Natural Gas Is The Preferred Energy Source For Future

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It is strange but true that amidst the growing scare and unrest over the coronavirus, the Middle East oil and gas market is reportedly growing twice as fast as the global energy demand.

This has been confirmed by the Boston Consulting Group’s report (BCG) and International Gas Union (IGU). Both have suggested that the Middle East and Asia-Pacific have demonstrated the strongest growth in gas demand in the past ten years – growing at an average of 4.6% per year, double the rate of global primary energy demand.

Due to limitations of regional infrastructure, many Middle Eastern countries are apt to use foreign supply chain for lucrative gains from the large gas reserves that they have.  So connecting gas reserves with the end-use markets at a low cost is a more hopeful picture to engage in infrastructure investment, and policy support.

The report has estimated that by 2030, the Middle East would be capable of delivering approximately 8,500 billion cubic meters (bcm) of gas with average break-even prices of $2.5 per MMBtu [Million British Thermal Units].

According to the International Energy Outlook 2016 (IEO2016) Reference case, consumption of natural gas worldwide is projected to increase from 120 trillion cubic feet (Tcf) in 2012 to 203 Tcf in 2040. By energy source, natural gas accounts for the largest increase in world primary energy consumption. Keeping in mind how the West and European countries are moving towards reducing the carbon footprint and looking for eco-friendly energy sources, natural gas is going to be the next best option.

Increasingly nations worldwide in need for natural gas are moving away from the US and moving to the Middle East, as they see a better hope of infrastructure, cheaper source for a long term association to meet their respective domestic demands. 

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