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Europe’s natural gas import dynamics by 2050

Oil&Gas Materials 1 March 2022 14:37 (UTC +04:00)
Europe’s natural gas import dynamics by 2050

BAKU, Azerbaijan, March 1

By Leman Zeynalova – Trend:

Europe’s natural gas imports will rise from 310 billion cubic meters in 2020 to 335 billion cubic meters in 2050, showing 8.06 percent increase, Trend reports with reference to the data of the Gas Exporting Countries Forum (GECF).

The continent will import 365 billion cubic meters in 2030, seeing a decrease to 355 billion cubic meters in 2040.

GECF notes that by 2050, the majority of incremental growth in natural gas imports will be undoubtedly attributed to Asia Pacific with almost 650 bcm additions over 2020-2050.

“Latin America and Europe, with total increases of 55 bcm and 35 bcm, respectively will follow. The underlying demand will be balanced out by supply increases from primarily Eurasia (285 bcm) Middle East (230 bcm) together with North America (160 bcm) and Africa (50 bcm) over the long term. Asia Pacific will account for the highest share of global imports by 2050, while the share held by the European market will be gradually decreasing as import volumes increase slowly by 2030 due to a significant drop in domestic production but later slows down till 2050 due to overall natural gas demand in Europe is starting to decrease as decarbonisation and the ‘green deal’ efforts are seen to move gas out of energy mix,” reads the GECF report.

The report shows that Asia Pacific, the main destination of the world’s LNG at present and by 2050, will represent the largest transformational challenge for the currently fragmented natural gas market. Asia Pacific with 70 percent share of LNG trade in 2020 to make up for even more impressive over 80 percent by 2050.

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Follow the author on Twitter: @Lyaman_Zeyn

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