Mexico



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

U.S. seeks to export its 'energy miracle' technology even as trade tensions mount

 

 

 

By Ernest Scheyder and Scott DiSavino

WASHINGTON
Petroleumworld 06 27 2018

The administration of President Donald Trump wants to help allies replicate the U.S. natural gas and oil production boom by exporting American know-how, U.S. Energy Secretary Rick Perry said on Tuesday, even as trade disputes intensified.

Perry said the surge in U.S. fossil fuels production over the past several years, made possible by advanced hydraulic fracturing drilling technology, had helped the country to reduce its dependence on foreign oil and improved its economy.

“We are bearing witness to this astonishing energy miracle,” Perry said at the opening ceremony of the triennial World Gas Conference. “But this is not just about exporting our energy bounty, it is about exporting the technology, the know-how, that unleashed our bounty in the first place,” he said.

He added that he believed replicating the U.S. production boom overseas could help the world's poor to access affordable electricity, and that boosting the share of natural gas in the mix could help limit greenhouse gas emissions.

The Trump administration has repeatedly said it is eager to expand fossil fuel supplies to allies through supply agreements and technology sharing. But the task could become more complicated as it imposes steep tariffs on steel, aluminum and other imports and deals with retaliatory measures against U.S. crops, motorcycles and other products including petroleum.

Beijing this month proposed 25 percent retaliatory tariffs on U.S. petroleum imports, which are expected to dent sales to the U.S. shale industry's largest customer and further pressure American firms that produce gas as a byproduct of oil drilling.

LNG imports have so far been spared, but the industry is concerned that the supercooled gas could be next if China's talks with Washington sour.

That would be particularly bad for the United States, which has become the world's biggest natural gas producer, one of the top crude oil producers, and a growing exporter of both since last year.

The administration has said it hopes exporting energy and related technology will help create alternatives to geopolitical rival energy producers like Russia, while also forging bonds with big consumers like China.

AMBITION AND CHALLENGES

The leaders of two of the world's largest energy companies said they were worried trade tensions could destabilize the global economy, hurting hurt overall demand for energy.

“The risk of trade wars starts to weigh on people's perception of economic growth in the future,” Chevron Chief Executive Mike Wirth said at the conference. “These things run the risk of becoming a bit of drag on growth.”

Darren Woods, Exxon Mobil's CEO, said his company is trying to keep a “level headed voice” around tariffs, but that protectionism can dent investment.

“The world has been very well served with low tariffs and free trade,” Woods said. “With tariffs, you run the risk of making some projects less attractive.”

The global natural gas industry is currently forecasting rapid growth driven by low-cost production from the U.S. fracking boom and rising demand from Asia. But to capitalize, the gas industry needs to invest billions of dollars in new LNG infrastructure.

The International Energy Agency expects global gas demand to grow an average of 1.6 percent per year over the next five years, with Chinese consumption leading the way, according to the latest forecast released Tuesday.

Longer-term, the IEA said the global gas market also faces the challenge of cost competitiveness in emerging markets, and said the industry must tamp down on leaks of methane, one of the most potent greenhouse gases.

Gas is widely viewed as one of the cleanest fossil fuels because it burns more efficiently than oil or coal, but gas can be lost in production and transport.

The conference has drawn executives from global energy giants like Exxon, BP Plc, and Total, along with senior officials from the U.S. State Department's energy bureau, and ministers from energy producers and consumers.

It follows last week's OPEC meetings in Vienna, where the partner countries agreed on a modest increase in oil production from next month, following calls from major consumers to curb rising fuel costs.

________________________

Twitter: @petroleumworld1

Petroleumworld.com

Hit your target - Advertise with Us

Story by Ernest Scheyder and Scott DiSavino ; Writing by Richard Valdmanis; Editing by David Gregorio from Reuters.

reuters.com
06 26 2018

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter:@petroleumworld1

November 13 - 15, 2018.

Gubkin University, Moscow
SPE Student Chapter

 

 

 

 

 

 

 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.