BAKU, Azerbaijan, March 28. Natural gas is crucial for energy security and transition, but its long-term significance depends on efforts to reduce emissions and develop clean technology, said Vice President of Shell Energy Jefferson Edwards in a talk with European media, Trend reports.
He believes that Asia will be the key driver of increased demand for pipelines and liquefied natural gas (LNG) until 2040, owing to predicted economic growth, population expansion, and rising GDP per capita.
"I believe that LNG will be the fastest expanding source for Asia, accounting for around 75 percent of all new production by 2040," Edwards said.
He also pointed out that Europe will continue to drive LNG demand.
"The industry has seen a large growth in long-term contracts (lasting more than ten years) during the last three years, totaling approximately 200 million tons per year from 2021 to 2023. European consumers persevere in securing significant long-term contracts surpassing a decade, emphasizing the ongoing importance of LNG supply security during the energy revolution," said the Shell vice president.
He sees LNG as providing several opportunities to reduce existing greenhouse gas emissions and is not giving up on this climate issue.
Shell Energy Retail Limited was a British consumer gas, electricity, and broadband supplier. Octopus Energy bought the former Shell subsidiary in December 2023. The corporation bought gas and energy from foreign markets to resell to consumers.