During 26th-28th of August 2024, Andrea Stegher – IGU Vice President – has held a series of high-level meetings facilitated by Pål Rasmussen of Gassco, with representatives of Norway’s IGU Charter and Premium Associate members, where matters related to the current status-quo and the future of the gas industry were discussed.

In addition to these executive-level meetings, as highlighted below, Mr Stegher has also attended the official launch of IGU’s 2024 Global Gas Report at the ONS in Stavanger.

During his meeting with Ms Kristin Kragseth, the CEO of Petoro (IGU Charter Member), Mr Stegher highlighted the long standing and fruitful relationship between Petoro and the IGU and the importance the association can and should play in promoting a better dialogue with policy makers and other relevant stakeholders to sustain the role of gas in all future scenarios.

During their meeting, Mr Frode Leversund, the CEO Gassco, and Mr Stegher debated the great opportunities coming from not only natural gas but also from low-carbon gases and technologies like CCS and the role of infrastructures in facilitating these developments.

From top left corner to the bottom right corner, the images present: 1. Ole Njærheim, EVP Marketing and Commercial, Petoro; Andrea Stegher, Vice President, IGU; Kristin Kragseth, CEO, Petoro; Pål Rasmussen, Relationship Manager, Gassco; 2. Andrea Stegher, Vice President IGU; Frode Leversund, CEO Gassco; 3. Andrea Stegher, Vice President, IGU; Irene Rummelhoff, EVP Marketing, Midstream and Processing, Equinor; 4. Andrea Stegher, Vice President IGU; Anders Opedal, CEO Equinor; Caroline Middlethon, Manager for Gas and LNG Market Analysis, Equinor; 5. Caroline Middlethon, Manager for Gas and LNG Market Analysis, Equinor; Andrea Stegher, Vice President, IGU; Irene Rummelhoff, EVP Marketing, Midstream and Processing, Equinor; Peder Bjorland, Vice President Marketing and Trading Natural Gas, Equinor; 6. Xavier Rousseau, Strategy Director, Snam; Andrea Stegher, Vice President, IGU; Martin Opdal, Partner, Rystad Energy
From top left corner to the bottom right corner, the images present: 1. Ole Njærheim, EVP Marketing and Commercial, Petoro; Andrea Stegher, Vice President, IGU; Kristin Kragseth, CEO, Petoro; Pål Rasmussen, Relationship Manager, Gassco; 2. Andrea Stegher, Vice President IGU; Frode Leversund, CEO Gassco; 3. Andrea Stegher, Vice President, IGU; Irene Rummelhoff, EVP Marketing, Midstream and Processing, Equinor; 4. Andrea Stegher, Vice President IGU; Anders Opedal, CEO Equinor; Caroline Middlethon, Manager for Gas and LNG Market Analysis, Equinor; 5. Caroline Middlethon, Manager for Gas and LNG Market Analysis, Equinor; Andrea Stegher, Vice President, IGU; Irene Rummelhoff, EVP Marketing, Midstream and Processing, Equinor; Peder Bjorland, Vice President Marketing and Trading Natural Gas, Equinor; 6. Xavier Rousseau, Strategy Director, Snam; Andrea Stegher, Vice President, IGU; Martin Opdal, Partner, Rystad Energy

 
IGU’s Vice President also had a series of meetings with the leadership of Equinor (IGU Premium Associate Member) where the importance of a more active IGU representation with relevant stakeholders, also in the European framework, were discussed, including the key findings of IGU’s newly launched 2024 Global Gas Report.

The launch of IGU’s 2024 Global Gas Report at ONS enjoyed the presence of a high number of media representatives accredited at the event, and the Report’s findings were received with great interest by the attendees.

In addition, IGU’s Vice President also met with Mr Demetrios Papathanasiou, Energy and Extractive Global Director at the World Bank, and the bilateral discussion held focussed on the role of gas in the energy trilemma and on the sustained actions the International Gas Union is taking to promote and advance the criticality of gas for a sustainable global energy transition.
Mr Stegher also engaged with Ms Laura Pinho, EU Director for Just Transition, Consumers, Energy Security, Efficiency and Innovation on the role of gases to better support a pragmatic energy transition coupled with improved security of supply.

Global Gas Report 2024 Edition

The International Gas Union (IGU), Snam and knowledge partner Rystad Energy, are pleased to announce the Global Gas Report 2024 Edition.

Rising Energy Demand in All Regions and Underinvestment in Gas and Clean Energy Jeopardise Global Energy Supply, with 2030 Energy Targets Visibly Out of Reach.

Key Messages:

  • Global gas markets stay in fragile equilibrium, with limited supply growth as demand rises steadily, up by 1.5% in 2023, with an expected acceleration to 2.1% by the end of 2024. Asia continues to be the key engine of this growth, while North America and the Middle East are in the lead on the exports.
  • Should gas demand continue to grow as in the last 4 years, without additional production development, a 22% global supply shortfall is expected by 2030. If demand continues to strengthen, the shortfall will be more pronounced. This underscores the urgent need to scale up investments.
  • Energy demand has continued to rise in developed and developing regions, while coal burning increased more than ever in 2023, remaining the biggest source of global energy emissions – which broke another record. If current energy demand and supply trends persist, 2030 targets outlined in policy driven decarbonisation scenarios will most likely be missed. In fact, despite efforts to enhance efficiency and ongoing industrial decline, Europe has experienced energy demand growth. In North America, energy demand has surpassed 2019 levels and continues to climb, fueled by the transport sector and AI data centers. Asia’s demand is also surging, particularly in the industrial sectors of India and China. Meanwhile, Africa’s energy demand is growing faster than in most regions, driven by urban development, though it still falls short of the levels required for full energy access, as equitable electricity access remains a significant challenge in Africa and parts of South America.
  • To contain the growth of greenhouse gas emissions and to make global gas market equilibrium resilient it is critical to both enhance investment in natural gas supply and scale up biomethane, carbon capture and storage (CCS), and low-carbon hydrogen technologies. Natural gas today provides an immediate opportunity to cut emissions from coal by 50% and from oil by 30% through cost-effective switching. Biomethane is a direct substitution for natural gas. Today, its scale is significantly below potential at roughly 1% of the natural gas market, and it is primarily produced in North America and Europe. However, new centres of production are emerging in hubs like China and India. CO2 capture capacity, a crucial technology for a successful energy transition, is also gaining momentum, but its scale is still far below what is needed, same as for biomethane and low-carbon hydrogen. These technologies will play a critical role in decarbonising energy supply (especially in hard-to-abate sectors) and ensuring its resilience. Scaling them is essential, calling for urgent investment and enabling policies to start building the growing volumes of project proposals.

 

Published on Aug 27, 2024 Download

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