Demand for gas to increase by 2% per year for 20 years more - BP

Oil&Gas Materials 14 October 2015 20:18 (UTC +04:00)

Baku, Azerbaijan, Oct. 14

By Azad Hasanli - Trend:

The global consumption of natural gas will increase by 1.9 percent annually until 2035, Vladimir Drebentsov, BP's chief economist for Russia and CIS countries, said in Baku Oct. 14.

Drebentsov made this statement at the presentation of BP's statistics analysis on world energy for 2015 and outlook up to 2035.

"From our point of view, the natural gas industry will be the fastest growing market among fossil fuels," he said.

He said that these growth rates are significant.

"For comparison, according to our forecasts, the annual increase in oil and coal consumption in the world will hit 0.8 percent," he said. "Thus, the growth rates of oil and coal consumption are over twofold less the growth rates of gas consumption."

"The world will require additional 1.65 trillion cubic meters of gas for the next 20 years," he said. "Some 80 percent of them will account for additional consumption in electrical power engineering and industry."

"According to our calculations, gas consumption in the transport sector will increase faster than in other areas," he said. "However, as the gas consumption in transport is now very low, even with the most rapid growth by 2035, only 3 percent of global gas consumption will account for this area."

Edited by CN