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Wed 18 May 2011 06:45 PM

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ExxonMobil sees Mideast power demand surge by 2030

World's largest listed oil, gas firm says demand to grow 85% compared to 2005 levels

ExxonMobil sees Mideast power demand surge by 2030
Exxon Mobil

Expanding prosperity for a growing population will drive an increase in energy demand in the Middle East of about 85 percent by 2030 compared to 2005 levels, a senior ExxonMobil executive has said.

That compares to just 35 percent growth seen globally in the same period, Rob Gardner, manager for the energy and economics division of ExxonMobil's corporate strategic planning department, said.

While global electricity demand will rise by more than 80 percent in the same period, that growth will almost double in the Middle East to about 150 percent, he added.

Global demand for natural gas for power generation is expected to rise by about 85 percent from 2005 to 2030 when natural gas will provide more than a quarter of the world's electricity needs, Gardner said during a speech in Kuwait on the company's Outlook for Energy report.

Gardner also said that despite a strong growth in alternative energy sources over the next 19 years, the contribution of wind, solar, and biofuels are likely to remain relatively small by 2030.

"It is very clear from our energy outlook that the world will require more energy as hundreds of millions of people experience improved living standards and greater access to electricity.

"The key role oil and natural gas plays in the global energy outlook for decades to come underlines the importance of the Middle East region as a major supplier in meeting the world's needs," Gardner said.

According to ExxonMobil's Outlook, efforts to ensure reliable, affordable energy while also limiting greenhouse gas emissions will lead to polices in many countries that put a cost on carbon dioxide emissions.

Other findings in the report included that oil, natural gas and coal will continue to meet most of the world's needs during this period because no other energy sources "can match their availability, versatility, affordability and scale".

US-based ExxonMobil is the world’s largest publicly traded international oil and gas company.

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