Asia facing natural gas deficit of 645bcm by 2050

Asia’s natural gas deficit is set to reach about 645bcm by 2050, spurred by industrialisation in the region’s developing countries, a surge in electricity demand and limited domestic reserves. Only China has notable gas reserves that it seeks to bank on, adding 85bcm to its annual production volumes by 2050 compared to 2021. Europe’s accelerated uptake of renewable energy is set to eat away some of the continent’s need for natural gas in the long term.