Nigeria, S’Africa to drive energy demand by 2040

Oil and Gas sector

Oil and Gas sector

Nigeria, Brazil, Mexico, South Africa, Egypt, Turkey, Saudi Arabia, Iran, Thailand, and Indonesia are expected to be major drivers of energy growth by 2040, due to their rising populations and living standards.

Nigeria and the other nine countries, which have been classified as a group of 10 key growth countries, are expected to represent an increasingly significant share of the global energy market due to their rising populations and living standards.

The Upstream Treasurer, ExxonMobil Africa, Anibor Kragha, who made this disclosure in its presentation of the 2015 Outlook for Energy: A view to 2040 in Lagos, on Wednesday, said that Nigeria will experience significant rise in gas production by 2040.

He disclosed that both China and India will account for about half energy growth because their developing economies are expected to lead the world in terms of population size and the pace of growth in living standards.

“Mexico and Turkey are members of the Organization for Economic Cooperation and Development, which represents developed countries, were included among the key growth countries because their energy and economic growth are closer to developing economies. The 32 other OECD members will likely continue to show income growth but have relatively modest energy demand changes”, he said.

According to Kragha, global energy demand is expected to rise more slowly than gross domestic product because of more efficiency across the board, Colton said. “It would be three times higher if you didn’t assume these efficiency measures,” he noted.

He said that through 2040, LNG trade is expected to more than triple to nearly 100 bcfd, most of the growth will serve existing demand in Europe and rapidly growing demand in Asia, with Latin America and Africa expected to see expanded LNG imports.” Interregional pipeline exports could double, with Asia Pacific joining Europe as a significant interregional pipeline importer”.

Demand for coal is projected to rise through 2025 and then decline as China’s economic growth gradually slows down and it follows the OECD’s shift toward cleaner fuels. Still, over time, Asian Pacific coal demand is expected to remain strongest globally, primarily to support growing power generation requirements.

ExxonMobil projected 30 per cent higher global petroleum liquid supplies by 2040.

“The decline of conventional resources will require more development. North America probably will become a net exporter by 2020 as supplies of tight oil, natural gas liquids, and bitumen from oil sands increase. This could open new trading opportunities as Asia Pacific net imports are projected to rise nearly 80 per cent

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