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Thursday, May 23, 2024

Natural gas will be key global resource for years to come – Putin

Consumption of the fossil fuel will continue to grow, according to the Russian president

Natural gas will continue to be a valuable resource with high global demand for a considerable period to come, Russian President Vladimir Putin predicted on Friday.

Speaking via video link at an event dedicated to the 30th anniversary of state energy company Gazprom, the Russian leader noted that global gas consumption has nearly doubled in the last 30 years, and is expected to increase by at least 20% in the next 20 years.

Read more: Gas cooking linked to 12.7% of childhood asthma in US: Study

“In the so-called transitional phase, demand will be huge, and countries of the Asia-Pacific will account for more than half of this growth, especially, of course, in China, given its economic development rate,” Putin said.

Further growth of the huge gas-industrial complex already established in the east of Russia is strategically vital for the country, the president added.

Regarding Gazprom, Putin described the state-owned company’s explored energy reserves as enormous.

Read more: Türkiye announces huge natural gas reserves in Black sea

“Well, here are the Bovanenkovskoye and Kharasaveyskoye gas fields. The first one contains 4.9 trillion cubic meters of proven reserves, almost five trillion. The second one about two trillion cubic meters. These are astronomical reserves for any country,” the head of the state observed.