At a recent Texas energy conference, the growing demand for natural gas, particularly liquefied natural gas (LNG), was a key topic despite the focus on innovative technologies. S&P Global forecasts a 40% growth in LNG demand over the next five years. Executives note the fuel's role in stabilizing electricity supply and transitioning from coal, fueled by energy security concerns following geopolitical events. With data centers consuming vast electricity, natural gas is expected to provide flexible energy solutions, complementing renewable sources in the immediate future.
"Natural gas hasn't historically been a hit with environmentalists, but executives say it's seeing greater demand and believe it will play a role in meeting a worldwide need for stable electricity and helping countries shift away from coal."
"Practicality and pragmatism will always win out," said Tengku Muhammad Taufik, CEO of Malaysia's multinational oil and gas company Petronas.
"Data centres and AI are energy hogs. We think LNG will play an even more important role," said Meg O'Neill, CEO of Woodside Energy.
"Concerns around energy security, particularly in the wake of Russia's invasion of Ukraine has also spurred demand. Buyers are returning to the table and asking for long-term LNG contracts."
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