The majority of energy and industrial companies are making or planning to make investments in natural gas or liquefied natural gas (LNG), according to the Baker Hughes Energy Transition Pulse 2023 report.
It found over half of 500 senior executives (57%) in energy and hard-to-abate industries across the Americas, Asia-Pacific, Europe, and the Middle East and Africa, anticipate increasing gas investments in a survey about their readiness to achieve Net Zero by 2050.
Beyond Europe, renewed demand for gas has also prompted investments globally. Analysts predict that US LNG export capacity alone will increase by 84% to 21.7bcf per day by the end of 2027.
Lorenzo Simonelli, Baker Hughes’ Chairman and CEO, said he has been encouraged by the speed at which European countries are installing regasification units, accelerated by the growing need for energy security following the Ukraine war, which has created the ‘energy trilemma’ alongside sustainability and affordability.
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