Japan’s LNG imports to exceed previous expectations / Fossil fuels replace nuclear
As Japan continues to move ahead with a plan to abandon nuclear energy, it is working to fill the gap with lots of fossil fuels. Japan’s latest move is to team up with India on research aimed at reducing the cost of liquefied natural gas (LNG).
It was also recently reported that Japan’s consumption of LNG will probably exceed expectations:
To make up for the inactive reactors, the world’s top LNG importer would need to consume 76.4 billion cubic metres (bcm) this year and 72 bcm in 2013, Goldman Sachs forecast.
Goldman’s previous expectations for Japanese LNG consumption in 2012 and 2013 were 75.5 bcm and 69.8 bcm respectively.
Good news for oil companies, but bad news for Japan.