10 June 2013 15:42 [Source: ICIS news]
KUALA LUMPUR (ICIS)--The US may overtake Qatar as the biggest natural gas exporter in the world by 2020-2021 because of ongoing shale revolution in North America, energy consultant FACTS Global Energy chairman Fereidun Fesharaki said on Monday.
"The resource-led boom in the US will have a profound economic and geopoltical effects. We are only at the beginning at the curve," Fesharaki said at the 17th Asia Oil and Gas Conference (AOGC) being held in Kuala Lumpur.
Renewable energy projects, however, require that oil prices do not fall significantly.
"At lower oil prices, renewable energy will need larger subsidies but continue to grow slowly. Even if there is a major breakthrough [in technology], hydrocarbons will continue as mainstays until at least 2050," Fesharaki said.
Oil prices have stayed near the ceiling of $120/bbl (€91/bbl) in recent years and are expected to move down to the floor of $80-85/bbl by 2015-2016, Fesharaki said.
($1 = €0.76)
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