Natural Gas Demand to Grow 67%

The demand for natural gas will grow by more than 67% by 2030, delegates at the Nitrogen and Syngas International Conference were warned. "Natural gas provides 23% of all energy consumed in the world and the demand is growing," Banagas General Manager, Shaikh Mohammed Bin Khalifa Al Khalifa said at the conference opening session.

"Gas consumption is projected to rise in most regions over the next three decades, driven chiefly by demand from power generators, according to International Energy Authority (IEA). "World primary gas consumption is projected to increase in all regions over the period 2007-2030, with the exception of the US, where demand declines fractionally. "As with all other fuels, demand falls back in the early years as a result of the global economic and financial crisis and recovers gradually with the assumed economic rebound. "Globally, gas consumption increases by an average of 2.5% per year from 2007 to 2030, less rapidly than the 3% of the past three decades.

"Demand grows most rapidly in the fledgling markets of developing Asia, notably China, and in Latin America. Nonetheless, North America, Russia and Europe remain by far the largest markets in 2030," he said. "A key feature of our primary gas consumption projections is the emergence of GTL plants as a new market," he continued.

"Global GTL demand for gas is projected to increase from 4 Bcm in 2000 to 29 Bcm in 2010 and 70 Bcm in 2030. "Several oil-producing developing countries are encouraging switching to gas in order to free up more oil for export. "Proven gas reserves at the end of 2008 are estimated at more than 180 Tcm globally, more than enough to meet the demand to 2030 and well beyond." "Over half of the reserves are located in just three countries: Russia, Iran and Qatar," he said. "Reserves have more than doubled since 1980. Worldwide gas reserves according to IEA are much bigger than proven reserves and are more than sufficient to meet projected demand well beyond 2030, while the remaining recoverable resources are estimated to be more than 400 Tcm, equivalent to almost 130 years of production at current rates." - Gulf Daily