- BP (LON:BP) (BP -0.3%) expects gas to overtake oil as the world’s primary energy source by ~2040 as demand for the least polluting fossil fuel grows, according to its vice president for strategic planning.
- “We see [gas taking] 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,” says BP's Dominic Emery, highlighting estimates for demand growth for gas in China of ~15% Y/Y last year.
- Emery also says one of the biggest challenges for the gas industry is reducing methane leakages from pipelines, which he estimates at 1.3%-1.4%.
- “Once [methane leakage] exceeds 3%, it means that gas, certainly in the nearer term, over a few decades is actually worse than coal from a [greenhouse gas] perspective," he says, adding that "we’re getting a lot of pressure... to get our act together in terms of managing methane in the supply chain."
- ETFs: UNG, UGAZ, DGAZ, BOIL, KOLD, UNL, DCNG, GAZB
- Now read: Just As Natural Gas Starts To Look Towards Spring...
Original article