Eni Review Raises Questions about 'Age of Gas'
A review of the global oil and gas industry by Italian oil major Eni has raised a question mark over whether the world is about to enter a so-called "Age of Gas", with data showing that growth in oil consumption worldwide far outstripped growth in gas consumption last year.
The 13th edition of the company's World Oil and Gas Review, published Monday, found that the world saw consumption of oil and gas both increase last year. But while oil consumption grew by 1.4 percent, gas only grew at only one percent compared to average consumption growth between 2000 and 2013 of 2.5 percent.
Eni highlighted the fact that, for the first time since the economic crisis began, OECD countries saw a positive trend for oil demand.
Although the data represents only one year, it goes against the increasingly-popular view that the world is entering an "Age of Gas" in which gas will overtake oil as the world's primary source of energy.
Eni's review also revealed that 2013 saw the world's oil and gas reserves increase by 0.4 percent and 1.7 percent respectively mainly thanks to new U.S. tight oil plays and gas discoveries in East Africa. The firm said 2013's slight increase in oil reserves was driven by the contribution from non-OPEC countries, with the US (up 9.8 percent) leading the way followed by Norway (up 8.6 percent). OPEC countries' reserves remain substantially stable, the firm added.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ITEM Club: More Jobs Losses Expected in NE Scotland due to Oil Slump
- Shell Q&A: What Makes an Ideal Employer in Oil, Gas?
- Shell Takes First Place in Rigzone's Inaugural Ideal Employer Survey
- UK Government 'Must Recommit' to Oil, Gas Sector in Autumn Statement
- UK Government Gives Go-Ahead for Fracking in NW England
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Analyst Says USA Influence on Middle East Seems to be Fading
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally