DAVOS, Switzerland (Reuters) – New technologies to extract gas from shale rock have altered the U.S. energy outlook for the next 100 years, Tony Hayward, chief executive of BP, said on Thursday.
Energy chiefs speaking at the World Economic Forum differed about the prospects for future oil supplies — with Iraq placed to account for up to 10 percent of that — but agreed new “unconventional gas” would be a huge fillip.
Unconventional gas includes natural gas extracted from shale and methane reserves in coal mines, which together are set to play a huge role in satisfying rising global energy demand.
“(It’s) a complete game-changer in the U.S. It probably transforms the U.S. energy outlook for the next 100 years,” said Hayward.
Peter Voser, chief executive of Royal Dutch Shell, said such new reserves were “global and necessary.”