The growth of natural gas as a global resource is robust, supported by broad-based demand, greater availability, and the expansion of LNG, according to BP's Energy Outlook 2019 released on Feb. 14.
The outlook showed that renewables and natural gas account for almost 85 percent of the growth in primary energy, with their importance increasing relative to all other sources of energy.
'Natural gas grows at an average rate of 1.7 percent per annum - increasing nearly 50 percent by 2040 - the only source of energy, along with renewables, whose share in primary energy increases over the outlook,' the report noted.
BP said that growth in gas demand is widespread, increasing in almost every country and region considered in the outlook. The transport sector records the fastest growth, albeit with small volumes.
The outlook also detailed that the electricity and industrial sectors are driving the increase in demand in equal shares.
'The increased industrial demand for gas over the outlook is largely driven by developing economies as they continue to industrialize, especially in regions with large gas resources (the Middle East and Africa). Coal-to-gas switching, especially in China, also supports gas demand in .'
The outlook showed that additional gas absorbed by the power sector is driven by the overall growth of power demand, with the share of natural gas in the global power sector remaining relatively stable at around 20 percent.
The U.S. and Middle Eastern countries, namely Qatar and Iran, lead global gas production. The three together account for almost 50 percent of the growth in gas production over the outlook supported by strong increases in output in both China and Russia.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr