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Oil demand to plateau post-2030, remain above 100 million

barrels daily

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Exxon calls for affordable tech, policy to meet UN

emissions

goal

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Higher electricity demand driving growth in natural gas

By Sheila Dang

HOUSTON, Aug 28 (Reuters) - Global demand for natural

gas will rise more than 20% by 2050 from last year's level, as

it displaces coal to power industries and meet higher

electricity use in developing countries, Exxon Mobil ( XOM )

said on Thursday in an annual outlook.

The projections provide the basis for the top U.S. oil

producer's long-term strategy and investment. Exxon

has ambitious growth plans compared to other global oil players,

with a target to boost production by 18% over the next five

years.

Global oil demand will plateau after 2030 but remain above

100 million barrels per day through 2050, Exxon projected,

consistent with its previous outlook.

Oil and natural gas will account for 55% of the global

energy mix in 25 years' time, down 1 percentage point from 2024

levels, the company said.

The industrial sector will drive increased demand for

natural gas as it replaces coal, Exxon's economics, energy and

strategic planning director Chris Birdsall said in a press

briefing.

"It's a great way to provide the industrial (power) that's

needed, but at the same time reduce some of the emissions

challenges with coal," he said.

Even as overall crude oil demand is expected to remain

stable, Exxon forecasts that longer-term demand for gasoline

will shrink 25% as electric vehicles proliferate, while demand

for distillates will remain strong for commercial transportation

and aviation.

Refineries will have to adapt to the changing mix over time,

Birdsall said.

Exxon said more work is needed to reach the United Nation's

2050 emissions goal in order to limit global temperature

increases.

The company sees global carbon dioxide emissions falling to

27 billion metric tons in 2050, down about 25% from today's

levels but still more than twice what the international body

wants to see.

The world's ability to reduce carbon emissions will depend

on making technology and solutions more affordable, Exxon said,

calling for public policy that avoids energy price spikes and

supply constraints.