OPEC says: gas and oil are the future of energy, but not until 2040

By Ceyda Erem ·

Gas and shale oil is expected to become the power source of the future, according to the 2017 World Oil Outlook report, distributed by the Organisation of Petroleum Exporting Countries (OPEC).

Shale oil is made from oil shale rock fragments through thermal dissolution, hydrogenation or pyrolysis - methods which convert the rock matter into synthetic gas or oil that can then be used as fuel.

The oil was also called the most important non-OPEC energy source, meaning it is not exported from the 12 biggest oil-exporting nations.

RELATED: Energy bills rise by 29% - a reminder to switch before summer

The report also predicted a fall in coal, with the largest contribution for future energy demand to come from natural gas, reaching 93 mboe (million barrels of oil equivalent) a day by 2040.

"Fossil fuels will retain a dominant role in the global energy mix, although with a declining overall share," OPEC said.

While renewable energy is expected to be the fastest-growing power source by 2040, with a 6.8% annual growth rate, it still won’t surpass gas and oil in terms of market-share.

And even though gas isn’t expected to take centre stage for a while, no matter if you live in New South Wales or South Australia, switching gas providers could still be your answer to saving some extra cash on your bill.

But if it’s been awhile since you last switched gas providers and need a little rerun on how things work, here’s a quick summary on the questions you may have when switching gas providers.

How do I switch?

Once you’ve compared and chosen a plan using Mozo’s gas comparison tool, we’ll redirect you to the provider’s site where you can sign up directly. You may need the following details before you sign up:

  • The supply address
  • The delivery point identifier (DPI), the meter number you can find on your bill
  • Debit details, like your BSB and account number

Won’t I be billed twice?

No, but you will receive a final bill from your current provider before you switch. Your new bill will then arrive at the regular monthly or quarterly cycle from your new provider.

How long will switching gas providers take?

Before you jump to a new gas plan, there is a 10 day cooling off period. Once this passes, the time switching takes will depend on your next meter read, which could be from a few weeks to a couple of months.  

Will I save more by switching both gas and electricity?

Many energy providers offer discounts and specials for customers who choose to combine their gas and energy plans, which could mean savings for your household.

Thinking of making the switch with your gas or electricity? Mozo’s gas and electricity comparison tools can help you compare plans separately, while our Energy Cost Crunch Calculator compares dual fuel options.

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Ceyda Erem
Ceyda Erem
Money writer

Ceyda Erem is Mozo’s authority on Energy, as well as having broader expertise as a personal finance writer. She loves to put her researching and writing talents into stories that help our readers to make more informed financial choices, whether that’s about finding the best energy deal or writing about the latest sneaky bank tricks. Ceyda has a Bachelor of Arts (major in writing) from Macquarie University.