72% of oil and gas leaders think long-term attractiveness of gas will improve over coming decade

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12th September 2018 14:17 - Oil and Gas

72% of oil and gas leaders think long-term attractiveness of gas will improve over coming decade: A survey of oil and gas industry professionals has revealed 72 percent think as coal energy becomes obsolete, the long-term appeal of gas will improve significantly.

The survey formed part of the research by DNV GL, into the outlook for the oil and gas industry in 2018. It found almost two-thirds of leaders (64%) believe they will spend more on gas or sustain spending this year. This comes as the industry prepares for gas to eclipse oil in the coming decades and take its place as the premier global fuel source.

Of the 813 leaders polled, 86 percent agree that gas will have a significant place in global energy over the next 10 years. This is an increase of 9 points on last year, where figures recorded were 77%.

Demand for gas will be at its highest during the mid-2030s the research suggests, when other fossil fuels have gone into sustained decline. In preparation for this, DNV GL’s Energy Transition Outlook forecasts that gas investment will surge in the early part of the 2020s paving the way for it to become the leading energy source.

The survey also found that the number of oil and gas bosses believing future gas and oil prices will decouple in the years ahead has grown to 55% - up from 45% last year. When it comes to how adaptable current onshore pipeline projects can be to potential changes, 24% are confident they will be equipped to cope, while 13% believe they won't be.

Liv Hovem, CEO, DNV GL- Oil & Gas, said: “Our research affirms that the industry is already taking positive steps to secure the important role we forecast gas to play in helping to meet future, lower-carbon energy requirements.

“Significant investment will be needed in the gas industry over the coming decades to increase capacity, transform assets to source and transport a decarbonized mix of energies, and to safely build and maintain the infrastructure needed to connect emerging supply regions with evolving demand centres.”

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