4 key regions for natural gas production

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Natural gas, the cleanest fossil fuel, is seen as a vital resource to meet the world’s rising demand for energy, which is expected to grow 37% by 2040 driven by emerging countries such as China and India.

Natural gas now accounts for about 24% of global energy consumption and the IEA reports that “it will continue to increase its share of the global energy mix, growing at 2.4%, per year until 2018”.

As big amounts of natural gas are needed, we asked Eirik Wærness, Chief Economist at Statoil, for his thoughts on the key regions for natural gas production this year. He believes that new production will come mainly from:

  • North America
  • Russia
  • East Africa
  • South America

He commented: “The shale revolution in North America has not yet peaked and will contribute to global LNG markets. Russia could deliver more gas, depending on security of demand issues and new contracts to Asia. East Africa has become a very interesting province with huge discoveries in Tanzania and Mozambique that will contribute to global LNG deliveries in the future. Further ahead, we will probably see increased unconventional gas production from shale resources in other regions, e.g. South America.”

Do you agree with Eirik? What areas will be crucial for natural gas production this year? Will Iran fit into the broader global gas market? Share your views below.

To know more about the developments towards the production of natural gas resources, attend the upcoming conference Gastech Singapore 2015. Gastech Singapore call for papers focus on gas & LNG market outlook. Submit your abstract by Friday 13th February.

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