BP forecasts global gas production growth in long-term
Baku, Azerbaijan, Feb. 11
By Aygun Badalova - Trend:
The world total gas consumption will increase in the long-term perspective reaching 3.52 billion tons of oil equivalent in 2020, 3.874 billion in 2025, 4.135 billion in 2030 and 4.428 billion in 2035, according to the forecasts, published in BP Energy Outlook.
"Demand for natural gas grows by 1.8 percent per annual, making it the fastest growing fossil fuel," BP said in the report.
The majority of the increase in demand comes is expected to come from emerging economies, with China and India together accounting for around 30 percent of the increase and the Middle East over 20 percent.
In particular, gas consumption in the Middle East is forecasted by BP to increase to 700 million tons of oil equivalent in 2035 compared to 537.5 million tons of oil equivalent in 2020.
Gas consumption in Europe and Eurasia is also projected to rise to 1.058 billion tons of oil equivalent in 2035 compared to 976 million tons of oil equivalent in 2020.
European gas demand fell 11.2 percent on the year in 2014 to 409 billion cubic meters, according to industry association Eurogas.