The African continent is set to increase its presence in the global energy sphere, more than doubling its natural gas production by 2040 and altering the global energy supply mix in the process
Africa will contribute as much as 9.2 per cent to global natural gas production by 2040, resulting in an expansion from 255 bcm to more than 505 bcm and corresponding to a compound average annual growth rate of 3.4 per cent.
This was outlined at the 2nd International Gas Seminar of the Gas Exporting Countries Forum (GECF) in Malabo, Equatorial Guinea.
Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea, said, “Natural gas will continue to be in demand and will help us meet the objectives of sustainable development and the energy transition for our country, for Africa and for the world.”
“We are working on the gradual implementation and exploration of various gas fields. All of the work that we are doing is in line with the policies that the international community is asking us to have for fossil fuels. We want to protect the environment and provide for the needs of remote communities in rural Africa,” the minister added.
At the opening of the Seminar, global natural gas use was slated to double by 2050; replacing more traditional fossil fuels and facilitating an energy transition towards sustainable development.
According to the GECF’s Global Gas Outlook Model, natural gas will be the only hydrocarbon source to increase its share in the global energy mix, remaining the fastest-growing fossil fuel. GECF member countries currently represent 71 per cent of natural gas reserves, 44 per cent of marketed gas production, 55 per cent of pipeline gas trade and 53 per cent of LNG trade globally.
Yury Sentyurin, GECF secretary general, commented, “Our main message is that natural gas is the destination fuel and will play a central role in energy transitions. We will continue to defend the position of the forum on benchmark prices, stressing that oil indexation is still the optimum choice for buyers and sellers of gas.”
