Mr Oladotun Isiaka, General Manager, Deep water Operations, ExxonMobil Nigeria Unlimited, says natural gas will be the fastest-growing global fuel by 2040.
Isiaka made the projection on Wednesday, in Lagos, during his presentation on 2014 energy outlook by ExxonMobil.
The company’s a survey titled “The Outlook for Energy: A view to 2040,” said that the global energy demand was projected to increase by about 35 per cent between 2010 and 2040.
According to him, energy remains key in global trade and the movement of people across borders.
Billions of people across the globe still rely on traditional biomass energy for cooking.
Isiaka said that 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 said that ExxonMobil energy outlook was shared globally to broaden understanding of the energy challenges and opportunities faced in the years ahead.
He said that that the outlook was vital and important for Nigeria, an energy rich and energy dependent nation.
According to Isiaka, 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 this challenges is readily apparent in ExxonMobil outlook of energy, a view to 2040 our long term global forecast of energy supply and demand trend.
“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.
He said that the outlook revealed 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 about 35 per cent even with significant efficiency gains,” he said.
He said that about 40 per cent 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 offset 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 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,’’ Isiaka said.
Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.