The oil and gas industry is undergoing a major transformation, as the global requirement for natural gas is anticipated to rise and oil demand eases over the long term, Goldman Sachs Research said in a report.

Investments in liquefied natural gas (LNG) are forecast to jump more than 50% by 2029, according to Top Projects, Goldman Sachs Research’s 21st annual analysis of the energy sector.

With the increase in investments, the global supply of LNG could grow by 80% by 2030, and this will likely put an end to the European energy crisis, the report said. The supply growth will be driven by new projects in Qatar, as well as in North America.

As energy demand shifts, the global gas market is projected to grow by 50% during the next five years, while oil investment is already showing signs of peaking in non-OPEC countries.

If oil prices stay in the $80 to $90 range, the report noted that oil companies are still likely to reap attractive returns for shareholders, as well as good per-share growth.

It also expects the industry to continue consolidating through mergers and acquisitions in the face of falling oil demand.

(Writing by Cleofe Maceda; editing by Seban Scaria)