Shale gas which accounts for around 15 percent of global natural gas production will rise to 35 percent by 2040, according to report released by ExxonMobil, world’s largest publicly traded international oil company.
The “2015 Outlook for Energy: A View to 2040” reported that in next 25 years, natural gas production in North America will grow by 75 percent to 140 billion cubic feet (3.9 billion cubic meters) per day.
North America’s gas production will surpass Middle East’s within a few years and by 2020, it will exceed Russia and Caspian, the report said.
Shale gas production- natural gas extracted by unconventional methods such as drilling deeper and fracturing the source rock to recover the gas contained inside - has triggered a boost in U.S. total natural gas production.
The U.S. total gross natural gas production hit 2.3 billion cubic meters (82 billion cubic feet) in 2013, according to U.S. Energy Information Administration.
ExxonMobil also estimates that, without gains from energy efficiency, the global energy demand will grow by 140 percent in the same period.
The report also states that China, India and key growth countries-Brazil, Mexico, South Africa, Nigeria, Egypt, Turkey, Saudi Arabia, Iran, Thailand and Indonesia- will be the fastest growing economies.
The company expects that the global energy consumption will increase by 70 percent in 2040.
By Nihan Cabbaroglu