A report on the global liquids storage covering the oil and gas sector indicates that capacity is expected to grow by 5.7% during 2019–2023, from 7,705 million barrels (mmbbl) in 2019 to 8,145 mmbbl by 2023.

The authors of the 48-page GlobalData report put Asia in the lead in both global capacity and capital expenditure until 2023.

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The regions of Asia, North America and the Middle East lead globally, both in terms of new-build capital expenditure (capex) and liquids storage capacities growth for planned and announced storage terminals by 2023. The three regions have capacity growth of 272 mmbbl, 112 mmbbl and 106 mmbbl, respectively, in 2023.

Among nations China, the US and the UAE have the highest planned and announced liquids storage capacity growth globally by 2023, with capacities of 153 mmbbl, 97 mmbbl and 55 mmbbl, respectively.

Planned and announced liquids storage capacity growth by key countries, 2019–2023

Source: Midstream Analytics, GlobalData Oil and Gas

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Sentinel Midstream Holding LLC has the highest new-build Capex to be spent on planned and announced projects, followed by China Petrochemical Corp and State Company for Oil Projects during the outlook period 2019-2023.

The Zhanjiang IV terminal in China leads globally in terms of capacity among planned and announced projects during 2019-2023, with planned storage capacity of 44 mmbbl.

Fujairah XVIII in the UAE and Lawe-Lawe CCT in Indonesia follow with planned storage capacities of 42 mmbbl and 25 mmbbl respectively.

Among the terminals, Freeport VIII leads in the new-build Capex spending, followed by Cushing XVII and Cushing XVI terminals during the period. All the three terminals are in the US.