• 7 minutes Does S Arabia Have 2 Mln Barrels in Spare Capacity?
  • 11 minutes Oil prices going down
  • 19 minutes Venezuela, the largest oil reserve in the world, faces deep shortages of motor oil
  • 19 mins 67.50 was the low for now, $70 - $76+ back in play
  • 23 hours EU And Japan Sign Historic Free Trade Deal
  • 3 hours Daimler and BMW Will Beat Tesla in EV Race
  • 22 hours Where 3 Million Electric Vehicle Batteries Will Go When They Retire?
  • 1 day Chartist predicting a $1 fall, after WTI drops $10
  • 22 hours China’s Technology Sector Takes On Silicon Valley
  • 1 day Germany: We Can No Longer Fully Rely On U.S. White House
  • 16 hours Chile Becomes The Latest Country To Commit To 100% Renewables
  • 1 day Trump-Putin Helsinki Summit And Oil Prices
  • 2 days Rio Tinto Says $4-Million Goodbye to Coal
  • 2 days Well from $74 we hit 67.xx now what?
  • 2 days Trade War of 1930s, Extended the Great Depression
  • 2 days Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 23 hours Trump mulling releasing 5 to 30 Mill Barrels
Why Is Venezuela Still Sending Subsidized Oil To Cuba?

Why Is Venezuela Still Sending Subsidized Oil To Cuba?

As Venezuela’s economic crisis and…

Uzbekistan, Russia Announce Joint Nuclear Facility

Uzbekistan, Russia Announce Joint Nuclear Facility

Uzbekistan and Russia have struck…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

BP Predicts Natural Gas Will Be World’s Main Fossil Fuel By 2040

LNG vessel

British Petroleum anticipates that natural gas will take over oil as the world’s main fossil fuel energy source by the year 2040, according to a new report by Reuters.

“We see it (gas) take over from coal in the early 2030s... We think there is a very good case for gas actually overtaking oil post 2040 or just before 2040,” Dominic Energy, BP’s VP for strategic planning said during a conference in Vienna on Wednesday.

Demand growth for gas—in just China alone—will rise 15 percent year-over-year, while global demand increases by 1.6 percent annually for a number of years. The oil demand curve, on the other hand, will slow to 0.8 percent growth in the meantime.

“We do see a very strong chance that (gas) is going to be the largest source of primary energy into the future... By gas we mean natural gas, but also ... we mean biogas, we mean biomethane, we mean power-to-gas...”

A previous forecast by the U.K.-based company said oil’s share of global fossil fuel markets would shrink from 33 percent to 30 percent by 2035. Most of the gains would go to natural gas, which is considered better to the environment due to lower carbon emissions.

“Once (methane leakage) exceeds 3 percent it means that gas, certainly in the nearer term, over a few decades, is actually worse than coal from a (greenhouse gas) perspective,” he said.

Related: What's Behind Canada's Oil Driller Exodus?

“We’re getting a lot of pressure..., and rightly so, to get our act together in terms of managing methane in the supply chain. There are not only climate benefits for doing it but also economic benefits from doing it.”

BP CEO Bob Dudley said last year that 2017 had been a turning point for the company after the Deepwater Horizon disaster. "It feels like we are now dealing with the same problems that everyone else has," he said. The company has continued to invest in large-scale projects and has worked to improve efficiencies to lower its breakeven point. It also has boasted a 40-percent decline in its production costs since 2014. Its production last year averaged 3.6 million bpd.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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