Watson: US Should Move Forward with LNG, Crude Exports
Watson expects more growth in the world economy and more people moving into the middle class as a result of free trade and economic policy. Meeting this energy demand will require development of all forms of energy.
“We have the geology, the technological know-how to develop the world’s resources,” said Watson. “We just need to get all the policies right above ground so we can invest and meet the needs of a growing world,”
Watson said the industry was caught by surprise in terms of infrastructure to support its needs, noting that industry needs to respond more collaboratively and work with suppliers and service companies in terms of building capacity to operate at sustained levels. The oil and gas industry also faces a challenge from the significant pressure on labor availability for the petrochemical, LNG and traditional oil and gas projects – and projects in other industries – in areas such as the U.S. Gulf Coast.
Watson said the industry has come a long way in its understanding of shale plays, but still does not yet know how far it can go in terms of liquids production. Chevron has had success in the Marcellus shale play in Pennsylvania, the Permian Basin in West Texas, and western Canada’s Duvernay play. The company also has recently entered Argentina. Other less mature plays in China and central Europe are in the early stages of development.
Watson remains bullish on energy growth in Asian countries, noting that the pace of economic development that will lift more people out of poverty is a good thing to see. However, these countries will need to make decisions on policies on energy issues, such as the move towards using cleaner sources of energy. Watson said it would be interesting to see how China addresses pollution in the country.
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