18 November 2013 19:56 [Source: ICIS news]
CARTAGENA, Colombia (ICIS)--The world has enough natural gas to last for around two centuries at current consumption rates, an ExxonMobil official said on Monday, citing industry estimates that put global reverses at 28,000 trillion cubic feet (tcf).
The estimate is based on reserves of conventional and unconventional sources, said Dwight Tozer, ExxonMobil’s vice president, adhesion industry business, adding that known reserves in North America alone have gone up by over 50% in the past five years.
“North America now has more natural gas on an energy equivalent basis than Saudi Arabia has oil,” Tozer told delegates at the Latin American Petrochemical Association (APLA) annual meeting.
“That is what a revolution looks like,” he said.
Natural gas is the fastest growing sector in energy, the supply of which will need to increase significantly in the coming years to meet global population growth, Tozer said.
ExxonMobil estimates the world’s population will increase by 2bn people in the next three decades, reaching 9bn people in 2040.
“We see the middle class growing tremendously,” Tozer said, predicting that the number of households in this period will grow by 50% globally and that the middle class will “really come up in terms of its impact on the economy”.
Energy is one of the things that will enable that growth to take place, he added.
ExxonMobil invests $35bn-40bn/year (€26bn-30bn/year) upstream, downstream and in chemicals, Tozer said.
The APLA conference ends on Tuesday.
($1 = €0.74)
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