BP forecasts US to be 99% energy self-sufficient by 2030

16 January 2013 18:17  [Source: ICIS news]

BP forecasts US to be 99% energy self-sufficient by 2030HOUSTON (ICIS)--The US will be nearly energy self-sufficient by 2030 while global production of energy will increase steadily in the next two decades to meet the world’s consumption needs, according to projections released by BP on Wednesday.

Growing production of resources such as tight oil and shale gas will lead US production to reach 99% of domestic consumption by 2030, up from a 70% in 2005, according to BP’s Energy Outlook 2030.

China will match Europe as the world’s leading energy importer by that time, the report stated, and will replace the US as the world’s largest oil importing nation by 2017.

Total energy production by 2030 was forecast by BP to reach 16.84bn tonnes oil equivalent, up from 12.55bn tonnes oil equivalent in 2011. Total energy consumption by 2030 was projected to be 16.72bn tonnes oil equivalent, up from 12.27bn tonnes oil equivalent in 2011.

Driving the demand for energy will be global population and income growth, the report stated. By 2030, the world population is forecast to reach 8.3bn.

BP projects coal to lead energy production in 2030 with 4.78bn tonnes oil equivalent, with oil at 4.65bn tonnes oil equivalent and natural gas at 4.28bn tonnes oil equivalent. Hydroelectricity production is forecast to reach 1.156bn tonnes oil equivalent by 2030, while nuclear will reach 968m tonnes oil equivalent, renewable energy at 878m tonnes oil equivalent and biofuels at 129m tonnes oil equivalent.

In 2011, oil narrowly led in overall energy production at nearly 4.00bn tonnes oil equivalent, according to BP. Coal was at 3.96bn tonnes oil equivalent, which natural gas was at 2.95bn tonnes oil equivalent. Hydroelectricity was at 791m tonnes oil equivalent, nuclear at 599m tonnes oil equivalent, renewable energy at 195m tonnes oil equivalent and biofuels at 59m tonnes oil equivalent.


By: Jeremy Pafford
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