Baku, Azerbaijan, Jan.23
By Leman Zeynalova – Trend:
The long-term picture for gas is highly positive, said Fuzzy Bitar, Head of Upstream operations, BP.
“Our BP Energy Outlook anticipates that oil and gas will still provide around 50 percent of the world’s energy in 2035,” he noted. “So, this isn’t about a race to renewables alone; it’s about a race to lower greenhouse gas emissions. It’s an important distinction, and why BP believes both gas and renewables are so important in advancing the energy transition.”
Bitar went on to add that gas is accessible, abundant and produces only half the emissions of coal when burned for power.
“We have been growing our gas production more than any other major oil and gas company. 45 percent of our upstream production is currently natural gas – and we expect to grow that share to more than 50 percent by the end of the decade,” he said. “We’re doing this by adding eight further gas projects by 2020, including Angelin here in Trinidad & Tobago, on top of the six gas projects we brought online around the world last year. So the long-term picture for gas is highly positive.”
But according to Bitar, there is a second new reality that the industry is grappling with right now.
“The market for gas is much more globally connected through LNG and greater access to liberalized markets. And North American shale supplies are transforming the global gas market – the world is awash with gas, with around 13,000 trillion cubic feet of gas resource discovered, which on its own is more than double the total demand anticipated to 2050. Therefore, I believe only the most competitive producers will survive,” he added.
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