Natural Gas To Be Fastest Growing Energy Source: BP
Natural gas demand will grow by 1.9% per year from until 2035 -- faster than any other energy source -- according to BP's latest Energy Outlook.
A recent Economic Commentary by Qatar National Bank (QNB) provides an easy-to-read two-page summary of the BP report, and includes two key charts projecting energy consumption by region and energy consumption by energy source between 2012 and 2035.
BP is predicting that global energy consumption will grow by 41% from 2012 until 2035 and that 95% of this new demand will come from emerging markets. India and China will account for about 25% of total global energy demand in 2035, compared to about 20% today, BP says. (China's share of global energy consumption has risen from about 2% in 1990, to 17% today, and is expected to be about 20% in 2035, according to BP). In contrast, energy demand in the OECD is expected to decline, in part due to better energy efficiency.
Fossil fules (oil, gas and coal) will continue to be the dominant source of energy, according to the BP report. Oil is currently the biggest energy source, with a share of about 32%. Coal has a 30% share and natural gas 24%. By 2035, these three sources will each have shares of about 27%, according to the report. The other, non-fossil, sources of energy described by BP are nuclear energy, hydoelecticity and renewables.
The report predicts that shale gas will meet 46% of the growth in gas demand and will account for 21% of world gas consumption by 2035. At that time, shale gas will be accounting for 68% of US gas production, the report says.
Please click below to access a copy of the QNB Economic Commentary.