Russia is expected to lead the working gas storage capacity additions by 912 billion cubic feet (bcf) by 2022, followed by China and Turkey with 375 and 340 bcf, according to data and analytics company GlobalData on Monday.
GlobalData said that the global underground working gas storage capacity is expected to grow by 19 percent, from the current 14.9 bcf in 2018 to around 17.8 bcf in 2022. "China, Turkey and Italy follow Russia with 375, 349 and 275 bcf, respectively," it said.
The company said that globally, 115 new-build underground gas storage projects are expected to commence operations between 2018 and 2022. According to GlobalData, Europe leads with 55 new-build projects, followed by North America with 21.
"A total of $33.3 billion is expected to be spent on new-build gas storage projects globally, between 2018 and 2022. The Middle East leads globally in terms of capital expenditure over the next four years, with $13.3 billion, followed by Europe with $12.5 billion," it explained.
The company underlined that Turkey is expected to be the top spender on new-build gas storage projects, with $11.3 billion during 2018−2022, the highest among all countries.
"Italy has the second-highest proposed capex in the same period with $3.9b billion, followed by the U.K. with $3.8 billion," it noted.
