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Gas is here to stay for decades, say fossil fuel heavyweights

June 24, 2023
in News
Gas is here to stay for decades, say fossil fuel heavyweights
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NEW YORK – The biggest fossil fuel players are making the message clear: The transition to a green future will require much more natural gas.

From Shell to Chevron, the world’s top producers plan to accelerate investments in the fuel.

China keeps signing deals to buy liquefied natural gas (LNG) past 2050, with European importers not far behind. The United States is forging ahead with new projects that will make it the world’s top LNG exporter for the foreseeable future.

This momentum marks a turning point for gas. The “cleanest” fossil fuel was seen as a short-term bridge to greener energy sources, and environmentalists have sought to phase it out amid worries that gas is far dirtier than advertised. Now, the idea that gas demand will peak any time soon is disappearing.

“LNG sellers look around this market and feel pretty confident that gas demand will be with us for decades to come,” said Mr Ben Cahill, senior fellow with the Centre for Strategic and International Studies, a Washington think-tank.

Russia’s invasion of Ukraine, and the subsequent energy crisis and record-breaking price surge, has changed the long-term prospects for natural gas. Europe is rushing to replace Russian fuel while emerging nations are signing long-term deals to avoid future shortages.

China signed a 27-year agreement with Qatar on Tuesday to safeguard its energy security, and a German importer on Thursday inked a landmark contract to buy LNG from the US till 2046 – even though Germany aims to be carbon-neutral a year before that.

About 60 billion cubic m of new gas production capacity has been approved since Russia invaded Ukraine, nearly double the rate compared with the past decade, according to the International Energy Agency (IEA).

Doubling down on gas also makes sense for shareholders, said Mr Saul Kavonic, a Sydney-based energy analyst at Credit Suisse Group. The fuel has been profitable over the last few years, while the pursuit of green energy targets has been more of a struggle, he said.

Gas has been the main earnings driver for energy companies including Shell and BP over the past few years. Producers had plunged into the lower-margin renewable power business years before, but are now rethinking those investments due to lacklustre returns.

“Liquefied natural gas will play an even bigger role in the energy system of the future than it plays today,” Shell’s chief executive officer Wael Sawan told investors earlier in June as he outlined a strategy shift following his promotion to the role in January.

“LNG can be easily transported to places where it is needed most. And what’s more, on average, natural gas emits about 50 per cent less carbon emissions than coal when used to produce electricity.”

Shell plans to increase natural gas investments by about 25 per cent in 2023 to a record US$5 billion (S$6.8 billion) and keep spending at that level till 2025. In 2022, the London-based company joined ExxonMobil and ConocoPhillips in investing in Qatar’s US$30 billion LNG expansion, the biggest ever in the industry.

Gas is also key to Italian energy group Eni SpA’s growth plans – that was a big motivation behind Friday’s US$4.9 billion deal to buy Neptune Energy Group.

Elsewhere, Romania’s two biggest natural gas producers agreed this week to invest as much as €4 billion (S$5.9 billion) in a Black Sea gas project after decades of debate. Chevron and ExxonMobil are adding more staff to build up their gas trading activities in London and Singapore.

In the US, the development of new LNG plants is being underpinned as buyers in countries including Germany and Japan – both of which have ambitious green goals – sign long-term contracts with exporters.

TotalEnergies gave a boost in June to plans to build a US export terminal, agreeing to buy stakes in the project and its developer. The French company is also in discussions with Saudi Arabia to invest in its massive natural gas project. 

Still, there is a debate over how much gas and investment will be needed, with demand likely to hinge on how successful nations are in reducing emissions.

The IEA says gas demand needs to fall dramatically by the end of the decade in order to keep the world on track for net zero by 2050. The agency in 2021 calculated that all new developments of oil, gas and coal fields need to be stopped to meet that scenario.

Producers and financial institutions need to “commit to end financing and investment in exploration for new oil and gas fields, and expansion of oil and gas reserves,” United Nations Secretary-General Antonio Guterres told reporters earlier in June in New York. “We are hurtling towards disaster, eyes wide open.”

One of the biggest arguments against natural gas is methane emissions, a by-product of gas production that traps more than 80 times more heat than carbon dioxide in its first two decades in the atmosphere.

Gas leakage of about 3 per cent makes the fuel worse for the climate than coal, according to a study published by the National Academy of Sciences, undermining industry claims that it is a cleaner fossil fuel.

In order to market natural gas as a clean alternative to coal, energy majors are working to cut methane releases. Shell, ExxonMobil and more than a dozen other producers aim to achieve “near-zero” methane emissions by 2030 as part of an initiative launched in 2022.

“By finally taking the reduction of methane emissions seriously, the majors believe they can thread the needle of making a positive contribution to climate change and keeping their assets commercially relevant,” said Mr Ira Joseph, a global fellow at the Centre on Global Energy Policy at Columbia University. BLOOMBERG

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Copyright for syndicated content belongs to the linked Source : The Straits Times – https://www.straitstimes.com/world/gas-is-here-to-stay-for-decades-say-fossil-fuel-heavyweights

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