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(Alliance News) - Shell PLC on Wednesday expects global demand for liquified natural gas by more than 50% by 2040 as shift to gas "gathers pace" in Asia.
The London-based oil and gas giant said global trade in LNG rose 1.5% to 404 million tonnes in 2023, from 397 million tonnes the year before.
Demand for natural gas has already peaked in some regions, Shell said, but continues to rise globally, with LNG demand expected to reach around 625 to 685 million tonnes a year in 2040.
Looking ahead, Shell said it expects global LNG demand to grow beyond 2040, as industrial demand in China and economic development in South and South-East Asia continues to grow.
"China is likely to dominate LNG demand growth this decade as its industry seeks to cut carbon emissions by switching from coal to gas,” said Shell Energy Executive Vice President Steve Hill.
"With China's coal-based steel sector accounting for more emissions than the total emissions of the UK, Germany and Turkey combined, gas has an essential role to play in tackling one of the world’s biggest sources of carbon emissions and local air pollution."
Shares in Shell rose 0.8% to 2,507.50 pence each in London on Wednesday midday.
By Sabrina Penty, Alliance News reporter
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