Increased Use Of Natural Gas Creates New Opportunities

KUALA LUMPUR, June 5 (Bernama) -- The historic shift of global energy markets toward increased use of natural gas will create new opportunities for economic growth and environmental progress. Exxon Mobil Corporation Chairman and Chief Executive Officer Rex W. Tillerson said this in a speech at the 25th World Gas Conference (WGC) here on Tuesday. "As global energy demand increases, so too would demand for abundant, cleaner-burning natural gas resources. "By 2025, ExxonMobil predicts natural gas will overtake coal to become the second most widely used source of energy worldwide," he said. He said natural gas was quickly becoming a key enabler of economic growth and environmental progress around the world. The need for natural gas resources is greatest in regions like the Asia-Pacific, where energy demand is projected to grow by more than 50 per cent over the next three decades. Natural gas can help meet needs for electricity, chemicals, and plastics that increase quality of life while reducing environmental impacts. Access to natural gas has been made possible in large part by industry advances in large-scale liquefied natural gas (LNG) production and transportation, and in development of unconventional gas sources such as shale gas, coal bed methane, and tight sands through hydraulic fracturing and horizontal drilling techniques. "To date, North America has been the proving ground for unconventional gas development -- and the results have been encouraging, confirming the enormous potential of this resource. "The challenge now is to confirm the size of the global unconventional resource and to fully apply these breakthrough technologies to nations outside North America," Tillerson said. He said by learning from the North American experience, industry and government can work together to develop a legal and policy framework that encourages the safe, sustainable and environmentally responsible development of global natural gas resources. The policies needed to responsibly develop natural gas should hold the industry accountable to operational integrity and excellence without stifling innovation and investment. “With sound policies in place around the world, we can help nations and peoples achieve their economic, environmental, and energy security goals – and as we do so, we can create opportunity and progress for all," Tillerson said. -- BERNAMA