ExxonMobil Corporation said that Natural gas appears likely to supplant coal as the world's second biggest energy source after crude oil by 2025.
Demand for gas will grow by about 65% through 2040 with 20% of worldwide production occurring in North America supported by growing supplies from shale and other unconventional sources.
Mr William M Colton ExxonMobil's VP of corporate strategic planning said that "Today, the world consumes some 25 times the energy it used 200 years ago. It took over 100 years from the first oil well's discovery until oil became the world's No 1 energy source. Natural gas is poised to surge as modern renewables also grow."
The report also predicted that North America will change to a net energy exporter from an importer by 2025. More than half of the growth in unconventional gas supplies will take place in North America providing a foundation for strong US economic growth with solid contributions from the energy, chemical, steel and manufacturing industries.
According to ExxonMobil's 2013 outlook, Electricity demand will account for more than half the global energy demand increase over the next few decades, with gas, nuclear and renewable energy meeting more power generation demand as coal and oil meet less.
Source: Energy Tribune