31 October 2014, Lagos – American oil giant, ExxonMobil, has predicted that natural gas will be the world’s fastest growing fuel by 2040, adding that global energy demand at the same period will grow by 45 per cent while the world’s population will increase by two billion people.
Its General Manager, Deepwater Operations, Nigeria, Mr. Oladotun Isiaka, stated this during the presentation of ExxonMobil’s 2014 Energy Outlook Series in Lagos. He emphasised the indispensable role energy plays in the activities of human beings and the need to reinforce efforts in making it available.
During the presentation of the company’s survey titled “The Outlook for Energy: A view to 2014,” Isiaka stated that energy remains key in global trade and the movement of people across borders adding that billions of people across the world still rely on traditional biomass energy for cooking.
He said the essence of the survey was to give an idea or projection on what the energy sector will look like in the next 30 years. “Our world runs on energy, which is fundamental to our way of life and growing economy. While people’s needs and modern technologies continue to evolve, so too does energy landscape,” he stated.
According to him, ExxonMobil’s energy outlook is shared globally to broaden understanding of the energy opportunities and challenges faced in the years ahead. He said the outlook is vital and important for Nigeria as an energy rich and energy dependent nation.
He noted that as the world population approaches nine billion by 2040, the world is challenged to not just meet basic needs but also to improve the living standard of citizens. “The scale and nature of these challenges are readily apparent in ExxonMobil’s energy outlook, which is our long term view to 2040 global forecast of energy supply and demand trends. It is important to understand the link between population growth, economic progress and the amount and type of energy used around the world,” he said.
According to him, the outlook also reveals key finding about how people use energy, how much we will need in the future and what types of fuels would meet their demands. “As global economic output more than doubles by 2040, energy demands will increase by about 45 per cent even with significant efficiency gains,” he added.
He said that about 40 per cent of the demand would be driven by expanding commercial activity, adding that, global energy use for personal vehicles would gradually peak in the period under review and then fall, as significant fuel economy gain offsets growth in the world fleet. “Technology is enabling the safe development of once hard to produce energy resource, significantly expanding available supplies. Oil and natural gas will supply about 60 per cent of global energy demand in 2040.
“Today, electricity generation represents the largest driver of demand for energy, though by 2040 it will account for more than half of the rise in global energy demand. Transportation demand will rise to about 40 per cent driven by expanding commercial activity. However, global energy used for personal vehicle will gradually peak and then begin to fall,” he stated.
– The Nation