Gas May Cost More Than Oil in 10 Years' Time, Sempra LNG Says
bloomberg.com
By Ben Farey
Dec. 4 (Bloomberg) -- Natural gas may cost more than oil in a decade's time as long as pressure to cut emissions continues, Sempra LNG said.
``Gas could be at a premium to oil if the CO2 lobby prevails,'' Sempra LNG President and Chief Executive Officer Darcel Hulse said today at the World LNG Summit in Rome. ``Liquefied natural gas is the only thing that can connect regional gas markets.''
Cutting carbon emissions, blamed for global warming, may boost demand for gas, which is cleaner-burning than both oil and coal. The energy industry will struggle to meet increasing demand from a burgeoning population in Asia, Hulse said.
Energy demand worldwide will climb 60 percent to 16.5 billion barrels of oil equivalent by 2030, with 40 percent of that consumed in Asia, Hulse said, pointing to the booming economies of China and India.
North America's share will drop to 21 percent from 25 percent, while Europe's will fall to 23 percent from 28 percent.
In 10 years, the world will be ``approaching'' a global system for pricing LNG, Hulse said. ``Gas has to have a relationship with oil.''
To contact the reporter on this story: Ben Farey in London at bfarey@bloomberg.net
Last Updated: December 4, 2007 13:23 EST |
