KUALA LUMPUR, April 14 (Bernama) -- Natural gas will be the fastest-growing major fuel source through 2030 with its share of global energy rising from about 20 per cent to 25 per cent, ExxonMobil Corporation official says.
Rob E. Gardner, manager of economics and energy division in the company's corporate strategic planning department, said this rapid expansion of natural gas demand would be mainly due to the steep rise in demand for fuel for power generation and industry.
This is particularly so in the non-Organisation for Economic Co-operation and Development (OECD) countries.
"A shift away from coal in order to reduce CO2 emissions, especially in OECD countries, will also drive the growth for natural gas," Gardner told a a media briefing on "ExxonMobil Outlook for Energy: A View to 2030" here Thursday.
By 2030, natural gas would have become the world's second largest energy source, ahead of coal. "Oil continues to be the world's largest energy source through 2030," he added.
According to the ExxonMobil Outlook on Energy Report, wind, solar and biofuels would provide about three per cent of the world's energy by 2030, he said.
In the Asia Pacific, coal would be the predominant fuel while in the US and Europe, the mix would be quite different with coal being overtaken by natural gas and nuclear, and in Europe, renewable fuels.
"Concerns about greenhouse gas emissions and the desire for more diversity in fuels are prompting increased investment in nuclear, wind and solar as power- generation fuels," he said.
Of these, he said, nuclear would play the most significant role through 2030.
But the future mix of these fuels would shift and this would be largely based on cost, Gardner said.
In the ExxonMobil Outlook on Energy Report, it was highlighted that in most regions, coal and natural gas are the most economical.
Today, about 40 per cent of the world's power comes from coal while about 20 per cent comes from natural gas.
Fossil fuel, Gardner said, would still play a dominant role particularly for transportation.
According to the report, globally, transportation-related energy demand will rise by nearly 40 per cent from 2005 to 2030 following increased economic activity and rising incomes, particularly in the Asia Pacific region.
On ExxonMobil, Gardner said that in the oil and gas sector, the company was committed in its capital budget of around US$33 billion to US$37 billion per year for the next five years.
Its major investment in Malaysia is in Tapis field which lies 190 km off Terengganu.
It was reported that ExxonMobil will commence an enhanced oil recovery project at the Tapis field in 2013.
-- BERNAMA
(Source: http://www.bernama.com/bernama/v5/newsbusiness.php?id=579114)
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