27 June 2018 - Blog
Is natural gas in good shape for the future?
Natural gas demand rebounded and grew by an estimated 3% in 2017. China alone accounted for nearly 30% of global growth – with more than 30 bcm out of a total of nearly 120 bcm. In the New Policies Scenario to 2040, global natural gas consumption expands at an average rate of 1.6% per year to 2040, lower than the estimated 3% achieved in 2017 but a much higher rate than oil (0.5% per year on average) and coal (essentially flat). More than 80% of this growth takes place in developing countries, led by China, India and other countries in Asia. The challenge for the gas industry is that much of the gas needs to be imported (and so transportation costs are significant); infrastructure is often not yet in place; and policy-makers and consumers are very sensitive to questions of affordability.