Whatever the fluctuations currently seen in the oil market, Liquefied Natural Gas, (LNG), is still widely regarded as the fuel of the future. Natural gas is a plentiful energy resource, found in many parts of the world in significant quantities. This abundance makes it virtually sustainable, with, (according to the IEA), about 200 years supply recoverable. In addition, new discoveries are being added on a regular basis and the advent of hydraulic fracturing, (or fracking), of shale rock is also contributing significantly to global reserves.
The chemical composition of natural gas is also key to its importance. As environmental concerns and emission controls become even more important, the fact that methane has one carbon atom and four hydrogen atoms makes it a versatile, efficient and cleaner burning fuel than other hydrocarbons. As seen during the recent COP21 UN climate conference in Paris, concern about carbon dioxide reduction and mitigation of the global warming impact was shown by 195 countries. The European Commission has already introduced the Monitoring, Reporting and Verification regulation (MRV) which will enter force on January 1, 2018. This will require all ship owners to monitor and report on CO2 emissions for vessels over 5,000 GT which call at any EU port…
