BP: Natural gas changing energy markets
Monday, June 18, 2012
The annual BP Statistical Review of World Energy says natural gas has produced some of the biggest changes in global energy markets over the last few years.
“There is, first, the rapid increase in trade, especially of liquefied natural gas (LNG), which has connected hitherto segmented regions in an increasingly flexible manner. And second, the development of unconventional resources in the United States, which has everyone wondering where gas may next turn into a relatively abundant resource. Both of these developments shaped 2011,” BP said.
The company said 2011 world gas consumption grew by 2.2%, below average in all regions except North America where low prices due to the shale gas “revolution” drove robust growth. There was a record decline in European Union gas consumption (-9.9%) driven by the weak economy, high prices, warm weather and continued growth in renewable power generation.
Global gas production globally grew 3.1%; the US recorded 7.7% growth and is the world’s biggest producer. Output grew rapidly in Qatar (+25.8%), Russia (+3.1%) and Turkmenistan (+40.6%), more than offsetting declines in Libya (-75.6%) and the UK (-20.8%). The EU’s decline in gas production was the highest on record (-11.4%).
BP said the natural gas trade grew modestly by 4%, driven by LNG growth of 10.1%, with Qatar (+34.8%) taking 87.7% of the LNG increase.
For more information: www.bp.com