Oil major ExxonMobil has released a new report, The Outlook for Energy: A View to 2040, which predicts a 30% increase in world energy demand. The company also expects that less carbon intensive fuels, especially natural gas, will gain market share at the expense of coal (which will begin a decline for the first time in its history) and that gas from shale and unconventional rock formations will play a key role in this.
The growth in global demand for energy, according to the company’s projections, would be four times higher but for increases in efficiency. Demand will be particularly high in the developing world, where a rise of nearly 60% is expected, as global economic output doubles.
The report represents the first time ExxonMobil has extended its long-term energy forecasts to 2040. In addition to projections about growth in demand, it predicts that hybrid vehicles will help push the average fuel economy of new cars up by nearly 50 miles per gallon.
"As people in developed countries look to regain their economic momentum, and as everyone seeks improved living standards for themselves and their families, ExxonMobil will continue to invest in the technologies that enable us to provide the reliable, affordable energy central to economic growth and human progress," said Exxon Mobile Chairman and Chief Executive Officer Rex Tillerson. "The Outlook for Energy demonstrates that by applying innovation and technology, the world does not need to choose between economic growth and environmental stewardship," he added.
PetrolWorld 12122011
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