Member Corner
A clear global megatrend is evident: world energy consumption is gaining momentum, driven by low-income countries seeking to improve their standard of living and overall quality of life. Projections from the latest edition of GECF Global Gas Outlook depict a striking picture, projecting a significant 20% increase in energy demand, rising from 14.9 Gtoe in 2022 to 17.9 Gtoe by the year 2050. This surge in energy demand can be attributed to various factors, including an anticipated global population rise of around 1.7 billion people, with substantial growth expected in Africa and Asia. Moreover, the global GDP is projected to double, surpassing USD 200 trillion. These demographic and economic shifts are set to reshape the global energy landscape significantly. In this context, National Oil Companies (NOCs) stand as critical players in the pursuit of a sustainable future in the oil and gas industry."