Gas to become No. 1 fuel in two decades: Society Watch
ISLAMABAD, Jan 31 (INP): President Society Watch Khalid Mehmood on Sunday said that natural gas would surpass coal in one decade while it would become world’s number one fuel in two decades leaving behind oil.
“Global energy demand is to grow 28 per cent by 2035 while natural gas will be a major fuel source within two decades and by 2035, the world will need to produce over 32 per cent more energy as compared to 2015 to satisfy the thirst of the world,” he said in a statement here.
Khalid Mehmood said coal and oil had been the dominant fuel sources in the global energy mix but global warming and environmental issues were 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 added. About 70 per cent of natural gas was exported through pipelines and the 30 per cent shipped as liquefied natural gas (LNG), he noted.
He said the global energy demand from 2000 to 2015 grew at a rate of 2.3 per cent and that of natural gas at 2.6 per cent, LNG at 6.3 pc. The current level in LNG trade stood at 250 million tonnes per annum worth more than $120 billion.
LNG was anticipated to grow at 4.1 per cent CAGR (compound annual growth rate) through 2035, significantly faster than the energy market as a whole at 1.4 per cent, he added.
The current LNG market, Khalid Mehmood said, was being limited by supply constraints as global liquefaction capacity stood at 300 MTPA (million tons per annum) while 2035 annual traded volume could be as high as 550 MTPA.