Oil and Gas Reality Check 2011
A look at 10 of the top issues facing the oil sector
As Australian companies race to sanction and build their conventional and unconventional LNG export facilities, there are a number of game-changing trends that will impact future supply and demand for Australian LNG resources.
According to Deloitte’s Australian Oil and Gas Leader, Mr Stephen Reid, overall fossil fuels are likely to continue to be an important source of energy for many years to come.
The 2011 global Oil & Gas Reality Check report indicates that growth in the dynamic LNG industry will continue to be driven by strong demand from China. For example, the report shows that Chinese gas demand is likely to quadruple from 80 billion cubic metres (bcm) a year in 2009 to 320 bcm at the end of the current decade.
However, supply to China is likely to be increasingly influenced by reserves in China as well as the USA. China itself has substantial unconventional gas reserves which, to date, remain largely unexploited as a result of low permeability, limited infrastructure and poor economics.
Find out more on Deloitte’s view on the oil and gas industry and our keynote speaker at APPEA 2011, Joseph Stanislaw.