NATURAL gas will overtake coal as the second-largest energy source globally by 2025, according to Exxon Mobil, the world’s biggest energy company by market value.
The world will need over one third more energy to meet demand driven by population growth, improved living standards and expanded urbanisation, according to new research from Exxon Mobil released yesterday.
“Natural gas will continue to play an increasingly important role in meeting global energy needs,” the report said.
“Utilities, industries and other consumers are choosing this fuel because it is versatile, affordable and produces relatively low emissions.”
It said that 80 per cent of the demand for natural gas is expected to come from non-Organisation for Economic Co-operation and Development (OECD) countries and 50 per cent of the growth is expected to come from Asia Pacific. China alone is forecast to account for half that increase.
Meanwhile demand for oil – the world’s most-used fuel – is expected to increase by 25 per cent by 2040.
“The world depends on safe, reliable and affordable energy development to support economic growth and our modern way of life,” said Rex W Tillerson, chairman and chief executive of Exxon Mobil.