That means LNG would be contributing about 40% of the anticipated growth in world gas supply within that time frame, it said.

And Australia, Nigeria and Qatar would lead that growth, PwC’s global LNG leader Michael Hurley said.

“The rise of Qatar is a key factor in a more global market, with supplies able to serve both the Atlantic and Pacific markets,” he said.

“In addition, new LNG capacity is planned to be developed in Iran, the Russian Federation and Yemen.”

But the report also warned that previous LNG activity has been subject to “enormous ups and downs” with some infrastructure built in the 1970s remaining unused until the 1990s.

“LNG remains a price-taker not a price-setter on most of the gas markets and its value depends on the balance between the main oil and gas price, the price of other fuel sources such as coal or nuclear and the cost of carbon.”

Technology would strongly influence the future shape of the market and a series of developments could transform the role of LNG still further, the report said. In particular, it pointed to shipboard regasification and small-scale liquefaction hubs as opening up the market to more players and non-traditional suppliers.

More players has meant that by 2015, the global LNG share of top 10 export companies is expected to fall to 60% compared with the 85% they shared in 1995, the report said.

“Alongside the difficulties of managing large infrastructure investment in sometimes uncertain geo-political contexts, there is the added complexity and choice that comes from changing market conditions,” Hurley said.

“Current market conditions are rather tight, however longer term we are still facing a future where LNG can be accessed by utility companies in more locations, in greater volumes and in more flexible delivery modes.”

For more information on the report, titled Value and Growth in the Liquefied Natural Gas Market, visit online at: http://www.pwc.com/extweb/pwcpublications.nsf/docid/529043ed959b8a6c8525728b0057bb14