Gastech 2026, held in Bangkok, Thailand, from Sept. 14 to 17, showed that the debate in the global liquefied natural gas (LNG) market is no longer shaped solely by how quickly new supply capacity can be brought online. Energy security, supply diversification, long-term contracts, flexibility and the impact of high prices on demand in developing countries were among the key issues discussed at the conference. The fact that Gastech was held in Bangkok was also significant in this context. The conference returned to Asia at a time when the future of LNG demand is closely tied to economic growth and electricity demand in the region.
The profile of the participants also reflected the changing geographic center of gravity of the natural gas and LNG markets. Major U.S. companies were joined in Bangkok by leading Asian, European and Middle Eastern energy and gas giants.
Türkiye was also represented at this global gathering by state-owned Turkish Petroleum Pipeline Corporation (BOTAŞ) and other players from the energy sector.
This broad geographic representation points to a market structure in which the gas market can no longer be viewed through a single supply or consumption region. Rising demand in Asia, Europe’s search for supply security, production capacity in the Middle East and growing U.S. gas supply are becoming increasingly interconnected.
According to S&P Global’s assessment of Gastech, participants at the conference did not share a view on the long-term implications. While some considered the shock in the Middle East primarily a short-term issue, others expected more lasting changes in LNG demand. At the same time, there was broader agreement that interest in long-term contracts and supply diversification is increasing.
Recent geopolitical developments have increased the importance of not only where LNG physically comes from, but also how quickly buyers can access an alternative source of supply.
Rashid Al Mazrouei, Abu Dhabi National Oil Company's (ADNOC) chief marketing and origination officer for LNG, delivered a clear message at Gastech. “The days of buyers sourcing from a single project are gone,” he said, pointing to the market’s shift toward diversification. However, the picture that emerged from the conference was not one-sided.
While concerns remain that high prices could constrain LNG demand, particularly in developing economies, there was also a concrete development showing that appetite for long-term supply agreements remains strong.
U.S.-based Venture Global and Chinese natural gas company China Gas Holdings signed a new sale and purchase agreement for the supply of 0.5 million tonnes of U.S. LNG per year for 20 years, starting in 2030. With the agreement, Venture Global’s total contracted LNG supply to China Gas under 20-year contracts reached 2.5 million tonnes per year.
At the same time, major producers such as ExxonMobil and Chevron continue to believe LNG demand will remain strong over the long term, while commodity trading companies such as Swiss-based Trafigura have warned that high costs could constrain LNG demand in developing economies.
Andrew Barry, vice president of global LNG marketing and chairperson of ExxonMobil LNG market development, said at Gastech that the company expects global LNG demand to more than double by 2050. Barry said developments in the Middle East had not changed ExxonMobil’s long-term LNG demand forecast.
A similar long-term approach was evident at Chevron. Freeman Shaheen, president of Chevron Global Gas, said at the conference that oil and natural gas would continue to play an important role in the short, medium and long term. Describing the disruption to traffic through the Strait of Hormuz as a short-term issue, Shaheen stressed that the company was focused on the long-term perspective.
These comments show that at least some major energy companies do not view the current geopolitical shock as a structural break that would change LNG’s long-term growth outlook. Other market participants, however, are not equally optimistic.
As prices rise, the competitiveness of LNG is increasingly being questioned. LNG prices in Asia are at the center of this debate. The Japan-Korea Marker (JKM) reached $27.39 per million British thermal units (MMBtu) on Sept. 17, one of its highest levels since December 2022. High prices are reducing the competitiveness of LNG in power generation, particularly in developing countries. This is precisely why LNG importers in India said the country could significantly increase its LNG consumption if prices fall.
Greater LNG use in the power sector and a shift from liquid fuels to gas are seen as important sources of potential demand growth in India. This situation is not limited to India. Many economies across South and Southeast Asia are seeking to meet rising energy demand while also managing the cost of dependence on imported fuels.
Thailand is a concrete example of the impact of higher LNG prices on electricity tariffs. Kanita Sartwattayu, CEO-designate of PTT Exploration and Production Public Company Limited (PTTEP), said at Gastech that every $3 increase in LNG prices could raise electricity prices in Thailand by approximately 5%.
In Bangladesh, the impact of high LNG costs is being felt more directly through industry and public finances. More than 40% of the country’s power generation relies on imported LNG, and disruptions to supplies from Qatar have forced the country to purchase more expensive cargoes on the spot market, increasing energy costs.
One of the central questions for the LNG market in the coming period will therefore be which markets can economically absorb supply. Significant new liquefaction capacity is expected to enter the market from the U.S., Qatar and other producers in the coming years, while the extent to which demand growth responds to prices will become increasingly important. Against this backdrop, the discussion on demand and price affordability that stood out in Bangkok is expected to continue in the U.S. next year, with a focus on supply, investment and infrastructure.
Gastech 2027 will be held in Houston, Texas, from Sept. 14 to 17. Houston, where U.S. production and LNG export infrastructure meet global demand, will be one of the centers of the market’s supply-side discussions on financing new capacity, long-term sales agreements, infrastructure investment and the direction of global gas trade.
