A review of the global oil and gas industry by Italian oil major Eni has raised a question mark over whether the world is about to enter a so-called “Age of Gas”, with data showing that growth in oil consumption worldwide far outstripped growth in gas consumption last year. The 13th edition of the company’s World Oil and Gas Review, published Monday, found that the world saw consumption of oil and gas both increase last year.
But while oil consumption grew by 1.4 percent, gas only grew at only one percent compared to average consumption growth between 2000 and 2013 of 2.5 percent. Eni highlighted the fact that, for the first time since the economic crisis began, OECD countries saw a positive trend for oil demand.
Although the data represents only one year, it goes against the increasingly-popular view that the world is entering an “Age of Gas” in which gas will overtake oil as the world’s primary source of energy. Eni’s review also revealed that 2013 saw the world’s oil and gas reserves increase by 0.4 percent and 1.7 percent respectively mainly thanks to new U.S. tight oil plays and gas discoveries in East Africa.
The firm said 2013’s slight increase in oil reserves was driven by the contribution from non-OPEC countries, with the US (up 9.8 percent) leading the way followed by Norway (up 8.6 percent). OPEC countries’ reserves remain substantially stable, the firm added.