Nigeria and other African countries are set to increase their presence in the global energy sphere, where they will contribute as much as 9.2 per cent to global natural gas production by 2040.
By more than doubling their natural gas production by 2040, Africa’s natural gas producers will alter the global energy supply mix in the process.
This will result in an expansion from 255 Billion Cubic Meters (BCM) to more than 505 BCM and corresponding to a compound average annual growth rate of 3.4 percent.
Natural gas growth prospects were outlined during the 2nd Gas Exporting Countries Forum (GECF) International Gas Seminar held last week Wednesday, in Malabo, Equatorial Guinea.
The Seminar was aimed at facilitating knowledge transfer, fostering regional cooperation and creating a dialogue on global gas matters among the world’s leading gas producers.
At the opening of the Seminar, global natural gas use was slated to double by 2050; replacing more traditional fossil fuels and facilitating an energy transition towards sustainable development.
According to the GECF’s Global Gas Outlook Model accessed by The Nation, natural gas will be the only hydrocarbon source to increase its share in the global energy mix, remaining the fastest-growing fossil fuel.
The Outlook said GECF member countries currently represent 71 per cent of natural gas reserves, 44 per cent of marketed gas production, 55 per cent of pipeline gas trade and 53 per cent of LNG trade globally.
Commenting on the Outlook, GECF Secretary General Yury Sentyurin said: “Our main message is that natural gas is the destination fuel and will play a central role in energy transitions.
“We 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.”
Minister of Mines and Hydrocarbons of Equatorial Guinea, Gabriel Mbaga Obiang, also said: “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.”
He said his country was already working on the gradual implementation and exploration of various gas fields.
Source: The Nation