| Report | 4 June 2012 |
Golden age of gas comes at a price
By Alex Forbes
In a stark message to gas producers and governments last week, the International Energy Agency (IEA) set out seven golden rules which it believes are essential to granting gas producers "a social licence to operate". The IEA's chief economist Fatih Birol estimates that applying the agency's "golden rules" to the drilling of unconventional gas wells will increase production costs by around 7%. There could also be a price in terms of climate change. In a world awash with cheap gas, Birol fears that governments may be tempted to eliminate much-needed subsidies for renewable energy technologies. The ideal energy mix is probably some combination of renewables with gas and carbon capture and storage, says Birol.
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