Tuesday, April 23, 2024
Main Menu

Gas to surpass oil as major fuel in two decades

oil prices fall

ISLAMABAD, 31 JAN (DNA) – President Society Watch Khalid Mehmood on Sunday said natural gas will surpass coal in one decade while it will best oil as world’s number one fuel in two decades.

Global energy demand is to grow 28 percent by 2035 while natural gas will be major fuel source within two decades and by 2035, the world will need to produce over 32 percent more energy as compare to 2015 to satisfy the thirst of the world.

In a statement issued here today, he said coal and oil have been the dominant fuel sources in the global energy mix but global warming and environmental issue are changing situation in favour of natural gas.

Natural gas is the logical leading fuel source for the future which will have one-third of the market in two decades, he said, adding that 70 percent of natural gas is exported through pipelines with the remaining 30 percent is shipped as LNG.

Global energy demand from 2000 to 2015 grew at a rate of 2.3 percent and natural gas grew at 2.6 percent, over that same period, LNG has grown by 6.3 pc while current level in LNG trade stands at 250 million tonnes per annum worth more than $120 billion.

LNG is anticipated to grow at a 4.1 percent CAGR through 2035, significantly faster than the energy market as a whole at 1.4 percent.

The current LNG market is being limited by supply constraints and global liquefaction capacity stands at 300 MTPA while 2035 annual traded volume could be as high as 550 MTPA.” DNA

Comments are Closed