BP Sees 78% Growth in Gas Demand from Non-OECD Countries

Gas is the best performing fossil fuel, with new energy forms such as shale gas expected to account for a significant share of the growth in global supply, according to BP Energy Outlook 2035. Forecasts suggest that non-OECD countries will generate 78% of demand growth. 

‘Among fossil fuels, gas is growing fastest, increasingly being used as a cleaner alternative to coal for power generation as well as in other sectors,’ reads a note released on Wednesday.

BP noted the importance of gas in the energy mix, indicating its benefits on global climate change. 

The Outlook, which identifies long-term energy trends, said that emissions growth would slow down as natural gas a renewables are expected to gain market share from coal and oil. 

The study also suggests an increasing role of LNG. 

‘LNG exports are expected to grow more than twice as fast as gas consumption, at an average of 3.9% per year, and accounting for 26% of the growth in global gas supply to 2035,’ reads the note.

At the same time, shale gas should become more common, with North America leading the trend. 

‘Shale gas supplies are expected to meet 46% of the growth in gas demand and account for 21% of world gas and 68% of US gas production by 2035. North American shale gas production growth is expected to slow after 2020 and production from other regions to increase, but in 2035 North America is still expected to account for 71% of world shale gas production,’ the note concludes.