That is what Equinor expects, according to a statement posted on its website on Thursday, which revealed that the company sees “strong market opportunities for gas”.
In Nigeria, demand for LNG is on the rise among manufacturers who are embracing independent power projects and among logistics firms for their trucks. In an energy scenario consistent with the two-degree climate target, global gas demand would only be “slightly lower” than today even in 2050, Equinor said in the statement. That entails “massive needs” for investment in future gas supply “in the decades to come,” Equinor stated.
“Global energy markets are changing. The world needs more energy, but lower emissions. Natural gas is well positioned to provide secure, competitive and sustainable energy to consumers and industry,” Irene Rummelhoff, Equinor’s executive vice president for marketing, midstream and processing, said in a company statement.
Equinor sold natural gas for around $26 billion in total in 2018, an increase of 29 percent from 2017. The company is the largest producer of natural gas on the Norwegian continental shelf and the second-largest gas supplier to Europe. Earlier this year, Equinor announced a gas and condensate discovery south of the Kristin field in the Norwegian Sea. Recoverable resources at the find are estimated at between 6 and 25 million barrels of oil equivalent.
Norway-headquartered Equinor is an international energy company present in more than 30 countries worldwide. The company changed its name from Statoil in May 2018 to support its strategy as a broad energy company.