The gas market is witnessing a real revolution and will play an increasingly important role in the rapidly changing energy landscape, according to major oil companies’ CEOs speaking at the first CEO Panel Session at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) Business Conference.
Christopher de Margerie, CEO of Total said that not only has gas revolutionized the country but also the world, where he emphasized on the huge demand for gas.
“To produce gas we should have a good return, and this poses a headache for producers,” he said. “It is good for consumers, but it is a headache for producers as gas is a commodity that needs to be produced, treated and transported. We have to work on how to keep our cost under control to keep all parties happy,” he said.
Commenting on the shale gas revolution in the United States, de Margerie said that currently there are three main international gas markets including the United States and the European and Asian markets.
“When the U.S. gas will arrive to the international market, it will certainly have an impact on these two markets where the gas price is higher than the U.S. market,” he said.
Speaking about the Liquefied Natural Gas (LNG), de Margerie said that the LNG market is growing by 2 percent each year, while gas is growing by 1 percent.
“The Middle East is seeing a huge demand for natural gas, which has tilted the energy mix equation in the region,” he noted.
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