Shell capitalizing on shale gas revolution
Shell Oil Company plans to take full advantage of the shale gas revolution. Speaking at the 2012 Platts Global Energy Outlook Forum, Shell President Marvin Odum told attendees about the company's approach to capitalizing on the new supply.
The Company's gas strategy has four "pillars," he said.
"The gas revolution is a creator of new jobs, a catalyst for a renaissance in American manufacturing, a bridge to future renewables and with carbon capture and storage, a destination fuel for an increasingly carbon-constrained economy," Odum said, describing the four pillars.
Odum noted that even as the U.S. is dealing with a glut of natural gas that is creating the opportunities for the four pillars, there are still major global supply and demand balance issues.
"It's true that the world's total supply of energy has never failed to meet demand...not yet, anyway," Odum said. "And it's true that technology breakthroughs have resulted in such a short-term glut of natural gas in this country that fears about supply seem irrelevant."
But long-term global demand continues to rise.
"Even if energy efficiencies reduce growth by 20 percent, and even if ordinary rates of supply growth boost supply by 50 percent, we could still face a gap between supply and demand equivalent to the size of the entire industry in the year 2000," Odum noted.
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