, with a total working gas storage capacity of 249 bcf between 2019 and 2023.