Natural gas expected to be fastest growing fossil fuel according to BP

Wednesday, January 18, 2012
  • Natural gas is projected to be the fastest growing fossil fuel globally to 2030.

An average annual rate of 2.1 percent is expected, BP said on Wednesday according to Reuters.

BP said non-OECD countries would account for 80 percent of the global rise in the consumption of gas. Growth expected to average 2.9 percent a year to 2030.

The report also said that growth would be the fastest in the liquefied natural gas (LNG) sector.

"Global LNG supply is projected to grow 4.5 percent per annum to 2030, more than twice as fast as total global gas production and faster than inter-regional pipeline trade (3.0 percent)," the report said.

BP added that, compared with 19 percent for 1990-2010, LNG would contribute 25 percent of global supply growth between 2010-2030.

The report said that the use of gas in China would reach 46 billion cubic feet (bcf) per day in 2030, comparable to that of the European Union today. Gas is expected to grow fastest in the power sector at 2.4 percent a year. Gas consumption in the industrial sector would grow by 2.1 percent, according to the report.

BP have said that the world currently has enough gas reserves to cover 59 years of production at current levels, down from a forecast of 63 years in last year's report.

"The world had 6,609 tcf of proved gas reserves in 2010, sufficient for 59 years of production at current levels."

"In Europe we do not expect major unconventional production before 2020. The decline in conventional supply implies a growing import requirement for Europe, up by more than 60 percent, from 26 bcf per day in 2010 to 42 bcf per day in 2030," BP said.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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