Gas accounts for slightly more than one-fifth of global primary energy demand, and its share in the energy mix looks set to increase as the use of coal declines and more renewables capacity is installed to meet climate targets set by the Paris Agreement.
Major oil companies have become enthusiastic about gas as a complementary fuel to renewables, the intermittency of which makes them unreliable in power generation. Gas-to-power projects have proliferated as lower oil and gas prices have made gas more competitive against coal in power generation. Meanwhile, the commercial, residential and industrial use of gas is expected to grow in line with global population and GDP. The use of gas in transport has also been touted as a potential source of new demand growth, although only Shell looks set to invest in the sector on a scale that would substantially boost demand for the fuel.
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