Age of Gas


IN 2011 THE INTERNATIONAL ENERGY AGENCY ISSUED A SPECIAL REPORT THAT ASKED THE QUESTION “ARE WE ENTERING THE AGE OF GAS?”


The report cited favorable factors that drive natural gas demand including: lower emissions compared to other fossil fuels, the benefits of a diversified energy supply, and the ability to provide flexibility and back up capacity in the electricity sector as more renewables capacity comes on line. These factors, combined with vast and widely dispersed global natural gas resources underpinned a much more positive future view for gas.


Since then, there has been a collapse in global oil prices, the COP21 climate agreement was signed by 196 nations, and bans were enacted in some regions on hydraulic fracturing, a key enabler to increased availability of natural gas. Despite these headwinds, natural gas is expected to be the fastest growing fossil fuel for global power generation over the next 10 years, accounting for more than 20% of total electricity generation, and natural gas power plants are expected to lead all other fuel sources in new capacity additions over the next 10 years.


Challenges


Environmental concerns, including seismic, water usage, and fugitive methane


Fuel transportation infrastructure Global price variations


Opportunities Enables fuel diversity


Technology opportunities for extraction, transportation, and efficient consumption


Gas to liquid technology to replace incumbent liquid fuels


~28% ~22%


80


PERCENTAGE OF NEW POWER PLANTS ORDERED GLOBALLY IN THE NEXT 10 YEARS FUELED BY NATURAL GAS


PERCENTAGE OF GLOBAL ELECTRICITY GENERATION FROM NATURAL GAS IN 2025


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