Energy industry must 'take stock' of the future

09 June 2008 07:38  [Source: ICIS news]

KUALA LUMPUR (ICIS news)--The energy industry must "take stock" of its future especially in the immediate term where it is faced with a number of intractable issues, said Prime Minister Yan Dato' Seri Abdullah Bin Haji Ahmad Badawi on Monday.

"Energy security is still a universal issue which affects both producers and consumers alike. Access to petroleum reserves remains a key imperative for global geopolitics in fears of interruptions in supplies", he said at the 13th Annual Oil and Gas Conference in Kuala Lumpur, Malaysia.

"There must be continuity to seeking mutually beneficial solutions to problems in the world and we cannot allow unilateral power plays and the pursuit of narrow interests to overwhelm the need for peace and security, he said.

"In recent years, with oil prices hitting unprecedented levels, policymakers have turned to biofuels as one of the long-term alternatives to petroleum. In response, prices of crops and grains have soared, deepening global food scarcity," the Prime Minister said adding that the issue must be tackled with great urgency.

Prime Minister Badawi also said scientific evidence showed that the development and utilisation of fossil fuels were contributing towards climate change and extreme weather conditions.

"We can no longer ignore the scientific evidence forecasting more extreme weather phenomena. The energy industry must put in place, measures to minimise emissions and introduce new technologies that can reduce the dependency on fossil fuels," he said.

"Global demand for energy is expected to increase exponentially over the next few years and we need to invest in both the political will and the resources to develop news solutions for the environmental challenges we now face," Prime Minister Badawi added.

The AOGC is an oil and gas industry forum attended by over 1,300 participants and runs from 8 June - 10 June.

By: Bohan Loh
+65 6780 4359

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly