The boom in unconventional natural gas supplies in North America will undermine some major exporting countries elsewhere, potentially disrupting their investment in massive new projects, Fatih Birol, the chief economist of the International Energy Agency said Tuesday.
The boom in unconventional natural gas supplies in
North
America
will undermine some major exporting countries elsewhere, potentially
disrupting their investment in massive new projects, Fatih Birol, the chief economist
of the International Energy Agency said Tuesday.
Even though the unexpected natural gas wealth gained from exploiting tight rock
formations called shales has fostered optimism in the U.S. and Canada, as well
as some European countries and China that seek to begin exploiting their own
unconventional gas fields, "there are also some losers from this gas glut,
such as some key gas exporters that have lost market share," Birol said in
a speech at the World Energy Congress. "It is an uncertainty how those
losing countries will react in terms of those investment decisions, especially
in the upstream sector."
Government officials and energy executives present at the World Energy Congress
have said that continued major investment is needed to meet the world's
galloping demand for energy. If countries curb investing in developing new
projects, there could be an energy crunch in the future. Most of the world's
energy needs in the next two decades will still be met by fossil fuels, and
natural gas is poised to be the fastest growing fuel due to its abundance and
its relatively small carbon footprint.
Oil, however, is likely to keep a tight rein on the transportation sector even
as natural gas gains market share in the electric generation business, Birol said.
Oil demand is losing its sensitivity to prices as it becomes primarily a
transportation fuel, and ready alternatives aren't available for the world's
growing fleet of cars and trucks, he said.
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