In addition to the findings discussed in Part 1 ExxonMobil discussed the following in its latest outlook for energy.
Market forces and emerging public policies will continue to have an impact on energy related carbon dioxide emissions. After decades of growth, worldwide carbon dioxide emissions from energy are expected to plateau in 2030 before gradually declining toward 2040, despite a steady rise in overall energy use.
Technology and transportation
New technologies are expected to continue to play a significant role in developing reliable and affordable energy. Major advancements in oil and natural gas technologies have safely unlocked vast new supplies, already changing the energy landscape in North America and expanding supplies to help meet growing global energy demand.
The number of cars on the road around the world is expected to approximately double by 2040, but fuel demand will plateau and gradually decline as consumers turn to smaller, lighter vehicles and technologies improve fuel economy.
By 2040 it is thought that approximately 65% of the world’s recoverable crude and condensate resource will have yet been produced.
ExxonMobil’s outlook says that for the period covered, more than half of the growth in unconventional natural gas supply will be in North America, providing a strong foundation for increased economic growth across the US, and most notably in industries such as energy, chemicals, steel and manufacturing.
Demand and trade
Demand for energy from non-OECD nations is expected to grow by approximately 2/3 accounting for essentially all of the increase in global energy use.
Global chemicals energy demand is predicted to increase by approximately 55% from 2010 – 2040 and will account for 35% of the growth in the industrial sector. Most of the energy demand growth in the chemicals sector is expected to be for the feedstocks to make the building blocks for a wide range of essential products. Fuel demand will grow more slowly as improvements to efficiency reduce demand growth.
Oil and natural gas are predicted to stay as the most widely traded energy sources and are expected to maintain a robust global energy marketplace that is critical to meeting increasing energy demand. In 2040, traded volumes of natural gas are expected to be 2.5 times the 2010 level, with most of this growth coming from LNG.
Adapted from a press release by Claira Lloyd.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/13122013/exxonmobil_energy_outlook_part_2_917/