Upstream investment worth $9.7tn is required in the gas sector up to 2050, Doha-headquartered Gas Exporting Countries Forum said in its ‘Annual Global Gas Outlook 2050’.
By 2050, energy demand is expected to rise by 22% while the share of natural gas in the energy mix will go up to 26%.
During the review period, natural gas supply will increase by 36% while natural gas trade will expand by more than a third, led by LNG, which will overtake pipeline trade by 2026.
Global GDP will more than double, from $95tn today to $210tn in real terms by 2050. Population growth will see 1.8bn additional people in 2050 with most of this rise taking place in Africa and the Asia Pacific.
Mohamed Hamel, secretary general, GECF, emphasised that all energy sources and technologies will be required to satisfy the world’s growing energy needs, while improving air quality and reducing greenhouse gas emissions.
The outlook was launched in the presence of the 2023 President of the GECF, Gabriel M. Obiang Lima, Minister of Mines and Hydrocarbons, Republic of Equatorial Guinea Sunday.
The outlook was launched in the presence of the 2023 President of the GECF, Gabriel M. Obiang Lima, Minister of Mines and Hydrocarbons, Republic of Equatorial Guinea Sunday.
