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Calgary Herald: Shell predicts energy shortage by 2015

Published: Saturday, January 26, 2008

Royal Dutch Shell PLC forecasts that global demand for oil and gas will outstrip supply within seven years, chief executive Jeroen van der Veer said in a letter to Shell employees.

“We are experiencing a step-change in the growth rate of energy demand due to population growth and economic development, and Shell estimates that after 2015 supplies of easy-to-access oil and gas will no longer keep up with demand,” van der Veer said in the letter dated Jan. 22.

There’ll be a need for more nuclear power and unconventional fossil fuels, such as oilsands, van der Veer wrote.

Shell’s production has dropped for four straight years. It is planning to revive growth through projects such as a gas-to-liquids venture in Qatar and oilsands production.

© The Calgary Herald 2008

http://www.canada.com/calgaryherald/news/calgarybusiness/story.html?id=09669612-9de3-4278-b882-d5c9a16c89bc

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