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Expert predicts yearly energy growth rate of 1.3 per cent |
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12 Apr 2008
Scott Nauman, ExxonMobil Corporate Planning Manager, Texas, U.S., in Lagos on Tuesday, predicted that the demand for oil would grow by 1.3 per yearly till 2030. He spoke at the Energy Outlook Seminar organised by Exxonmobil in Nigeria. Nauman said gas would also be the fastest
growing fuel source till 2030, reflecting its advantages as an efficient, clean burning energy for power generation. The expert noted that as the world progressed into 2030, energy demand across the world would continue to grow, while meeting the growing need might not be easy or automatic. Nauman said global demand for liquid fuels was also expected to increase from 86 million barrels per day of oil equivalent (MBDOE) to 116 MBDOE in 2030, adding that the needs would be met from a
variety of sources.
Nauman explained that since the world’s economy literally ran on energy, to support continued economic progress for the world’s growing population would necessitate production of more energy. He projected that by 2030, energy demand would reach almost 325 MBDOE, or approximately 40 per cent more than that of 2005.
According to him, in 2005, global primary energy consumption was approximately 230MBDOE, comprised of oil, natural gas and coal plus other non-fossil energy, namely nuclear power and renewable sources. Nauman noted that the vast majority of the increase in demand would take place in developing countries, where economies were growing most rapidly and modern energy supplies were still a precious commodity for millions of people.
He said that while population and economic growth were fundamental drivers of overall energy demand, the types of energy used to meet specific needs were influenced by a variety of additional factors. He listed the factors to include economics, supply availability, income levels and public policies.
The expert noted that economic progress, especially in developing countries, would drive global energy demand higher in spite of substantial efficiency gains. He stressed that oil, natural gas and coal were indispensable in meeting the energy demand, even with rapid growth in renewables.
The theme of the seminar was: “The Outlook for Energy: A view to 2030”. |
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