Global Energy Market: Past, Present and Future

Abstract

The three fossil fuels, coal, oil and natural gas, are the major and depletable energy resources of the world. By end of the twentieth century, approximately 85% of the total primary energy consumed globally came from the three fossil fuels. In the last two years or so oil prices have almost doubled, whereas, price of natural gas has also increased at a faster rate. Indications and predictions are that these prices will stay for years to come because of imbalance in supply and demand and political instability in the Middle East and Africa regions. In such a dynamic energy market, companies dealing with energy resources, energy related equipment suppliers and service providers will face a stiffer competition. This paper provides a comprehensive overview of the global energy market emphasizing the following key issues: the status of proven fossil fuels reserves which are recoverable with the today’s technology; trends of production and consumption of major fuels; trends of electric power generation and industrial gas turbine market for power generation; and emissions related issues. A brief discussion on gas monetization and IGCC (Integrated Gasification and Combined Cycle) technology is also included. In addition to presenting an in-depth analysis of the energy related data for the last 2–3 decades, projections are provided for the next two decades (until 2025). The presented data will be useful in identifying world’s areas and countries where potentials for energy related businesses are expected to grow in the coming years. The presented study is a timely topic of discussion in presence of a highly volatile energy market and companion to the theme of the Turbo Expo 2006 “The Global Market and Cooperative Ventures”.