According to Amin Nasser, president and CEO of Saudi Aramco, unconventional shale oil and alternative energy resources are important factors to help meet future demand.
"But it is premature to assume that they can be developed quickly to replace oil and gas," he added.
For Nasser, a sharp decline in investments and a lack of fresh conventional discoveries might lead as well to a shortage of oil supply. "The picture is becoming increasingly worrying," he remarked.
Saudi Aramco plans to invest more than 300 U.S. billion dollars in the next decade to pursue a large exploration to maintain its oil capacity, while the Dutch Shell is set to spend one billion dollars a year on its New Energies division as of 2020.
Wang Yilin, chairman of China National Petroleum Corporation (CNPC), said his company would focus on improving business layout and structures, innovation of technologies, business and management models, green development and win-win cooperation in the foreseeable future.
As the largest oil and gas producer and supplier in China as well as one of the world's major oilfield service providers, CNPC stressed the need to build "large corridors, large markets and large industries" to promote cooperation in the oil and gas sector, Wang said.
"It is important to jointly put in place a transportation network of railways, roads, pipelines, ports and other supporting facilities, an integrated market featuring open information, linked submarkets, reserve sharing, connected transactions and joint development of rules, as well as an upgraded version of cooperation, covering the oil and gas full value chain," he added.
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