BP expects annual growth of global gas demand at 1.9 percent in long-term perspective

BP expects annual growth of global gas demand at 1.9 percent in long-term perspective

Baku, Azerbaijan, Jan. 16

By Aygun Badalova -Trend:

Global demand for natural gas will grow by 1.9 percent per annum, reaching 497 billion cubic feet per day by 2035, according to BP Energy Outlook 2035.

BP expects natural gas to be the fastest growing of the fossil fuels. Non-OECD (Organization for Economic Co-operation and Development) countries are expected to generate 78 percent of the world demand growth.

Global gas supply will grow by 1.9 percent per annum or 172 billion cubic feet per day, reaching a total of 497 billion cubic feet per day by 2035, according to BP's forecasts.

Shale gas is the fastest growing source of supply (6.5 percent per annum), providing nearly half of the growth in global gas, the report said.

Gas supply growth is concentrated in the non-OECD (126 billion cubic feet or 2.1 percent per annum) accounting for 73 percent of global growth.

BP predicts LNG's share of traded gas to rise from 32 percent in 2012 to above 46 percent by 2035, while its share of consumption expands from 10 percent to 15 percent.

Europe will see domestic production decline by 1.4 percent per annum over the outlook, despite expanding unconventional supplies reaching 3.7 billion cubic feet by 2035," according to the report.

"Although European gas demand grows by just 1 percent per annum, Europe increasingly relies on imported gas, in particular on net imports via pipeline which will meet 51 percent of demand by 2035, up from 37 percent today," the report said.

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