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New natural gas production: the Middle East needs to meet global demand - report

October 4, 2023 at 8:15 pm

A compressor station of natural gas pipeline stands on March 21, 2022 [Sean Gallup/Getty Images]

Gas-rich geographies, such as the Middle East, should meet the global demand by 2030, Oslo based energy policy centre, Rystad Energy reports.

According to the report, global gas demand is projected to rise in the next decade, thus influencing a 12.5 per cent surge in production between 2023 and 2030.

Rystad Energy forecasts that even in scenarios of 1.9 – 2.5°C warming, with rapid growth in renewable energy sources, the current set of existing gas fields will not meet global demand, requiring rapid growth in unconventional gas supply.

The report’s global warming scenarios suggest more gas exploration and production is required to meet 1.9 or 2.5° of warming.

The report also says the Middle East will play an essential role in bridging that gap, providing an estimated 20 million tpy (tons per year) of LNG by 2040.

“Gas is increasingly considered a crucial stepping-stone to a sustainable future. With reduced emissions and regional energy security goals aligned, gas is poised to play a pivotal role in the global energy transition. The Middle East is a key driver of this shift, slowly moving into developing and increasing gas volumes as part of their new energy transition strategies,” says Aatisha Mahajan, Vice President of Exploration with Rystad Energy.

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