Seminar 1: The Shale Oil and Gas Revolution and its Implications to the Power Sector

 – 1 day –

讲座 1 :页岩油气体革命及其对能源行业的涵义

Since 2008, the US oil and natural gas production started to increase after years of decline due to previously unanticipated commercially exploitable unconventional sources. Shale resources in key regions, dominated by Texas and North Dakota (for oil) and Pennsylvania, Ohio and again Texas (for natural gas), have been increasingly exploited. This led to much lower natural gas prices, directly affecting electricity prices that have significantly decreased from their peak levels of the years 2006-2008. Similarly, oil prices in the US (and their benchmark price, the Western Texas Intermediate, WTI) have been lower than other prices, in particular the Brent oil price. The late 2014 steep drop in global oil prices can also be linked to the increasing US oil production. Indeed, the US joined Russia and Saudi Arabia in a close race to be the world top oil producer, with a production above 11 million barrels per day. Compared to China, the world 4th largest oil producer at about 4 million barrels per day and a 10% output growth since 2008, the US has seen its production grow by 47%.

This seminar will provide an in-depth coverage of this shale revolution and will allow participants to gain the appropriate understanding of this new energy situation. In particular, implications for the power sector will be discussed, especially with respect to coal usage and renewable resources deployment.
We will describe the US situation in details, with attention given to the environmental and social issues related to the shale resources exploitation. We will also cover international implications as well as the impact of this commercially new energy source on the power sector.

The format of this seminar is the following:

Shale resources basics in the US and around the world

      • Oil and gas production and economics from shale resources
      • Worldwide shale oil and gas reserves and potential
      • Consumption of natural gas, LNG and coal
      • Trade of LNG and coal
      • Power sector impacts and exposure to unconventional hydrocarbons
      • Forecasting: what does the future hold in 10 and 20 years?
 
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