BAKU, Azerbaijan, Nov.2
By Leman Zeynalova – Trend:
Expansion of natural gas production is expected by more than 50 percent between 2020 and 2050, despite facing a stymied growth in the short- and medium-term due to the impact of COVID-19, Trend reports citing Gas Exporting Countries Forum (GECF).
“It will see production rise across all regions of the world, with the exception of Europe, where it will decline by 70 percent by 2050. North America and Middle East will retain their position as the largest expanders of gas production,” said GECF.
GECF’s 20 member countries today represent 71 percent of proven gas reserves, 45 percent of its marketed production, 53 percent of pipeline, and 60 percent of LNG exports across the world.
Among all the hydrocarbon resources in the world, only natural gas is expected to increase its share in the global energy mix from 23 percent currently to 28 percent in 2050 due to its clean attributes, which are fundamental to achieving the UN Sustainable Development Goals as well as the Paris Agreement, according to the organization.
Natural gas also boasts the potential to expand its access significantly over the coming decades due to its abundance and flexibility, and is widely seen as the fuel to steward the transition to lower-emission energy systems, said GECF.
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