ExxonMobil projects natural gas will overtake coal as second most widely used source of energy by 2025
By 2025, ExxonMobil predicts natural gas will overtake coal to become the second most widely used source of energy worldwide. This historic shift of global energy markets toward increased use of natural gas will create new opportunities for economic growth and environmental progress, said Rex W. Tillerson, chairman and CEO of Exxon Mobil Corporation in a speech at the 25th World Gas Conference in Malaysia.
According to our projections, over the next three decades, while natural gas supplies from conventional sources will remain the majority of production, unconventionals are likely to grow by more than 400 percent.—Rex Tillerson
The need for natural gas resources is greatest in regions like the Asia-Pacific, where energy demand is projected to grow by more than 50% over the next three decades, ExxonMobil says. Access to natural gas has been made possible in large part by industry advances in large-scale liquefied natural gas (LNG) production and transportation, and in development of unconventional gas sources such as shale gas, coal bed methane, and tight sands through hydraulic fracturing and horizontal drilling techniques.
To date, North America has been the proving ground for unconventional gas development—and the results have been encouraging, confirming the enormous potential of this resource. The challenge now is to confirm the size of the global unconventional resource and to fully apply these breakthrough technologies to nations outside North America.—Rex Tillerson
Tillerson said the policies needed to responsibly develop natural gas should hold the industry accountable to operational integrity and excellence without stifling innovation and investment.
A decade ago, few of us could foresee where new natural gas technologies would take us. For this very reason, we must continue to invest and innovate to ensure the safety of operations to further enhance energy efficiency and to improve our environmental stewardship at every level.—Rex Tillerson