Natural Gas to be 29% of World’s Energy Supply by 2050

Shailaja A. Lakshmi
Tuesday, September 10, 2019

The global oil demand will peak in the mid-2020s and gas demand will keep rising to 2033, says DNV GL.

Gas demand will then plateau, and the fuel will remain dominant until the end of the forecast period in 2050, when it will account for over 29% of the world’s energy supply, it said.

Significant investment will be required to ensure production meets demand, including realising the potential from stranded gas reserves and for reserve replacement. DNV GL forecasts global upstream gas capital expenditure to reach USD 737 billion (bn) in 2025, and USD 587 billion in 2050.

According to  2019 Energy Transition Outlook, a report by DNV GL, unconventional onshore gas will increase from 2019 right through to the end of the forecast period, growing by 68% from 2017 production levels. Production will principally come from North America.

Conventional onshore gas production will be maintained at today’s output rates until the late 2030s. It will then decline slowly to mid-century, ending at about 19% lower than 2017. Production has already begun to fall in North America, but it will continue to rise in North East Eurasia until 2033.

Offshore gas production will rise until 2040, when it will be 58% greater than in 2017. In 2050, it will still be more than a third (39%) higher than in 2017, with the Middle East and North Africa providing the greatest production volumes.

Power generation will be the main consumer of gas in most regions, challenged by manufacturing (mainly petrochemicals) in China, India, and Latin America.

Categories: Energy Oil Production Gas Natural Gas Research

Related Stories

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

All Gas from Conrad’s Mako Field to be Sold to Indonesia’s PLN

China Unveils Plans for New Offshore Wind Farms to Tackle Carbon Emissions

CNOOC Brings Online Second Phase of Luda Oil Field Project in Bohai Sea

CNOOC Starts Production at Offshore Oil Filed Equipped with CCUS Tech

China's CNOOC Aims for Record Oil and Gas Production in 2025

BP Targets 44% Oil, 89% Gas Increase from India’s Mumbai High Field

Flare Gas Recovery Meets the Future

Current News

INEOS Wraps Up Acquisition of CNOOC’s US Oil and Gas Assets

Fire at Petronas Gas Pipeline in Malaysia Sends 63 to Hospital

Japan’s ENEOS Xplora, PVEP Ink Deal for Vietnam Offshore Block

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Valeura’s Assets in Gulf of Thailand Remain Operational After Earthquake

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Keel Laying for Wind Flyer Trimaran Crew Boat

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com