Woodside forecasts 50% surge in global gas demand by 2030
Woodside Energy's Chief Executive Meg O'Neill has predicted global gas demand will increase by 50% between now and 2030, highlighting the continued importance of natural gas in the global energy transition, Reuters reported.
The head of Australia's largest natural gas producer emphasised that nations are seeking "affordable reliable energy" as they progress towards net zero emissions targets, with gas remaining "absolutely a part of the mix".
O'Neill revealed that customers are looking to secure liquefied natural gas (LNG) supply contracts extending into the 2040s, signalling long-term confidence in the fuel source despite decarbonisation efforts.
"The tremendous increase in gas demand means that suppliers need to do their best," O'Neill stated, explaining that Woodside is actively investing in cost-competitive projects to meet this rising demand.
The company is pursuing a global strategy, having completed a $1.2 billion acquisition of a Louisiana LNG project last year to establish a presence in the Atlantic basin, which O'Neill described as "very complementary to our Australian position".
Despite this international expansion, O'Neill reaffirmed Woodside's commitment to its home market, noting, "We're still an Australian company. We're investing in Scarborough, expecting first LNG in second half of next year."
The Scarborough project represents one of Australia's largest natural gas developments in recent years and forms a key component of Woodside's strategy to capitalise on the projected growth in global gas consumption.
