US ExxonMobil expects global energy demand to rise by 35% in 2040

11 December 2012 20:10  [Source: ICIS news]

(adds "from 2010", paragraph 1)

HOUSTON (ICIS)--Global energy demand will increase by 35% in 2040 from 2010, with natural gas as the fastest growing major fuel, US-based ExxonMobil said on Tuesday in its annual energy outlook.

While oil will be the most widely used fuel, ExxonMobil predicted that natural gas will overtake coal as the second most used fuel.

“Demand for natural gas will increase by about 65% through 2040, and 20% of global production will occur in North America, supported by growing supplies of gas from shale and other unconventional sources,” the company said.

The increased use of less-carbon-intensive fuels, like natural gas, nuclear and renewables, will play a key role in supporting future energy needs, along with more efficient energy-saving practices and technologies and the development of unconventional energy sources, ExxonMobil said.

“North America is likely to transition to a net energy exporter by 2025,” the company said. “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 US, and most notably in industries such as energy, chemicals, steel and manufacturing.”

By: Bobbie Clark
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