The latest report titled “Liquified Natural Gas Production Cost” by Procurement Resource, a global procurement research and consulting firm, provides an in-depth cost analysis of the production process of Liquified Natural Gas.
Procurement Resource study is based on the latest prices and other economic data available. It also offers additional analysis of the report with detailed breakdown of all cost components (capital investment details, production cost details, economics for another plant location, dynamic cost model). In addition, the report incorporates the production process with detailed process and material flow, capital investment, operating costs along with financial expenses and depreciation charges.
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Procurement Resource’s detailed report describes the stepwise consumption of material and utilities along with a detailed process flow diagram. Furthermore, the study assesses the latest developments within the industry that might influence Liquified Natural Gas production cost, looking into capacity expansions, plant turnarounds, mergers, acquisitions, and investments.
Procurement Resource Assessment of Liquified Natural Gas Production Process:
1. Liquified Natural Gas Production Cost From Natural Gas: This report presents the extensive cost requirement of liquified natural gas industrial production across liquified natural gas manufacturing plants. In this procedure, natural gas is liquefied by cooling it to -162 degrees Celsius, below its boiling point. The liquefied gas is then stored in double-walled cryogenic containers at slightly above atmospheric pressure.
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Product Definition:
Liquefied Natural Gas (LNG) is a clear, colorless, and odorless natural gas that has been cooled to an extremely low temperature of around -160 degrees Celsius (-260 degrees Fahrenheit), at which point it undergoes a phase change from a gaseous state to a liquid state. This process of liquefaction reduces the volume of natural gas by about 600 times, making it easier and more economical to transport and store. LNG primarily consists of methane, with smaller amounts of other hydrocarbons, and is sourced from natural gas fields or extracted as a byproduct of crude oil production. Due to its high energy density and reduced volume, LNG has become a valuable energy commodity, extensively used as a cleaner-burning fuel in power generation, industrial processes, transportation (particularly in marine vessels and trucks), and residential applications, providing a flexible and environmentally friendly alternative to traditional fossil fuels.
Market Drivers:
The market drivers of Liquefied Natural Gas (LNG) are multifaceted and have propelled the growth of this energy commodity in recent years. One of the primary drivers is the increasing global demand for cleaner and more sustainable energy sources. LNG offers lower greenhouse gas emissions compared to coal and oil, making it an attractive option for power generation and industrial applications seeking to reduce their carbon footprint. Additionally, the growth in liquefaction and regasification infrastructure has improved the accessibility and distribution of LNG, enabling its use in various regions worldwide.
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Economic factors also play a significant role, as LNG presents a cost-effective alternative in regions with abundant natural gas reserves. Furthermore, geopolitical factors can drive LNG markets, with some countries diversifying their energy supply sources to enhance energy security and reduce dependence on specific gas pipelines or suppliers. As governments and industries prioritize cleaner energy solutions, the demand for LNG is expected to continue rising, making it a key market driver in the global energy landscape.
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