By Foluso Ogunsan
The sunny continent will contribute as much as 9.2% to global natural gas in that time frame..
Natural gas will be the only hydrocarbon source to increase its share in the global energy mix, remaining the fastest-growing fossil fuel, according to the GECF’s Global Gas Outlook Model
GECF is acronym for Gas Exporting Countries Forum, which held its 2nd International Gas Seminar on Malabo, Equatorial Guinea, on November 27, 2019.
The Seminar noted that global natural gas use will double by 2050; replacing more traditional fossil fuels and facilitating an energy transition towards sustainable development.
GECF member countries currently represent 71% of natural gas reserves, 44% of marketed gas production, 55% of pipeline gas trade and 53% of LNG trade globally.
“Our main message is that natural gas is the destination fuel and will play a central role”, said Yury Sentyurin, GECF’s Secretary General. “We continue and will continue to defend the position of the Forum on benchmark prices, stressing that oil indexation is still the optimum choice for buyers and sellers of gas.”
The African continent is set to increase its presence in the global energy sphere, more than doubling its natural gas production by 2040 and altering the global energy supply mix in the process. Africa will contribute as much as 9.2% to global natural gas production by 2040, resulting in an expansion from 255Billion cubic metres to more than 505Billion cubic metres and corresponding to a compound average annual growth rate of 3.4%.
“Natural gas is growing to become the fuel of choice globally,” stated. Seyed Mohammed Hossein Adeli, Head of the Iranian Delegation. “The share of gas in the energy mix used to be 18%. Currently, it is 23% and has the prospect to increase to 26% in the next couple of decades. Gas is replacing coal and oil. Coal represents 26% and will be down to 17-18%. Oil is now dominating at 32% and is going to be down to 25-26%. This goes mostly to gas and renewables.”
The Gas Exporting Countries Forum 5th Gas Summit is organized by Africa Oil & Power and is part of the Equatorial Guinea Year of Energy.