Global gas, specifically the Middle East gast giants, demand is projected to rise in the next decade. This is influencing a 12.5% surge in production between 2023 and 2030.
However, Rystad Energy forecasts that even in scenarios of 1.9 and 2.5 degrees Celsius warming. This is with the rapid growth in renewable energy sources. The current set of existing gas fields will not meet global demand, requiring rapid growth in unconventional gas supply. Gas-rich geographies such as the Middle East, with basins such as Rub al Khali, will play an essential role in bridging that gap, providing an estimated 20 million tons per annum (tpa) of LNG by 2040.
The production of unconventional gas, such as shale, has experienced rapid growth in recent years due to technological advancements and reduced lead times. This rapid growth has driven the global share of unconventional gas supply in global gas production at a pace that has previously required significantly more time to achieve, escalating from 4% in 2000 to 12% in 2022 and 35% in 2023.
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Source: Oil Price
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