There Are Not Enough Traditional Gas Fields for Everyone
Even with the expansion of the use of renewable energy sources, existing gas fields will not be able to satisfy the growing global demand for this energy carrier, Rystad Energy calculated.
Gas production growth is projected at 12.5% from 2023 to 2030, with the Middle East playing a decisive role. The company estimates that by 2040, gas supplies will supply about 20 million tons of LNG per year.
However, growing demand, Rystad Energy points out, will require increased supplies from unconventional deposits, including shale. The share of such sources of raw materials in the global gas balance has already reached 12% in 2022, compared to 4% in 2020. In 2023, gas from unconventional fields will occupy 35% of the global market.
Rystad Energy notes that gas demand will also grow in the Middle East itself. In particular, Saudi Arabia wants to transfer 50% of its generation to renewable energy sources and gas by 2030. If this plan is implemented, within 7 years the kingdom will need to spend 125 billion cubic meters per year, and for this Riyadh will have to develop the Jafurah shale field.
