Gas boom still on its way
Wednesday 18 May 2016
THE United States Energy Information Administration (EIA) latest look at sources of global energy in the future sees demand for natural gas doubling by 2040, driven largely by increasing demand from developing countries like China and India.
The EIA made the comments as part of its International Energy Outlook report released last week, which said fossil fuels will continue to account for around three quarters of all energy used by the end of our working lives - even with the huge investment and subsidies being channelled into renewable energy sources.
Despite the multi billion dollar investments made in harvesting natural gas in the the Surat Basin and off Western Australia, Australia doesn't really rank among the expected new sources of natural gas over the next twenty years.
“To meet the rising natural gas demand, the world’s natural gas producers increase supplies by nearly 69% from 2012 to 2040, with the largest increases in natural gas production from 2012 to 2040 occurring in non-OECD Asia (18.7 Tcf), the Middle East (16.6 Tcf), and the OECD Americas (15.5 Tcf)," the report said.
“In China alone, production increases by 15.0 Tcf as the country expands development of its shale resources and total natural gas production in China, the United States, and Russia accounts for nearly 44% of the overall increase in world natural gas production.”
However when it comes to exporting liquefied natural gas, Australia is positioning itself as a major player, with world LNG trade expected to more than double by 2040.
“Most of the increase in liquefaction capacity occurs in Australia and North America, where a multitude of new liquefaction projects are planned or under construction." the report said.
“ At the same time, existing facilities in North Africa and Southeast Asia have been underutilized or are shutting down because of production declines at many of the older fields associated with the liquefaction facilities, and because domestic natural gas consumption is more highly valued than exports.”
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