The role of natural gas in the energy transition was the focus of the first day of Gastech in Houston. Energy ministers of some of the world’s largest energy-consuming states assembled in the morning as part of a panel and discussed their perspectives on the topic.
The consensus of the presenters is that natural gas will be essential to a pragmatic and orderly transition. But the pace of the transition will vary by region. It will be dictated by national economic conditions and ambitions.
India, for example, is committed to a “green” transition but the pace of its transformation will be gradual as it relies heavily on fossil fuels.
The country’s oil consumption is forecast to rise from 5.4 MMb/d to about 7 MMb/d by 2030. It also will account for 30% of global energy demand growth to 2035.
“To successfully make the transition, we must survive the present, said Shri Hardeep Singh Puri, India’s minister of petroleum and natural gas. “The directive must be anchored in the real world.”
Egypt is seeking to leverage technology and its domestic infrastructure to unlock the region’s natural resources. Part of the plan is to establish Egypt as an export hub for the region to facilitate development, according to Karim Badawi, Egypt’s minister of petroleum and mineral resources. Egypt is transitioning its energy mix as well, with a target of 42% renewables by 2030.
