4/5/2023 0 Comments Chuuka Ichiban 53![]() ![]() 1 As shown in Table 1, 31 of these are or were actively looking into exploiting their reserves and are at different stages of development. 5 The latter is a direct consequence of the exploitation of shale gas in the US, which is still the only country to produce it commercially on a large scale, despite 41 other nations having shale gas reserves. 5 By contrast, the price of natural gas in the US, which is almost self-sufficient in this fuel, was US $2.62 per GJ. For instance, the 2012 gas prices in Japan and the UK were US $15.89 and US $8.97 per GJ, respectively. 4- 6 A high dependency on imports can lead to high energy prices. 5 For example, nations such as Japan and South Korea import all their gas consumption, whereas the UK relies on imports for 55 % of its demand. 1, 5 A critical factor in gas consumption is that 73.5 % of gas is traded (68 % by pipeline and the rest as liquefied natural gas (LNG)), which means that there is a high dependency on imports for many countries. 2- 4 It is estimated that shale gas could add 7299 trillion cubic feet (tcf) to global gas reserves by comparison, conventional gas reserves are estimated at 6614 tcf. Recent estimates of large shale gas reserves across the globe 1 have raised expectations for cheap energy and improved security of supply, particularly as the consumption of natural gas is expected to triple by 2035. ![]()
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