Natural gas is fastest growing fossil fuel globally

Natural Gas is Fastest Growing Fossil Fuel Globally, with 50% Increase in Consumption by 2040: World Energy Outlook

Oil and gas companies must demonstrate agility in their approach to business and adapt to a rapidly evolving supply mix by staying ahead of the curve when it comes to industry technology and innovation, urge UAE experts.

Speaking ahead of his participation in the upcoming Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC 2016) in November, Ali Al-Janabi,Shell Abu Dhabi VP and Chairman, said that while fossil fuels will continue to lead the global energy mix, a changing energy landscape makes it imperative that the oil and gas community adopts effective transitional strategies both on and off the field.

“There is no doubt that fossil fuels will continue to be a dominant source of energy over the next two decades, however, we will definitely continue to see considerable changes in the energy mix,” said Al-Janabi.

“As the oil and gas community looks for ways to reduce CO2 emissions, high carbon emitting sources, such as coal, may see a sharp decline, while other, cleaner sources of energy, such as natural gas, will play an increasingly important role.”

“This evolving energy landscape will shape where investments are being made going forward. As a knowledge-sharing platform that brings the world’s leading experts under one roof, ADIPEC will enable stakeholders withinthe petroleum industry to identify opportunities in line with this global shift towards more sustainable energy resources,” Mr Al-Janabi added.

According to the 2015 World Energy Outlook, natural gas is expected to be the fastest-growing fossil fuel, with a 50% increase in consumption by 2040. The Middle East and China will be the main centres of gas demand growth, both becoming larger consumers than the European Union.

The report also indicates that one-fifth of the projected rise in global demand consists of gas transported over long distances via very capital-intensive pipeline or LNG projects.

Keeping the costs of such projects at bay will be vital to the future competitive positioning of both oil and gas, say experts.

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