Global gas need up 17% in next 5 years
Source: Agencies |
June 6, 2012, Wednesday
|
Print Edition
Print Edition
GLOBAL demand for natural gas may grow 17 percent in the next five years as Chinese consumption doubles, the International Energy Agency said yesterday.
China's demand for natural gas should expand 13 percent a year through 2017 while US consumption will probably grow 13 percent by 2017, the Paris-based IEA said. It forecast European demand to rise by 7.9 percent.
"Asia will by far be the fastest growing region, driven primarily by China which will emerge as the third-largest gas user by 2013," said the IEA, which comprises 28 members, including the US and most European nations.
North America is poised to benefit most from the surge in Asian demand and will likely become a net exporter of liquefied natural gas over the next five years as new projects come on stream, the IEA said. Asian LNG producers such as Malaysia and Indonesia will become net importers as local demand surges and output falls.
Low natural gas prices should lead to gas generating almost as much electricity as coal in the US by 2017, the IEA said.
The report said global gas trade may rise 35 percent through 2017, but growth will slow in the next two years before accelerating from mid-2014 after projects now being built start.
"The global trade balance is visibly shifting to Asia, which is now attracting increasing flows of LNG and pipeline gas," the IEA said.
China's demand for natural gas should expand 13 percent a year through 2017 while US consumption will probably grow 13 percent by 2017, the Paris-based IEA said. It forecast European demand to rise by 7.9 percent.
"Asia will by far be the fastest growing region, driven primarily by China which will emerge as the third-largest gas user by 2013," said the IEA, which comprises 28 members, including the US and most European nations.
North America is poised to benefit most from the surge in Asian demand and will likely become a net exporter of liquefied natural gas over the next five years as new projects come on stream, the IEA said. Asian LNG producers such as Malaysia and Indonesia will become net importers as local demand surges and output falls.
Low natural gas prices should lead to gas generating almost as much electricity as coal in the US by 2017, the IEA said.
The report said global gas trade may rise 35 percent through 2017, but growth will slow in the next two years before accelerating from mid-2014 after projects now being built start.
"The global trade balance is visibly shifting to Asia, which is now attracting increasing flows of LNG and pipeline gas," the IEA said.
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