Natural gas to be the fastest growing energy source, outpace all others: Report

Written by PTI | Dubai | Updated: Mar 18 2014, 20:00pm hrs
Qatar natural Gas'Qatar is the world's largest exporter of LNG' (AP)
Natural gas is expected to be the fastest growing energy source until 2035 as the global energy consumption is likely to grow by an average 1.9 per cent per year, according to a report.

"Between 2012 and 2035, natural gas demand is expected to grow by an average 1.9 per cent per year, outpacing all other energy sources. This is likely to lead to higher natural gas prices, including for LNG. Qatar is the world's largest exporter of LNG," the new BP Energy Outlook 2035 report said.

The report estimates that global energy consumption will grow by 41 per cent from 2012 to 2035.

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It forecast that over 95 per cent of this demand growth is projected to come from emerging markets, including China and India, with the share of total of these countries accounting for about a quarter by 2035.

Meanwhile, energy use in the members of the Organisation of Economic Cooperation and Development (OECD) grouping, all advanced economies, is likely to grow slowly and begin to decline in the later years of the forecast period.

The transition from industrial to service economies, increased global integration, the tradability of fuels across border and continued technological improvement, as well as the removal of fuel subsidies and policies geared toward fuel efficiency, all suggest that energy intensity will continue to decline, it said.

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Non-OECD countries, led by China and India, are expected to generate 78 per cent of natural gas demand growth with industry and power generation accounting for the largest increments.

While fossil fuels will continue to remain dominant, oil, gas and coal are likely to converge on market shares of about 26-27 per cent each by 2035, and non-fossil fuels nuclear, hydroelectricity and renewable - on a share of around 5-7 per cent each.

Natural gas is growing fastest as it is increasingly being used as a cleaner alternative to coal for power generation as well as in other sectors.

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