Liquid Fuels to Remain Energy of Choice to 2040 Forecasts Study

MarineLink.com
Monday, December 16, 2013
Image courtesy of ExxonMobil

The world will require all forms of energy over the next quarter century to meet a greater than one-third increase in demand that will be driven by population growth, improved living standards and expanded urbanization, according to ExxonMobil ’s newly-released ‘Outlook for Energy: A View to 2040’.

The outlook projects that oil and natural gas will continue to meet about 60 percent of energy needs by 2040. Liquid fuels – gasoline, diesel, jet fuel and fuel oil –  will remain the energy of choice for most types of transportation because they offer a unique combination of affordability, availability, portability and high energy density.

In its annual forecast, ExxonMobil projects that future energy needs – expected to be about 35 percent higher in 2040 than 2010 – will be supported by more efficient energy-saving practices and technologies, increased use of less-carbon-intensive fuels such as natural gas, nuclear and renewables as well as the continued development of technology advances to develop new energy sources. Without gains in efficiency, global energy demand could have risen by more than 100 percent.

Driving increased energy demand is anticipated population growth that will reach nearly 9 billion in 2040 from about 7 billion today, and a projected doubling of the global economy – at an annual growth rate of nearly 3 percent – largely in the developing world where rising living standards will continue to lift millions of people out of poverty.

An expected 25 percent increase in demand for oil, led by increased commercial transportation activity, will be met through technology advances that enable deep-water production and development of oil sands and tight oil.

Natural gas will continue to be the fastest-growing major fuel source as demand increases by about 65 percent. Natural gas is projected to account for more than one quarter of all global energy needs by 2040 and it is expected to overtake coal as the largest source of electricity.

For more information about ExxonMobil’s 'Outlook for Energy', go to: www.exxonmobil.com/energyoutlook

 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Jet Edge Celebrates 30 Years in Waterjet Industry

Waterjet systems manufacturer Jet Edge, Inc. celebrated its 30th anniversary Sept. 3 with a special open house celebration. Jet Edge’s anniversary event included

TITAN Salvage Receives NAMEPA Award

The North American Marine Environment Protection Association (NAMEPA) announced earlier this month that Houston-based TITAN Salvage, a subsidiary of Crowley Maritime Corp.

MM&P Hopes to Pad Ranks with Brown Water Mariners

New York Harbor Tug Boat Captains and Crews, Staten Island Ferry Workers, Circle Line and Other Tourist Boat Crews Vote on Joining New Union Uniting with the International Organization of Masters,

Energy

LQT Delivers Accommodation Facility and Helideck in Gulf of Mexico

LQT Industries , a full-service provider of accommodation facilities, design-build construction services, and support services to the oil and gas industry, has

Ingram to Build 20 Tank Barges in 2015

Ingram Barge Company announced that it will build 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

Fuels & Lubes

Shell: Nigeria Oil Union Strike Not Affecting Exports

A strike by Nigeria's oil unions is not having any immediate impact on crude oil exports from Africa's top exporter, despite moving into a third day, spokesmen

Ricardo to Support Kongsberg WFMS Development

Ricardo and Kongsberg have signed a framework agreement that will see Ricardo support the development of the Kongsberg Wind Farm Management System (WFMS) as well

Aiming to Make Less Fuel Go Further: Maersk Drilling

Maersk Drilling says it is engaged in an energy efficiency project for its newbuilds together with Maersk Maritime Technology. The project involves an Energy Management System (MSPS),

News

Jet Edge Celebrates 30 Years in Waterjet Industry

Waterjet systems manufacturer Jet Edge, Inc. celebrated its 30th anniversary Sept. 3 with a special open house celebration. Jet Edge’s anniversary event included

TITAN Salvage Receives NAMEPA Award

The North American Marine Environment Protection Association (NAMEPA) announced earlier this month that Houston-based TITAN Salvage, a subsidiary of Crowley Maritime Corp.

Second Sailing Added to Cleveland-Europe Express

The Port of Cleveland and Amsterdam-based Spliethoff Group announced today their mutual intent to add a second monthly vessel to the Cleveland-Europe Express (CEE),

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2287 sec (4 req/sec)