GASTECH Exxon bullish on China’s LNG demand, eyes new markets

At the Gastech conference in Milan on September 9, 2025, ExxonMobil made clear that it sees a bright future for liquefied natural gas (LNG) in China and its ambitions extend well beyond that market into new global frontiers.

China’s Expanding Thirst for LNG

Despite China’s recent push to increase pipeline gas imports through the existing Power of Siberia route and its forthcoming Power of Siberia 2 project, Exxon remains unfazed. Andrew Barry, Vice President of Global LNG Marketing, emphasized at the conference: “Recent Russia–China gas agreements don’t change our plans and expectations in China. I’m very bullish on China… LNG will continue to grow and be competitive in the China landscape.

Barry highlighted a striking trend: LNG-powered trucks and marine vessels are surging in popularity across China. These sectors are opening enormous growth avenues for LNG beyond traditional power and industrial uses.

Global Demand Set to Climb

Exxon forecasts that global demand for natural gas will rise by over 20% by 2050 (compared to last year’s levels), driven largely by the fuel’s growing role in replacing coal and meeting rising industrial and electricity needs in emerging economies.

Looking Toward New Markets

On top of the China opportunity, Exxon is actively exploring LNG investments across emerging regions in Asia Pacific, Africa, and Latin America. The company specifically flagged Vietnam, Thailand, the Philippines, South Africa, and Colombia as promising markets places with strong demand potential but currently lacking sufficient LNG infrastructure.

Supply vs. Demand: No Oversupply Panic Yet

With new LNG projects coming online like the Golden Pass terminal in Texas, co-owned by Exxon and Qatar Energy the market may soon have more supply. However, Barry downplayed concerns about oversupply, noting that growth in demand is likely to keep pace.

Golden Pass, capable of producing 18 million metric tonnes per annum, is nearing completion: the first train is 97% finished, targeting first LNG deliveries by year-end.

Why This Matters and What It Signals for Readers

• LNG’s versatility is widening — Once seen mainly as a power fuel, it’s now gaining ground in transport and marine sectors, especially in China.
• Emerging markets are shifting into focus — Nations from Southeast Asia to Africa and Latin America present fresh opportunities—if infrastructure catches up.
• Exxon’s bullish stance signals confidence in long-term LNG viability, even amid talk of oversupply and geopolitical shifts in supply routes.
• The Golden Pass project launch is a key development—new U.S. supply is entering a market eager to transition away from coal and diversify fuel sources.