Middle East could raise its game in LNG dynamics | GulfNews.com

Middle East could raise its game in LNG dynamics | GulfNews.com:



"I was asked, in a television interview a few years ago, whether natural gas demand will ever overtake that for crude oil. My answer was in the affirmative, though I said that the time frame maybe more difficult to define, which is still the case.



However, given current forecasts and the fact that annual growth in gas demand is almost double that of oil, it is possible that the important event may happen around 2050. It may even come earlier if environmental policies are further intensified.



According to a survey by Hydrocarbon Processing Magazine, the growth in new gas processing project announcements within the past year indicates a 76 per cent increase. The number of active projects around the world in the last three years averaged 839, while annual projects announcements in the last three years averaged 114 as the growth of both supply and demand drives industry expansion. There should be no wonder as gas is the fuel of choice now, especially in the largest consuming sector of power generation.
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