Global Oil Demand to Peak in 2023
While DNV GL’s model predicts global oil demand to peak in 2023, demand for gas will continue to rise until 2034. New resources will be required long after these dates to continue replacing depleting reserves. DNV GL’s 2018 Energy Transition Outlook, an independent forecast of the world energy mix in the lead-up to 2050, predicts global upstream gas capital expenditure to grow from USD960 billion (bn) in 2015, to a peak of USD1.13 trillion in 2025. Upstream gas operating expenditure is set to rise from USD448 bn in 2015 to USD582 bn in 2035, when operational spending will be at its highest.“The energy transition will be made up of many sub-transitions. Our Outlook affirms that the switch in demand from oil to gas has already begun.
Statoil Quadruples LNG Capacity
Agreements concluded with America's Dominion energy company have secured Statoil a fourfold increase in its access to liquefied natural gas capacity in the US market. This will be achieved by expanding the Cove Point LNG terminal in Maryland and associated pipeline transportation capacity on the American east coast. "These agreements give us unique market access to the north-eastern USA, where gas demand is high and the market robust and liquid," says Peter Mellbye, executive vice president for Natural Gas in Statoil. The deals give Statoil access to terminal, storage and pipeline transportation totalling about 10 billion cubic metres of gas per year (1.05 billion cubic feet per day).
Statoil quadruples LNG capacity in USA
Agreements concluded with America's Dominion energy company have secured Statoil (OSE: STL, NYSE: STO) a fourfold increase in its access to liquefied natural gas capacity in the US market. This will be achieved by expanding the Cove Point LNG terminal in Maryland and associated pipeline transportation capacity on the American east coast. "These agreements give us unique market access to the north-eastern USA, where gas demand is high and the market robust and liquid," says Peter Mellbye, executive vice president for Natural Gas in Statoil. The deals give Statoil access to terminal, storage and pipeline transportation totalling about 10 billion cubic metres of gas per year (1.05 billion cubic feet per day).
