Alexander Novak, Deputy Prime Minister of the Russian Federation has said the development of the global gas market will be driven by the BRICS countries, where witness natural gas is expected to grow by almost 50 per cent by 2040.
In addition, he said, the potential for the LNG market is also growing. And Russia, the fourth largest producer, aims to increase production from the current 29 million tons to 120-140 mt of LNG per year and take up to 15-20 per cent of the market by 2035.
He said this at a virtual Gas Exporting Countries Forum (GECF) meeting, where the 5th edition of its annual GECF Global Gas Outlook 2050 (Outlook) unveiled. The event was attended by energy ministers and senior representatives from the member countries together with a bevy of dignitaries and gas industry stakeholders.
The outlook is the most extensive forecast of the global gas industry and presents multiple forward-thinking scenarios, from Covid-19 recovery to hydrogen economy, up to 2050 – a year by when gas is expected to firmly become the primary fossil fuel of the 21st century. The Outlook’s detailed quantitative assessments account for national energy strategies, environmental and climate policies, and investments and business decisions.
In his overview of the latest findings of the Outlook 2050, the GECF Secretary General Yury Sentyurin highlighted the vital role natural gas will play in the global energy mix by raising its share from currently 23 per cent to 28 per cent by 2050, thanks to its remarkable features of abundance, flexibility, affordability, and environmental efficiency.
Sentyurin said: “The complexity of factors and the multiplicity of stakeholders within the energy sector results in myriad shifting strategies that are shaping the new architecture of the future. Nevertheless, the mid- and long-term fundamental factors that favour natural gas remain unchanged. This plentiful, adaptable and, crucially, clean source of energy will expand across Asia Pacific, North American and Middle Eastern markets.”
Joining from Riyadh, where the International Energy Forum (IEF) is headquartered, Secretary General Joseph McMonigle said: "As a cleaner alternative to other fossil fuels, natural gas offers the world a real chance to mitigate climate change and meet shared goals faster together. The IEF is committed to helping advance the role of readily available gas resources, new infrastructure solutions, and innovative technologies to facilitate smart stable and secure energy transitions in partnership with the GECF and other organisations.” –Tradearabia News Service