BAKU, Azerbaijan, Nov.2
By Leman Zeynalova – Trend:
Natural gas is a viable energy option that contributes efficiently to achieve a balance between the environment, social, and economic dimensions of the sustainable development. It reduces carbon intensity and pollution resulting from energy-related activities, supports access to modern energy, improves availability and reliability of supply, and provides competitive and affordable energy,” the Gas Exporting Countries Forum (GECF) Secretary General Yury Sentyurin said at the 25th Oil & Gas of Turkmenistan Conference, Trend reports.
Taking part in the annual event via videoconference, Yury Sentyurin further said that the yet-to-find (YTF) resources will contribute to around 30 percent of the total production of natural gas worldwide by 2050 – and it’s what shows the vibrancy of the gas industry. According to him, around 80 percent of the natural gas production by mid-century will stem from new projects, and this highlights the importance of continued investment in upstream.
“This means that the current level of proven reserves is not adequate to furnish the rising demand around the world,” he said.
GECF believes that long-term prospects for gas investment are promising.
“The investment opportunities in the gas industry are shaped by upstream activities and trade infrastructure including liquefaction, pipeline, and regasification as midstream. Prior to 2020, the historical upstream investment between 2010 and 2019 was nearly US$800 billion worldwide, indicating a tremendous accumulative increase of 78 percent compared to the investment volume during the 2000s. A further US$310 billion investment was made on gas transportation and trade infrastructure between 2010 and 2019, showing an increase of 67 percent compared to the investment made between 2000 and 2009.
“Although global investment on the gas markets have slowed down however, according to the GECF forecasts the long-term prospects for gas investment are promising, with some uncertainties,” said the organization earlier.
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