Oil will recover despite current price collapse - Brufau
PORT SPAIN
Trinidad & Tobago Guardian
Petroleumworldtt.com
02 24 09
Chairman and chief executive officer of Spanish energy giant, Repsol YPF, Antonio Brufau, said yesterday that the world is experiencing its greatest crisis since World War II. He was speaking at the Hyatt Regency Trinidad hotel, 1 Dock Road, Port-of-Spain, at a function hosted by Repsol YPF for King Juan Carlos 1 of Spain. “At present the world faces its greatest global crisis since the second World War which has affected the evolution of the energy sector.
It is imperative that we don't lose site of the global challenges our industry faces,” he said. Despite the current depressed conditions he forecast that oil will remain the dominant fuel in demand in the future. “According to the latest information on energy projections, global primary energy demand will grow at an average of 1.6 per cent per year from 2006 to 2013. Fossil fuels will account for 80 per cent of the world's primary energy needs in 2013. Oil is forecasted to remain the dominant fuel,” he said.
He pointed out that demand for natural gas has grown rapidly in recent times. “At present oil is the most produced and consumed fossil fuel and natural gas is the fossil fuel that has grown most rapidly as a primary energy supplier in recent years,” he said. He said he believed that although short term conditions have led to a reduction in global energy consumption, in the long term the drivers of long-term demand will remain. He said democratic governments and socio-economic situations will in the long term lead to a demand for a large amount of energy.
Much of this energy consumption will come from developing countries, he said. “Today more than two thirds of the world energy demand takes place in developing countries. Despite the current prices, global oil production will have to struggle to keep up with demand,” he said. Brufau said Repsol had worked closely with T&T to help develop its gas industry and has invested significantly in the region. He said that Repsol's investment in the Caribbean region is close to $2.5 billion. “We intend to participate in future bid rounds and are committed to maximise carbon operations in Atlantic LNG,” he said.
Story by Raphael John-Lall from Trinidad & Tobago Guardian
Trinidad & Tobago Guardian
February 17th, 2009
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