Posted on 04/13/2021 5:58:34 PM PDT by SeekAndFind
Last year was an unprecedented year for natural gas and liquefied-natural-gas (LNG) markets. Whereas natural gas demand declined by 3%, LNG demand proved to be more resilient and managed to grow 1%. Nevertheless, the LNG market was extremely volatile, with periods of extreme oversupply alternating with periods of extreme tightness during the year. According to global management consulting firm McKinsey, natural gas is set to become the strongest-growing fossil fuel, with demand expanding 0.9% per annum from 2020 to 2035. While that kind of growth is nothing to write home about, natural gas will be the only fossil fuel expected to grow beyond 2030, peaking in 2037 thanks to the strong clean energy momentum. From 2035 to 2050, demand is expected to decline modestly by 0.4% per annum due to hard-to-replace gas use in the chemical and industrial sectors as natural gas continues to replace coal in power generation.
Meanwhile, LNG is set for much stronger growth, with McKinsey predicting that domestic supply in key gas markets will be unable to keep up with demand growth. Global LNG demand is expected to grow 3.4% per annum to 2035, calling for some 100 million-metric tons of additional capacity to meet both demand growth and replace decline from existing projects. LNG demand growth will slow markedly from 2035 to 2050 to just 0.5% per annum but still call for more than 200 million metric tons of new capacity by 2050.
That said, LNG markets are expected to be anything but calm, with leading LNG exports constantly jostling for market share. On one hand, Qatar will be looking to reassert its dominance against new LNG powerhouse, Australia, while the United States will be looking to close the gap with the market leaders.
(Excerpt) Read more at oilprice.com ...
Huh
Color me edified.
Australia.
Part of their "Fighting Global Climate Change" nonsense.
Australian electricity went from the world's cheapest in 1980 3.7c per kwh Australian dollars to 24.4 c per kwh in 2021.
Electricity in Australia costs about twice what it does in the US. It is reflected in the cost of most items. Most things in Australia cost about twice what they do in the United States.
That is the average.
In some places in Australia, the prices are 8 times what they used to be.
There is no such a thing as a fossil fuel. Every time someone mentions it, they need to be corrected.
In the early 80’s, I Plugged unintentional gas wells as it did not sell or have a market.
Unbelievable!
Thankyou climate communists...
No sarcasm, but the proposed infrastructure bill is supposed to ban nat gas
Harris-Biden will put an end to that.
RE: the proposed infrastructure bill is supposed to ban nat gas
Make absolutely NO SENSE. Infrastructure should include ENERGY SUPPLY.
But, but, but, using “fossil fuel” perpetuates the concept of peak oil!
Pretty soon, we will run out of dinosaur squeezins.
I was in my news app and quickly pulled, so take it with a dash of salt. However that has been a goal for a while now.
Geological hydrocarbons should be called stored sunlight. It takes upwards of a metric ton of prehistoric plant matter buried to the proper depth for the right heat and pressure conditions to trigger petrogenesis. The organic chemistry and isotopic signatures in liquid hydrocarbons make it clear the sources of the kerogen that underwent petrogenesis. The largest sources are marine algae, followed by cyanobacteria, and fresh water diatomic algae. A very small amount of hydrocarbons in liquid form come from deltaic and or peat bogs in the coalification chain.
I have done thousands of petrochemical geochemistry analysis in two decades plus as a petroleum geologist having drilled thousands of wells on 5 of 7 continent’s. In that twenty plus years I have seen zero chemical or isotopic evidence of abiotic liquid hydrocarbons. Fortunately there’s well over 13 trillion bbls of liquid hydrocarbons in place yet to be exploited and with access to the shale source rocks with hydraulic stimulation trillions more has and will be moved from reserves to resources. The world has at least hundred years of liquid hydrocarbons left at 2019 usage rates.
Oops left off the important part. I tell students petroleum is nothing but stored sunlight as it takes over a metric ton of prehistoric plant matter to make a US gallon of petrol. It’s actually more but the.visual is accurate take a cubic meter of salt water algae and squeeze it under 2+km of rock and compress it down to one US gallon of petrol. That’s an accurate from a chemical and isotopic standpoint illustration.
Using existing examples, and math, I have mathematically proven that there were never enough dinosaurs on earth over a 200 million year span to produce enough oil based upon known reserves today. This does not include what has already been consumed or yet to be discovered.
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