Natural gas to be fastest growing fossil fuel -BP

Wed Jan 18, 2012 12:12pm GMT
 

* Non-OECD countries make up 80 pct of growth
    * LNG supplies to grow by 4.5 pct a year
    * Reserves cover 59 years of production at current levels


    By Henning Gloystein	
    LONDON, Jan 18 (Reuters) - Natural gas is projected to
be the fastest growing fossil fuel globally to 2030 at an
average annual rate of 2.1 percent, BP said on Wednesday.	
    BP said non-OECD countries would account for 80 percent of
the global rise in gas consumption, with growth averaging 2.9
percent a year to 2030.	
    The report also said that growth would be the fastest in the
liquefied natural gas (LNG) sector.	
    "Global LNG supply is projected to grow 4.5 percent per
annum to 2030, more than twice as fast as total global gas
production and faster than inter-regional pipeline trade (3.0
percent)," the report said.	
    BP added that LNG would contribute 25 percent of global
supply growth between 2010-2030, compared with 19 percent for
1990-2010.	
    The report said that Chinese gas use, at an annual growth
rate of 7.6 percent, would reach 46 billion cubic feet (bcf) per
day in 2030, comparable to that of the European Union today.	
    As for sectors, BP said gas use would grow fastest in the
power sector at 2.4 percent a year.	
    Gas consumption in the industrial sector would grow by 2.1
percent, according to the report.	
    	
    WORLD GAS RESERVES OF 59 YEARS	
    The world currently has enough gas reserves to cover 59
years of production at current levels, down from a forecast of
63 years in last year's report, BP said.	
    "The world had 6,609 tcf of proved gas reserves in 2010,
sufficient for 59 years of production at current levels."	
    The report said that unconventional gas would account for 63
percent of North American gas production by 2030 and that North
America could become a liquefied natural gas (LNG) exporter of
around 5 bcf per day by 2030.	
    "In Europe we do not expect major unconventional production
before 2020. The decline in conventional supply implies a
growing import requirement for Europe, up by more than 60
percent, from 26 bcf per day in 2010 to 42 bcf per day in 2030,"
BP said.

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