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As the world gradually transitions from coal to cleaner fuels for electricity generation, natural gas, nuclear and renewable energy sources, including wind and solar, will represent a greater share of the global energ..

12 Dec 2012

IRVING(Commodity Online): ExxonMobil,energy giant, has projected global energy demand in 2040 to be approximately 35 percent higher than in 2010 in its annual forecast, 'Outlook for Energy: A View to 2040'.

Future energy needs will be supported by more efficient energy-saving practices and technologies, increased use of less-carbon-intensive fuels such as natural gas, nuclear and renewables, and the development of unconventional energy sources that were previously inaccessible without technology advances.

The global energy landscape will evolve significantly as regional demand-and-supply patterns shift in the coming decades, creating new opportunities for international trade and economic growth, according to the forecast.

Oil will continue to be the most widely used fuel, but natural gas, the fastest growing major fuel is expected to overtake coal by 2025 as the second most used fuel. Demand for natural gas will increase by about 65 percent through 2040, and 20 percent of global production will occur in North America, supported by growing supplies of gas from shale and other unconventional sources, the report added.

New technologies will continue to be key to development of reliable and affordable energy, which is central to economic growth and human progress,the Outlook for Energy concludes. Significant advancements in oil and natural gas technologies have safely unlocked vast new supplies, already changing the energy landscape in North America and expanding supplies to help meet growing global energy demand.

“Understanding future energy trends is critical for effective policy decisions that can help ensure safe, reliable and affordable energy development and economic growth, job creation and expanded global trade,” says Rex W. Tillerson, chairman and chief executive officer of Exxon Mobil Corporation (NYSE:XOM).

The Outlook for Energy projects that North America is likely to transition to a net energy exporter by 2025. Over the next two decades, more than half of the growth in unconventional natural gas supply will be in North America, providing a strong foundation for increased economic growth across the United States, and most notably in industries such as energy, chemicals, steel and manufacturing.

These resources will also create new opportunities for global trade with countries in Europe and the Asia Pacific region, which are reliant on international markets to meet domestic energy requirements. The changing landscape and resulting trade opportunities will continue to provide consumers with more choices, value, wealth and good jobs.

The Outlook for Energy projects that energy for electricity generation will continue to be the largest component of global demand and is expected to grow by 50 percent to 2040. The growth reflects an expected 85 percent increase in electricity demand, led by developing countries where 1.3 billion people are currently without access to electricity.

As the world gradually transitions from coal to cleaner fuels for electricity generation, natural gas, nuclear and renewable energy sources, including wind and solar, will represent a greater share of the global energy mix. Natural gas, which emits up to 60 percent less carbon dioxide than coal when used for electricity generation, will grow the most. By 2040, natural gas will account for 30 percent of global electricity generation, compared to less than 25 percent today.

The Outlook for Energy highlights the important role of efficiency in helping balance energy demand with the growing world economy. Energy-saving practices and technologies, such as hybrid vehicles and high-efficiency natural gas power plants, will help countries in the Organization for Economic Cooperation and Development (OECD) increase economic output by 80 percent without increasing total energy use. In the transportation sector, the number of cars on the road worldwide is expected to approximately double by 2040, but the fuel demand will actually plateau and gradually decline as consumers turn to smaller, lighter vehicles and technologies improve fuel efficiency.

The Outlook for Energy is developed each year by a team of experts using a combination of public and proprietary sources, and guides ExxonMobil's global investment decisions. Many of its findings are similar to those from other respected organizations, including the International Energy Agency. ExxonMobil publishes The Outlook for Energy each year to encourage broader understanding of energy issues among policymakers and the public to enable informed decisions on energy issues.


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