Demand for energy will continue to rise as the global population grows and economies develop, urbanise and industrialise.
Global energy demand will increase 36 per cent between 2011 and 2030, oil giant BP estimates in a recent outlook report.
“Increased demand can be met as long as competition is present to drive innovation, unlock resources and encourage efficiency,” BP global chief executive Bob Dudley says.
The discovery of shale gas and oil in North America will make the US nearly self-sufficient in energy supply, while China and India will become increasingly import-dependent, BP predicts.
Australia has its place on the supply scene.
We have more than one-third of the world’s known economic uranium resources, large coal resources, and substantial conventional gas and coal seam gas resources, according to Geoscience Australia.
By global comparisons, we’ll be big players in liquefied natural gas (LNG), BP reckons. We’ll overtake Qatar as the world’s biggest supplier of LNG and account for 25 per cent of global production by 2018.
A large number of new energy projects will be up and running from 2014.
Investors need to make sure they’re in the right position to benefit from the expansion in demand.