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- W2489935097 abstract "This Talk will discuss key trends in the outlook for the oil and natural gas industry. It will then discuss major challenges the industry is facing, including the present financial crisis. It will also address opportunities arising from the business environment trends. 2. Key Features The outlook for the oil and natural gas industry will include a discussion of why oil prices have been high in recent years, why they are declining now, and what we should expect in the future. It will address key trends in oil supply and demand, and in the financial sector participation in commodities markets. In addition to discussing major challenges and opportunities, it will specifically address the impact of carbon dioxide regulation on our industry. 3. Conclusions Energy prices have been high in recent years because strong global economic growth surpassed the world’s abilities to supply it with basic commodities like oil and gas. Thus, the high rate of economic growth was probably not sustainable. The global economy is presently going through a downward correction and the demand for commodities and their prices should fall accordingly. However, in the longterm, energy prices are likely to rebound and remain above historical levels. The rise of the developing Asian economies will likely result in stronger energy demand growth than observed historically. Oil production needs to expand to meet this demand growth, but this expansion will be hampered by the peak in conventional non-OPEC production. Even with the growth in unconventional oil supplies, there will be a lot of pressure on OPEC countries to expand production capacity. A final reason why energy prices will not return to historical levels is that the marginal, price-setting oil and gas supplies cost more than they did historically. These supplies tend to be more remote, in deeper water, unconventional and/or more complex than what was developed in previous decades. Therefore, the price will need to be higher to bring those supplies to the market. This business environment presents many challenges and opportunities for our industry. Key challenges include access to resources and higher costs and how our industry will address the carbon intensity of energy supplies. Opportunities include shifting to more complex development prospects (e.g., unconventional oil and gas, deep water, etc.), investing in infrastructure and alternative energy projects, and finding ways to lower the carbon intensity of energy supplies. 4. References and Bibliography" @default.
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- W2489935097 date "2008-01-01" @default.
- W2489935097 modified "2023-09-23" @default.
- W2489935097 title "Energy Outlook: Challenges and Opportunities" @default.
- W2489935097 hasPublicationYear "2008" @default.
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