• 7 hours OPEC, Russia Said To Announce Oil Pact Extension On Nov 30
  • 10 hours Wintershall And LetterOne In Talks For $12B Oil, Gas Merger
  • 12 hours India Exempts State Oil Firms Mergers From Competition Approval
  • 14 hours Turkey Targets $5B Investment In Wind Energy By End-2017
  • 16 hours Weatherford Looks To Sell Assets To Ease Some Of $8B Debt
  • 17 hours OPEC Set To Move Fast On Cut Extension Decision
  • 20 hours Nigeria Makes First Step Away From Oil
  • 1 day Russia Approves Profit-Based Oil Tax For 2019
  • 1 day French Strike Disrupts Exxon And Total’s Oil Product Shipments
  • 2 days Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 2 days Oil Production Cuts Taking A Toll On Russia’s Economy
  • 2 days Aramco In Talks With Chinese Petrochemical Producers
  • 2 days Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 2 days Maduro Names Chavez’ Cousin As Citgo Boss
  • 2 days Bidding Action Heats Up In UK’s Continental Shelf
  • 2 days Keystone Pipeline Restart Still Unknown
  • 2 days UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 3 days Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 3 days Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 3 days German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 3 days Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 3 days Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 4 days Oil Prices Rise After API Reports Major Crude Draw
  • 4 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 4 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 4 days Statoil Looks To Lighter Oil To Boost Profitability
  • 4 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 4 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 4 days Whitefish Energy Suspends Work In Puerto Rico
  • 4 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 4 days Thanksgiving Gas Prices At 3-Year High
  • 4 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 5 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 5 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 5 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 5 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 5 days ConocoPhillips Sets Price Ceiling For New Projects
  • 7 days Shell Oil Trading Head Steps Down After 29 Years
  • 7 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 8 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
Alt Text

The Surprise Winners Of The Oil Price Rally

The recent rally in oil…

Alt Text

Bankrupt Venezuela Asks Partners For Free Oil

Following Venezuela’s official default last…

ExxonMobil's Energy Outlook - What the Next 30 Years Will Look Like

ExxonMobil's Energy Outlook - What the Next 30 Years Will Look Like

There are many predictions, many demands and many possibilities for future energy use and sources. ExxonMobil has just released their prediction of how energy demands will be served in the next few decades. ExxonMobil’s just-released Outlook for Energy: A View to 2040 takes a look into the future and finds that technology advancements over the next three decades will produce greater supplies of energy, more diverse supplies of energy and new ways to save energy — all of which will be essential to meeting future energy demand.

ExxonMobil’s 2012 Outlook for Energy sees efficiency, developing world economic growth and natural gas reshaping global. Demand through 2040 is to be about 30 percent higher in 2040 versus 2010 as population grows and global GDP doubles; demand in developing nations to rise nearly 60 percent; natural gas from shale and other unconventional rock formations will account for 30 percent of global gas production by 2040; demand growth would be more than four times the projected 30 percent without expected gains in efficiency.

Extending its annual long-term energy forecast to 2040 for the first time, ExxonMobil said this year's Outlook reveals several trends that will influence how the world uses energy over the coming decades.

The Outlook projects that global energy demand in 2040 will be about 30 percent higher than it was in 2010, led by growth in developing regions such as China, India, Africa and other emerging economies.

While oil will remain the most widely used fuel, overall energy demand will be reshaped by a continued shift toward less-carbon-intensive energy sources — such as natural gas — as well as steep improvements in energy efficiency in areas like transportation, where the expanded use of hybrid vehicles will help push average new-car fuel economy to nearly 50 miles per gallon by 2040.

Among the findings:

While demand in the United States and other fully developed economies will remain relatively constant, global growth in energy demand will be led by China and other countries which are not part of the Organization for Economic Cooperation and Development (OECD). Non OECD energy demand is projected to rise by nearly 60 percent from 2010 to 2040.

Efficiency is the key reason why energy demand will rise by only about 1 percent a year on average even as global GDP rises by nearly 3 percent a year. It also is the reason why OECD energy demand will remain relatively unchanged through 2040 even as its economic output nearly doubles.

In transportation, the second-fastest growing demand sector behind electricity generation, ExxonMobil sees advanced hybrid vehicles accounting for 50 percent of the cars people will drive in 2040, compared to about 1 percent today. This, plus improved fuel economy in conventional vehicles, will cause demand for energy for personal vehicles to remain essentially flat through 2040 even as the number of personal vehicles in the world doubles.

However, demand for energy for commercial transportation -- trucks, airplanes, ships and trains -- will rise by more than 70 percent, driven by economic growth, particularly in Non OECD nations.

Demand for oil and other liquid fuels will rise by nearly 30 percent, and most of that increase will be linked to transportation. A growing share of the supplies used to meet liquid-fuel demand will come from deepwater, oil sands, tight oil, natural gas liquids and biofuels.

Natural gas will continue to be the fastest-growing major fuel, and demand will increase by about 60 percent from 2010 to 2040. Growth is particularly strong in the Non OECD countries in the Asia Pacific region, where demand for natural gas is expected to triple over the next 30 years.

While growth in nuclear capacity is expected to slow in the near-term, demand for nuclear power is projected to nearly double over The Outlook for Energy period as nations seek to lower emissions and diversify energy sources.

Renewable fuels will see strong growth. By 2040, more than 15 percent of the world's electricity will be generated by renewable fuels -- solar, wind, biofuels, biomass, geothermal and hydroelectric power. The fastest-growing of these will be wind, which will increase by about 8 percent per year from 2010 to 2040.

By. Andy Soos




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News