Industry and Energy

Home page

Industry and Energy

Forecast: â€˜Price of oil and gas wonâ€™t run up in the next 20 yearsâ€™

24 April 2013 09:40 (UTC +04:00)

APA-Economics reports that it was stated in the BP’s Predictions for Energy Production in the Future.

According to the words of Lev Freinkman, overall energy demand will grow by 36% in the forthcoming g20 years. The growth will be completely supplied at the cost of developing countries.

‘There is a small increase in the overall demand from non-OECD countries in the more recent projection, but not a great difference. Within the period to 2030 BP anticipates that all major energy sources will continue to see an increase in overall energy production’, said Freinkman.

Moreover, the expert said that some incidents in global economy affected the predicts connected with the market: ‘BP see roughly a 7% p.a. increase in shale gas production with most coming from the United States, Mexico and Canada. This will bring total natural gas production to 459 bcf/day by 2030. Of this North America will see a growth in production of 5.3% pa and by 2030 will be exporting roughly 8 bcf/d. In other countries the biggest growth will be in more conventional natural gas production, coming from the Middle East (31 bcf/d), Africa (15 bcf/d) and Russia (11 bcf/d)’.

This increase in supply, and the greater use of LNG tankers is likely to keep natural gas prices relatively stable.