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Home >> Business
UPDATED: 08:49, October 29, 2006
World demand for natural gas to exceed oil by 2020: report
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The world demand for natural gas would increase in the coming decades and exceed the demand for oil by 4.4 percent yearly until 2020, a report issued by Kuwait- based Global Investment House said on Saturday.

The report also predicted that the proportion of world natural gas to total global energy would rise to 28 percent in 2030 from 2005's 23.5 percent.

"Technological progress, specifically in the transport and communication sector, will be a major factor for increased dependence on natural gas as a source of energy in the Middle East area between the years 2003 and 2030," the report said.

It revealed that Gulf Cooperation Council (GCC) states held 25 percent of the world's proven natural gas reserves as early as the end of 2005.

Four member states of the six-member GCC, namely Qatar, Saudi Arabia, the United Arab Emirates (UAE) and Kuwait, were among the 20 largest countries in natural gas reserves worldwide, ranking third, fourth, fifth and 20th respectively.

Source: Xinhua


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