Global demand for gas is robust and will continue to grow, driven by demand from Asia and Europe, according to a top oil and gas executive.
“Gas demand in both Europe and Asia, the world's two largest gas importing regions has surged upwards,” Patrick Allman-Ward, chief executive of Dana Gas told the S&P Global Platt’s Middle East Executive Petroleum Conference on Tuesday.
“Overall Asian gas demand has continued to grow rapidly by 40 per cent over the past five years from 2015 to 2020, with China as the fastest-growing element at 75 per cent. Even the European demand has grown although at a more modest rate of 6 per cent.”
Demand for gas has surged in recent years as large, energy consuming nations, including China and India, wean themselves off dirtier coal to protect the environment.
Long-term demand for liquefied natural gas is expected to double to 700 million tonnes by 2040 as the world consumes more gas to offset polluting fuels such as coal, Anglo-Dutch major Shell said in an annual outlook last year.
Global gas demand from 2001 and 2020 has increased by 80 per cent from 2,500 BCM (billion cubic metres) per year to just under 4,500 BCM per year and the share of imported gas rose 125 per cent to 1244 BCM, Mr Allman-Ward said.
The number of gas-importing countries has also jumped from 12 to 43 during the period as demand for clean fuel rose.
“In both Europe and Asia, LNG is the fastest-growing segment in both markets. In Europe, domestic production has shrunk by nearly 20 per cent over the past five years, whereas imported gas has increased by nearly 40 per cent, of which LNG is by far the dominant growth component," he said.
“In Asia, as we've seen, gas demand has increased dramatically. In contrast to Europe, domestic production has increased by 40 per cent, as has the growth in imported gas supplies, again with LNG as the fastest-growing segment,"
However, strong LNG demand growth has not been met by investments in production capacity and the coronavirus pandemic “has been the latest event to depress investment levels" further, according to Mr Allman-Ward.
“The consequence is obviously going to be a supply/demand imbalance, which has happened as a result of a number of different reasons rather dramatically already this year.”
He expects the tightness in the energy markets to continue for “much of a decade unless new investments appear soon from somewhere”.
The price of natural gas has increased by more than 40 per cent since the start of the year to trade at $3.68 per million British thermal units at 5.20pm UAE time on Tuesday, on the back of higher demand.
Middle East demand for gas also jumped 150 per cent over the past 20 years with 88 per cent of demand growth coming from Saudi Arabia, the UAE, Oman, Iraq and Kuwait, primarily for power generation as well as a feedstock for petrochemicals, according to Mr Allman-Ward.
“LNG may continue to grow in importance if the region is serious about its net-zero ambitions and seeks to end the use of oil in power generation,” he said.
“Substituting oil for power would require about 35 billion cubic metres per annum of additional gas as an alternative feedstock, which would be an increase of 12 per cent of current gas demand.”
The UAE relies on imports to meet its gas needs and growing demand for cleaner fuel to generate electricity and power industry.
However, it aims to boost production. This month, Abu Dhabi National Oil Company announced a "significant" increase in national reserves of 4 billion stock-tank barrels (STB) of oil and 16 trillion standard cubic feet of natural gas.
These additional reserves increase the UAE’s hydrocarbon reserves base to 111 billion barrels of oil and 289 trillion scf of natural gas.
TOUR RESULTS AND FIXTURES
June 3: NZ Provincial Barbarians 7 Lions 13
June 7: Blues 22 Lions 16
June 10: Crusaders 3 Lions 12
June 13: Highlanders 23 Lions 22
June 17: Maori All Blacks 10 Lions 32
June 20: Chiefs 6 Lions 34
June 24: New Zealand 30 Lions 15 (First Test)
June 27: Hurricanes 31 Lions 31
July 1: New Zealand 21 Lions 24 (Second Test)
July 8: New Zealand v Lions (Third Test) - kick-off 11.30am (UAE)
Landfill in numbers
• Landfill gas is composed of 50 per cent methane
• Methane is 28 times more harmful than Co2 in terms of global warming
• 11 million total tonnes of waste are being generated annually in Abu Dhabi
• 18,000 tonnes per year of hazardous and medical waste is produced in Abu Dhabi emirate per year
• 20,000 litres of cooking oil produced in Abu Dhabi’s cafeterias and restaurants every day is thrown away
• 50 per cent of Abu Dhabi’s waste is from construction and demolition
The biog
Hobbies: Writing and running
Favourite sport: beach volleyball
Favourite holiday destinations: Turkey and Puerto Rico
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Meydan Racecourse racecard:
6.30pm: The Madjani Stakes Listed (PA) | Dh175,000 | 1,900m
7.05pm: Maiden for 2-year-old fillies (TB) | Dh165,000 | 1,400m
7.40pm: The Dubai Creek Mile Listed (TB) | Dh265,000 | 1,600m
8.15pm: Maiden for 2-year-old colts (TB) | Dh165,000 | 1,600m
8.50pm: The Entisar Listed (TB) | Dh265,000 | 2,000m
9.25pm: Handicap (TB) | Dh190,000 | 1,200m
10pm: Handicap (TB) | Dh190,000 | 1,600m.
UAE rugby in numbers
5 - Year sponsorship deal between Hesco and Jebel Ali Dragons
700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
Dh1.8m - Dubai Hurricanes' overall budget for next season
Dh2.8m - Dubai Exiles’ overall budget for next season
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
The Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
'Project Power'
Stars: Jamie Foxx, Joseph Gordon-Levitt, Dominique Fishback
Director: Henry Joost and Ariel Schulman
Rating: 3.5/5
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The specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 849Nm
Range: 456km
Price: from Dh437,900
On sale: now
Uefa Nations League: How it Works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
HEADLINE HERE
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A Bad Moms Christmas
Dir: John Lucas and Scott Moore
Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
Two stars
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Killing of Qassem Suleimani
The Dark Blue Winter Overcoat & Other Stories From the North
Edited and Introduced by Sjón and Ted Hodgkinson
Pushkin Press
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
