Mubasher: The final investment decisions (FIDs) in the oil and gas sector are expected to be focused on liquefied natural gas (LNG) projects during 2020, according to a report released on Thursday by GlobalData.  

These projects are set to be located in Australia and Qatar, along with North American and African, the report said.  

“The world is increasingly looking to natural gas as a transition fuel and the rise of LNG is facilitating this shift, particularly for major Asian economies,” managing oil & gas analyst at GlobalData, Will Scargill, commented.

As for the downstream sector, the development of new projects is expected to be focused in the petrochemicals segment.

India and Chain lead growth in demand, followed by the US and Russia.

“Plans for new petrochemical capacity in the US are more evidence of natural gas shaping the industry. The shale gas boom has provided cheap ethane feedstock driving rapid growth after years of stagnation,” Scargill said.