ExxonMobil has projected global demand for natural gas to rise by 65 per cent by 2040 and is expected to be fastest-growing major fuel source by then.
Manager of energy and economics division, corporate strategic planning department in Dallas, Texas, Rob Gardner said half of that demand would be from Asia Pacific region – led by China.
“The LNG (liquefied natural gas) business we expect to triple overtime.
“And when you look at the kind of energy we see, it’s going to be a significant amount of natural gas and oil are going to continue. We believe oil and gas are going to be significant energy supply sources well into the future,” he said.
When presenting the company’s energy outlook to 2040 yesterday, Gardner said rising natural gas demand would be met with abundant new supplies and significant expansion in trade.
He noted Papua New Guinea as an important contributor to regional LNG supplies.
“I know in Papua New Guinea, gas is an important export. The world needs 60-65 per cent more of the natural gas … of total world gas demand, half of it is in the Asia Pacific.”
He added that half of the increase in demand goes in the form of LNG.
“And that’s an important benefit to the countries that plan to export natural gas. LNG makes up the significant share of that gas demand growth.”
Gardner said power generation fuel was important because that was an important growing demand area for natural gas.
He said that in Asia Pacific, gas production would double by 2040, adding that demand in the region was expected to climb by about 170 per cent.
Gardner said as a result, Asia Pacific would likely overtake Europe as the world’s largest gas importer.