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SINGAPORE: Amid the volatility in oil prices, there's been a huge push towards searching for alternative sources for fuel and analysts said this will in turn spearhead innovation in the sector.
They were speaking at the Singapore International Energy Week, which kicks off on November 16.
The quest for clean energy and the demand for fuel to sustain economic growth are two key factors driving innovation within the energy sector.
In his speech at the Singapore International Energy Week, international energy expert Daniel Yergin cited the development of unconventional shale gas as one of the most important innovations of this decade.
Daniel Yergin, founder and chairman, IHS CERA, said: "It means the unlocking of a whole new resource that we could see well in excess of seven trillion cubic feet of this kind of gas outside North America. So if it is developed outside of North America it means a more competitive global gas market. But it also means from the view point of consumers, confidence in seeing this as a very abundant fuel."
Shale gas is a natural gas extracted from fine grained 'shale' rock.
Amid the push for alternative energy supplies, the global liquefied natural gas or LNG market expanded by 70 per cent between 2002 and 2008.
Liquefied natural gas is a natural gas that has been temporarily converted to liquid form.
Dr Yergin added that the use of natural gas is expected to grow substantially in Asia in the next few years especially when it comes to LNG. The production capacity of LNG is expected to grow by some 50 per cent world wide over the next four years.
The global LNG demand is expected to grow to 435 Million Metric Tons by 2030. Qatar is the world's largest exporter of LNG.
Dr Yergin added: "We do see this big surge in natural gas capacity. We definitely see a real surge of LNG that's going on at the same time as this unconventional gas that's suddenly appeared on the scene."
Already, experts said LNG is becoming an important alternative source of gas supply in the US and Europe where the market is traditionally dominated by pipeline gas supplies. - CNA/vm
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