A growing China ravenous for electricity poses an immense opportunity for global natural gas producers, with the U.S. Energy Information Administration (EIA) projecting a 4.9% annual growth rate in consumption in the country between 2019 and 2050.

The EIA released its International Energy Outlook 2020 on Oct. 14, focusing on how market conditions would affect the high-growth regions of Asia, India and Africa.

Asia will account for half of the world’s energy consumption by 2050, and the region will more than double its electricity generation. How power generation feedstock is chosen will be governed mostly by price but also by government policy and capital costs, the outlook said, with natural gas consumption growth showing resilience even when competing against low prices for renewable sources.

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