Underground Gas Storage in the World - 2023 Status
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The CEDIGAZ 2023 report highlights significant shifts in the global gas market, with a 1.3% increase in Underground Gas Storage (UGS) capacity, driven by the global gas crisis. Major contributors include China and Europe, with a focus on expanding storage in rapidly developing markets like the Middle East. The report notes a 20% growth in UGS projects in 2022, reflecting the sector's growing importance in natural gas supply security.
The global energy crisis, especially due to Russia's invasion of Ukraine, has reshaped the gas market, leading to more flexible and price-sensitive LNG trade. Governments globally are focusing more on natural gas security, introducing stricter storage regulations and strategic LNG reserves. Japan proposed an international cooperation framework to enhance LNG security.
Europe's RePowerEU plan, a response to Russian aggression, seeks to lessen reliance on Russian fossil fuels, mandating higher gas storage levels. In 2022, storage exceeded EU regulations, reaching 95% by November. Other regions, including Ukraine, the US, China, and the Middle East, are also advancing in UGS, adapting to their specific market needs.