Baku, Azerbaijan, May 30
By Leman Zeynalova – Trend:
Europe’s share in global natural gas output is expected to fall to 2.5 percent by 2040, Secretary General of Gas Exporting Countries Forum (GECF) Yury Sentyurin said during the 26th International Caspian Oil & Gas Conference in Baku May 30, Trend reports.
“Natural gas production in the region is not forecasted so promising. Europe is the only region with the decreasing outlook for natural gas production among all regions. Europe’s share of global natural gas production is forecast to decrease to 2.5 percent compared to the current share of slightly less than 7 percent. It means that there is an opportunity for gas producers and gas exporters in connection with the European market,” he said.
Sentyurin went on to add that Europe as a market continues to be an impressive one for many producers, including the ones from the Caspian region.
“Natural gas in Europe currently accounts for around 23 percent of the continent’s energy mix. For the years to come, according to our projections, Europe will experience a gradual decline in overall energy use resulting from energy conservation measures. However, gas demand will be able to show some growth here. Natural gas will be the only hydrocarbon resource to increase its share in the continent’s energy mix, reaching 26 percent by 2040,” said GECF secretary general.
He noted that new energy supplies, including from the Caspian region are entering the market, but there is still plenty of demand.
“According to our projections, by 2040 demand for natural gas is expected to increase in annual average pace of 1.7 percent, corresponding to overall growth of 46 percent. The power generation, industry and transport sectors will be the biggest contributors to incremental gas demand, accounting for almost 65 percent of the total demand in 2040,” said Sentyurin.
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