BP forecasts global gas demand to grow in long term perspective
Baku, Azerbaijan, Feb. 18
By Aygun Badalova - Trend:
Global natural gas demand is expected to grow by 1.9 percent per annum, reaching around 490 billion cubic feet per day (Bcf/d) (13.8 billion cubic meters, bcm) by 2035, BP said in its latest long-term energy outlook.
Growth is driven by non-OECD (Organisation for Economic Cooperation and Development) demand, which will grow by 2.5 percent per annum, adding 123 Bcf/d (3.48 bcm). OECD grows more modestly (1.1 percent per annum), adding 42 Bcf/d (1.18 bcm), according to the report.
BP also expects LNG supply to grow by 7.8 percent per annum between 2013-20.
Europe's share of global LNG imports is expected to rise from 16 percent to 19 percent between 2013 and 2035.
BP said in the report that Europe's gas imports currently account for around 50 percent of its total gas consumption. Over 80 percent of these imports are via pipeline, the vast majority of which are from Russia.
European domestic production declines by 2 percent per annum over the Outlook, so that, even with only modest demand growth (0.8 percent per annum), almost three-quarters of Europe's gas needs are met by imports by 2035, said the report.
"Growth of LNG means these imports are more diversified, with pipelines accounting for around two-thirds of imports and LNG the remainder," BP said.
Aygun Badalova is Trend Agency's staff journalist, follow her on Twitter: @AygunBadalova