CERA Week 2011 International Conference in Houston

 

The era of sure profits from oil processing is over – decided the chairmen of world largest oil companies at the CERA Week international conference in Houston, one of the most important meetings of world oil industry executives. Jacek Krawiec, chairman of PKN Orlen, Stephen Pryor, chairman of Exxon Mobil Chemical Company, and Chalid al-Buainain, deputy chairman of Saudi Aramco, said during a panel discussion that the future growth of the industry will rely on petrochemicals rather than fuels. All three also underlined the growing role played by gas in energy economics. By 2035, fifty percent of produced energy will originate from natural gas and fossil oil. With its low carbon dioxide emission level, natural gas will be gaining importance in the European Union – its consumption will grow up to 2020 by 90 billion cubic metres (from the current 540 billion). “In view of the growing demand for natural gas, exploitation of its unconventional deposits has become an attractive possibility” – said Krawiec, adding that extraction of shale gas and construction of a gas power plant were promising projects for PKN Orlen.

 

Source: Gazeta Prawna Daily, 10.03.2011,