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IEA Projects Natural Gas Production to Increase 40 Percent by 2040
Nov. 12, 2015 09:11AM PST
Resource InvestingAustralian Mining reported that the International Energy Agency’s World Energy Outlook 2015 is projecting a 40 percent increase in natural gas production by the year 2040.
Australian Mining reported that the International Energy Agency’s World Energy Outlook 2015 is projecting a 40 percent increase in natural gas production by the year 2040.
As quoted in the market news:
The International Energy Agency released the report, stating most growth would come from unconventional sources such as coal seam gas and shale gas.
Such growth would bring natural gas to parity with coal and oil in the global energy mix, at an estimated demand of just below 5.2 trillion cubic metres in 2040.
Outside of North America, currently developing major gas plays in the north-west, Australia will be the world’s major supplier of natural gas.
The report also cites plunging prices as a catalyst for a market rebalance in the oil market, with higher demand and lower growth in supply, suggesting a tightening oil balance would lead to prices around $80 per barrel by 2020.