Gas to Overtake Coal in Next Decade, Says ExxonMobil

Natural gas, nuclear and renewables will support the transition to a less-carbon-intensive energy mix in the next 27 years, ExxonMobil said in its Outlook for Energy: A View to 2040. 

‘Natural gas will continue to be the fastest-growing major fuel source as demand increases by about 65%,’ reads a note released on Thursday.

ExxonMobil forecasts natural gas to overtake coal as a global energy source around 2025.

‘Traded volumes of natural gas in 2040 are expected to be two-and-a-half times the 2010 level, with most of this growth coming from liquefied natural gas,’ reads the annual report about the next three decades.

According to ExxonMobil, natural gas will meet more than a quarter of global energy needs by 2040. The oil and gas major also sees 35% increase of energy needs between 2010 and 2040.