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Tuesday, September 05, 2017

Big Oil to be usurped by gas in little more than a decade, experts warn

THE dominance of Big Oil will be usurped in less than two decades by the dawn of a golden age for natural gas lasting at least until the middle of the century.

One of the world's biggest risk assurance experts in the global energy ­industry has predicted that gas will emerge as the world's most important source of energy by the mid 2030s ­after a slow descent for oil which will peak within ten years and the ongoing decline of coal.

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Remi Eriksen, the boss of Norway's DNV GL, said the group's first conservative prediction for the future of the global energy industry has revealed a boom in renewable energy which will meet around half the world's needs - but gas will be the largest single source of energy for decades to come.

"Gas will overtake oil as the world's biggest source of energy by 2034. By 2050 it will be the single biggest source at 27pc of demand," he said. He added that the demand for gas will tower over the use of individual renewable energy sources such as wind, hydro and solar power, although when totalled ­together renewable energy will make up 50pc of energy use.

Read the full story at The Telegraph