Technological innovations in the LNG sector: A review: Assessing recent advancements and their impact on LNG production, transportation and usage

Abstract

This paper thoroughly explores the recent technological innovations in the Liquefied Natural Gas (LNG) sector, examining their impact on production, transportation, storage, and usage. The study delves into the evolution of the global LNG market, emphasizing the critical role of technological advancements in shaping the industry's future. The aim is to analyze these innovations, assess their environmental and economic impacts, and explore the influence of geopolitical and market dynamics. By employing a comprehensive literature review, the paper utilizes a multi-criteria decision support framework to select relevant technological innovations and assess their impacts. This methodology integrates environmental, social, policy, and economic dimensions, offering a holistic view of the LNG sector's technological landscape. The findings reveal significant advancements in LNG production technologies, such as green ammonia and biogas, enhancing sustainability and efficiency. Innovations in LNG transportation, including optimized carrier fleets and storage systems, have revolutionized the industry, improving economic viability and safety. The emergence of Floating LNG (FLNG) technologies marks a pivotal development, unlocking new gas monetization possibilities. The study also highlights the environmental benefits of these innovations, including reduced greenhouse gas emissions and their synergy with renewable energy systems. The paper concludes that while technological advancements offer substantial benefits, they also present challenges, including high investment costs and regulatory complexities. It recommends continued innovation, strategic collaborations, and supportive regulatory frameworks to fully exploit the potential of LNG technologies. As the global energy landscape evolves, the LNG sector is poised to play a crucial role in the transition to a more sustainable and efficient energy future.