Oil and gas

Oil and Gas: Liquefied natural gas (LNG) is one of the fastest growing energy markets in the world. Long considered a niche product, LNG consumption is increasing 10% a year, compared with pipeline gas, which is growing at 2% a year. By 2010, the LNG market will produce 55 million tons a year, compared to seven million tons a year between 1999 and 2001. The LNG industry relative to 2004 is expected to double within five years. Although companies are attempting to increase production, meeting demand is a challenge. Many of the largest gas reserves are located in regions of geopolitical conflict. Costs for gas production have been rising due to the heightened prices of basic construction materials necessary to build extraction facilities, and the number of engineering companies building these facilities is insufficient. In order to cut costs, LNG producers are seeking out stable ties to engineering and building firms, improving technology for efficiency and capacity, and optimizing project management.

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