This paper deals with the impact which the development of OPEC gas – in the form of LNG – could have on world energy supplies in the decades to come. In it, the author submits that, merely to stop the wasteful flaring of natural gas, could add over two million barrels per day of oil equivalent to world energy supplies, and that full development of this resource base could increase the figure ten‐fold, equivalent to a 60 percent increase in current OPEC oil production levels. And this at a lower cost – in terms of capital expenditure – than alternative new sources of energy.The writer warns that we are now entering a “dangerous period” of two to three years, during which energy supplies will appear to be adequate. This could breed a false sense of security, leading to a delay in making necessary decisions. We must, he says, avoid complacency!In conclusion, he opines that_ exports of OPEC LNG could increase many times over in the coming decades, leading to a massive upsurge in orders for ships, plants, pipelines and so on, which would have a direct, positive impact on the balance of payments of consumer economies. But in order to bring this about, the economic fact of higher energy prices needs to be grasped now and a more equitable burden of risks between producers and consumers worked out.
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