Experts at the ongoing Gastech conference in Singapore have agreed that natural gas is the best choice for the energy transition. This is according to insights shared from the conference.
During the conference, Nigeria’s Minister of State for Gas, Ekperikpe Ekpo said natural gas is Nigeria’s ambition for its energy transition. He said:
- “In Nigeria, there is a clear direction towards the decade of gas. Our goal is to increase gas production in order to satisfy both local and international needs. Part of my reason for being here is to say that Nigeria is open for investment, so investors can come in and take advantage of good and supportive policies.”
Tarek El Molla, Egypt’s Minister of Petroleum and Mineral Resources, said that although natural gas is the best choice for the energy transition, a lot of investments are needed in the sector. He said:
- “We have all agreed that natural gas is the best choice for the energy transition. Egypt has built on the momentum of COP27, but continued investment, as well as sustained cooperation among countries, is very much needed.”
Also, Joseph McMonigle, the Secretary General of the International Energy Forum (IEF) emphasized the need for inclusive dialogue on decarbonization ahead of the COP 28 Summit. He called on all stakeholders to agree on progress and not perfection. He said:
- “What we have learned is that this linear approach to net zero is an outdated approach that is not workable in many areas around the world. We need everyone at the table, and I hope that at this COP, we will focus on progress and not perfection. There are so many things we can do to make progress on climate change, and natural gas is going to help the world to decarbonize.”
During the conference, ExxonMobil, Eni, Chevron, Shell, and Vitol representatives highlighted the global liquefied natural gas (LNG) market as a resilient industry with the potential to meet the demands of the future energy system.
Cristian Signoretto, the Director of Global Gas and LNG at Eni said that liquefied natural gas (LNG) is the future. He said:
- “LNG used to be a niche commodity market. In the last 18-24 months we have seen a maturity test and LNG has provided the glue for all other energy supplies around the world. Gas is very versatile, and the growth of the floating infrastructure has enabled more countries to get involved.
- “Having a diversified portfolio was key to navigating the Russia crisis. Having different sources and different relationships with countries that had been formed over decades enabled us to manage.
We are moving in the right direction. We believe that gas and LNG are the future.”
Colin Parfitt, the President of Midstream at Chevron said that by the end of this decade, there will be more gas supply. He said:
- “Gas plays a really important role in reducing carbon intensity. If you look at the US and Europe, carbon intensity has gone down, and that is because of the growing role of gas and LNG.
- “There is a great opportunity to replace coal with gas, but to do that we need LNG. By the back end of this decade, we are going to see more supply come on, which will help with affordability and volatility, and reducing carbon intensity.”
Peter Clarke, the Senior Vice President of Global LNG at ExxonMobil Upstream said:
- “The last 18 months in Europe have highlighted the role of natural gas and offered a stark reminder of the need for energy diversification. As the supply gap tightened, renewables were not there to fill it.”