UAE Energy Forum: Shale Gas Is Not A Threat
“The rise in the cost of production of shale oil and the environmental effects associated with it show that the production procedure may face significant challenges or be on a smaller scale, thus disqualifying it from competing with conventional oil production.”
Ali Al Yabhouni, the UAE’s OPEC governor, said that the UAE has a clear message for those who believe the shale revolution in North America will challenge OPEC’s status as supplier of 40 percent of the world’s oil.
“This is a great thing for all human beings and all industries and our business. I don’t understand why some people look at this as a threat at OPEC producers.”
By 2030, annual energy consumption in the Middle East may increase fourfold to 900 million tons versus 1990 consumption levels, Martin Bachmaan, member of the board, head of exploration and production at Wintershall Holding, told the Gulf Intelligence Forum.
“These figures are impressive. But they also raise the question of how these countries will be able to meet their own energy requirements in the future without losing their position as the world’s most important export region for oil and gas,” he said.
Dr. Bachmaan said that companies that want to come out ahead in the global race for energy resources and form partnerships directly at the source, have to offer more today. But what makes an international company attractive for national oil companies (NOC)? What do the NOCs need and want?
“They need technologies,” he said. “They need technological know-how to get more energy out of their fields.”
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