Global gas market to grow 50% amid energy transformation.

The oil and gas industry is experiencing a significant transformation as it prepares for a long-term decline in oil demand and an increased global need for natural gas. Investment in liquefied natural gas (LNG) is expected to grow by over 50% by 2029, while investment in oil shows signs of peaking in non-OPEC countries. The global gas market is projected to grow by 50% in the next five years. The shift towards short-cycle projects in the oil industry has implications for long-term oil supplies, while LNG in the US is expected to dominate future supply and contribute to lower natural gas prices in Europe and Asia. The growth of US LNG exports is expected to continue, but the number of future projects may depend on energy prices. OPEC may have an opportunity to gain market share towards the end of the decade, but non-OPEC production is expected to peak this year. Range-bound oil costs between $80 and $90 a barrel will continue to generate attractive returns for energy companies, and consolidation in the industry is driving efficiencies and higher returns. There may be more consolidation in the future, particularly between the US and Europe. [Extracted from the article]