(EnergyAsia, August 19 2011, Friday) — Led by China, Asia will account for 82.5% of the world’s new oil and underground gas storage capacities by 2015, according to a report by GlobalData.

The consulting firm expects 30 countries to build 100 oil storage terminals with a total capacity of more than 94.7 million cubic metres, while gas companies will build 115 new underground terminals to add to the world’s existing 2.35 billion cubic feet of capacity by 2015.

Governments and companies are expanding their oil and gas storage facilities to meet rising demand for energy, and to hedge against price volatility and fears of supply disruptions.

GlobalData said China will drive the oil storage business as it will account for 69.6% of the planned capacity additions while Europe will dominate the underground gas storage capacity addition
2015.

The report said: “Europe is one of the prime consumers of natural gas and a major part of its gas supplies are sourced from Russia. This makes the region highly vulnerable to price and supply fluctuations arising due to its overdependence on a single source of gas supply.

“Currently, planned underground gas storage capacity globally is dominated by European countries. In May 2011, Europe’s planned underground gas storage capacity addition accounted for 87.5% of the global planned underground gas storage capacity addition during the period 2011–2015.”

GlobalData released its study, “Planned Oil and Underground Gas Storage Market – Global Analysis, Competitive Landscape and Capacity Forecasts to 2015”, in July.