AFRICA — 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, the 2019 Global Gas Outlook model has revealed.
Data from the model shows that Africa will contribute as much as 9.2% to global natural gas production by 2040.
The increase in gas production will result in an expansion from 255 bcm to more than 505 bcm and corresponding to a compound average annual growth rate of 3.4%.
The 2019 Global Gas Outlook model was released during the 2nd Gas Exporting Countries Forum (GECF) International Gas Seminar.
The Seminar was held in Malabo, Equatorial Guinea and was officiated by H.E. Yury Sentyurin, Secretary General of the GECF; H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea.
“Our main message is that natural gas is the destination fuel and will play a central role in energy transitions. 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,” H.E. Yury Sentyurin, Secretary General of the GECF, said during the Seminar on Wednesday.
The GECF’s Global Gas Outlook Model further revealed that natural gas will be the only hydrocarbon source to increase its share in the global energy mix, remaining the fastest-growing fossil fuel.
“Natural gas will continue to be in demand and will help us meet the objectives of sustainable development and the energy transition for our country, for Africa and for the world,” Sentyurin added.
Global natural gas use is slated to double by 2050; replacing more traditional fossil fuels and facilitating an energy transition towards sustainable development.
“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,” stated H.E. Dr. Seyed Mohammed Hossein Adeli, Head of the Iranian Delegation.
“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.”
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.
The Seminar aims to facilitate knowledge transfer, foster regional cooperation and create a dialogue on global gas matters among the world’s leading gas producers.