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A new energy landscape—IGU perspective |
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There are many factors favouring the continuing growth of the gas industry worldwide, notwithstanding the recent global financial crisis and economic slowdown. These include the growing world population, enhanced urbanisation, increased focus on climate change mitigation, and the wider access to gas markets through LNG.
The recent technological breakthrough in the development, production and commercialisation of unconventional gas in the USA has created new dynamics in the global gas and energy landscape. Coupled with the softening of energy and gas demand in the aftermath of the global economic slowdown, the surplus gas supplies situation led to the weakening of gas and LNG prices, making it more affordable. Abundant conventional and unconventional gas resources would pave the way for greater utilisation of gas in the energy consuming sectors. The relentless pursuit to reduce carbon emission and the need to address issues on climate change nevertheless call for greater collective efforts to promote wider use of this relatively clean, efficient, versatile and environmental friendly fuel, while efforts in commercialising renewable energy is still being actively pursued. This paper will highlight the dynamics of the changing global gas and energy landscape. It will also identify some of the key issues, challenges and opportunities moving forward. The outline of the presentation is as follows: introduction; the global natural gas and LNG industry; the changing gas and energy landscape; key challenges and opportunities; and closing remarks.
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