Global Natural Gas Demand to Double by 2050: Shell

From China Daily

By Du Juan

Royal Dutch Shell Plc, the international energy giant, has estimated global natural gas demand will double by 2050 compared with the 2010 level, and that China’s consumption will soar especially, bringing the company major opportunities.

Speaking in London, Andy Brown, Shell’s upstream international director, said he expected global energy demand to increase by 60 percent by 2050, but said that carbon emissions must be halved to avoid serious climate change.

Shell estimates that in China, gas demand has increased five-fold since 2000.

Without speculating how much the company expected demand to rise, Brown said Shell hopes to play a significant role in meeting the country’s energy needs in the years to come.

China’s natural gas output this year is estimated at 107.7 billion cubic meters, a 5 percent rise compared with last year, and its consumption is expected to reach about 147.68 billion cubic meters with an annual growth of about 13 percent compared to last year, according to the energy information consultancy ICIS C1 Energy.

Meanwhile, the country’s natural gas imports have kept growing fast.

China imported about 40 billion cubic meters of natural gas this year with an annual growth rate of 35.7 percent, C1 Energy said.

Shell has been investing, and will continue to invest about $1 billion annually in its upstream business in China to tap into the country’s surging natural gas demand, said Brown.

Shell Chief Executive Officer Peter Voser told China Daily last month that there is “huge potential to come” in terms of the natural gas market in China.

He said the company will also focus on opportunities in the LNG, or liquefied natural gas, market in the country.

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