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 July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

TSB Investigating Ferry, Pleasure Craft Collision

The Transportation Safety Board of Canada (TSB) is deploying a team of investigators to Laval, Quebec, following a collision between the ferry Paule II and a pleasure craft which occurred on August 1.

First Vessel of New Rescue Class Launched

Global shipping and energy services firm, Craig Group, has launched its first F-Class vessel, the Grampian Fortress. The IMT 958 multi-role emergency response and

MacArthur Lock Dewatered for Emergency Repairs

The U.S. Army Corps of Engineers, Detroit District, announced the MacArthur Lock, located on the Soo Locks at Sault Ste. Marie, Mich., is experiencing mechanical

Fuels & Lubes

Tanker Retrofitted with Dual Fuel Engine

Caterpillar Marine informs it has begin a dual fuel engine retrofit conversion onboard the 472-foot Fure West tanker, owned by Furetank Rederi A/B. The MaK M 43

Thordon Bearings Secures AK Ferry Contract

Thordon Bearings has received an order to supply its COMPAC system to two Alaska Ferry newbuilds under construction at the Vigor Industrial shipyard in Ketchikan, Alaska.

West Africa's August Crude Exports to Asia to Slip

West African crude oil exports to Asia were expected to fall to 1.84 million barrels per day (bpd) in August, Reuters data and a survey of traders showed.     Slower

News

Norwegian Epic to Sail from Port Canaveral

Port Canaveral will homeport Norwegian Cruise Line’s (NCL) largest ship and currently the third largest in the world—the Norwegian Epic—starting in November 2016,

GE Gas Turbines to Power US Navy’s New Destroyers

The U.S. Navy’s new DDG 121 and DDG 122 Arleigh Burke-class destroyers will be powered by eight LM2500 marine gas turbines supplied by GE Marine, who also received

TSB Investigating Ferry, Pleasure Craft Collision

The Transportation Safety Board of Canada (TSB) is deploying a team of investigators to Laval, Quebec, following a collision between the ferry Paule II and a pleasure craft which occurred on August 1.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.2494 sec (4 req/sec)