Europe, Go for Gas
Representatives of some of the biggest energy companies in the world admit that Europe faces some big challenges, both in drastically cutting emissions and making sure the continent secures its future energy needs.
And that’s why they are telling Europe to “go for gas” because it’s affordable and reliable, according to a report on EurActiv.com.
That was the conclusion of representatives at the European Business Summit on July 1st, who highlighted the selling points of natural gas for Europe’s future.
(Incidentally, that’s the conclusion in the US, too.)
The CEO of Royal Dutch/Shell, Peter Voser points out the abundance of natural gas, possibly enough for the next few centuries. Not to mention its cost benefits. Not only is natural gas gaining momentum, contends a representative of ExxonMobil, but also swapping out the coal in European coal-fired power generation with gas would help the EU meet its climate change targets.
Things have changed for natural gas, big time. Energy majors in attendance contend that the emergence of unconventional gas – sources like shale gas - has shaken up the natural gas market, because it’s another option. Some skepticism prevailed that Europe would be able to re-create the success of shale gas as seen in America.
"We're at the beginning of a trial period," said EU Energy Commissioner Günther Oettinger. He argued that shale gas would complement natural gas but not replace it, pointing to high extraction costs and significant difficulties in persuading the European public to accept it.
Still, some were downright disparaging about alternative sources of natural gas, like those whose business it appears to be cutting into.
Building more pipelines is critical, according to deputy head of Gazprom, Alexander Medvedev, who says Europe’s growing natural gas demand still mandates projects like South Stream and Nabucco. Mr. Medvedev says the investments must begin now to close Europe’s future energy gap.
To read more, please visit: Industry talks up gas as solution to EU’s energy challenges