Page 13 - AsianOil Week 09 2023

AsianOil PERFORMANCE AsianOil

ASEAN gas demand to double by 2050: GECF

ASEAN THE 10 Southeast Asian members of ASEAN and Malaysia would continue to show the largest
are forecast to see a doubling in demand for nat- demand.
Demand is expected to ural gas by 2050, according a report delivered Gas production in ASEAN will be about 180
hit 350 bcm by 2050. to a conference of the Gas Exporting Countries bcm in 2050, according to GECF. Hammel rec-
Forum (GECF) in Jakarta last week. ommended that ASEAN take steps to switch
Natural gas demand is slated to grow to 350bn from coal to natural gas, saying that natural gas
cubic metres by 2050 as the region switches “is a partner for renewables, providing backup
away from coal-fired power generation, GECF and stability to power grids.”
secretary general Mohammed Hammel told the Coal currently accounts for 24% of the
gathering, adding that natural gas will increase to ASEAN power mix, but is forecast to fall to 13%
make up 24% of the region’s energy mix at that as the use of renewable and low carbon fuels
time. expands. GECF data said that if carbon capture
The conference, which examined the pros- and storage (CCS) technology is employed, nat-
pects for natural gas in the region, was also ural gas usage could remove 735mn tonnes of
attended by the Economic Research Institute for carbon dioxide emissions in the power sector
ASEAN and East Asia (ERIA). by 2050.
ASEAN’s natural gas demand stood at 160 ASEAN’s increasing population and growing
bcm in 2021, according to GECF data released economic activity are deemed responsible for
at that conference, and 80 bcm of that is used the region’s rising demand for energy. The pop-
for power generation, while 50 bcm is used by ulation is growing rapidly. Some 675mn people
industry. GECF projections showed that those inhabit the region now. This will likely rise to
sectors would continue to consume most of the 790mn by 2050. GDP will triple from $3.1 tril-
region’s natural gas and that Indonesia, Thailand lion to $10.5 trillion during that time. ™

Week 09 03•March•2023 www. NEWSBASE .com P13