06 March 2013 22:31 [Source: ICIS news]
HOUSTON (ICIS)--There has been about $100bn (€77bn) invested in shale gas development, but there are concerns about volatility, since the discovery process is still in early stages, a Dow Chemical executive said on Wednesday.
“Revolutionary thinking to find the right balance will keep the future bright for all,” said Dow's George Biltz, vice president of energy and climate change, during the IHS CERAWeek conference in Houston, Texas.
According to Biltz, there are regulatory issues that could impact shale supplies, leading some to question the speed of its extraction process.
On the demand side, Biltz said the future of power and coal facilities is unknown, causing further concern of the future of shale resources.
LyondellBasell predicts that in the future, focus will be predominantly on domestic natural gas liquids (NGLs), not on importing liquids. All of ethane and 40% of propane is consumed by the chemical industry.
But for Sergey Vasnetsov, LyondellBasell's senior vice president of strategic planning and transactions, it is hard to predict global economic growth in the next five to seven years. Therefore, LyondellBasell’s main concern is finding the fastest, cheapest way to extract all that shale oil has to offer.
“In the long term, we don’t know what oil and gas will look like,” said Vasnetsov.
($1 = €0.77)
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