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Friday 28 February 2014

Roundtable Discussion: Oil & Gas Perspectives in the 21st Century

On 17th February 2014, representatives from leading international energy companies and top academics attended a Chatham House style discussion at the ESCP Europe London campus to look at 'Oil and Gas Perspectives in the 21st Century'.

The event was led by Prof. Vlasios Voudouris, Director of ESCP Europe's Executive Master in Energy Management programme. The event was sponsored by Natural Gas Europe and the world-leading academic publishing company, Elsevier, and organised with ESCP Europe's Research Centre for Energy Management.

The discussion centred on a special issue of the Energy Policy Journal, edited by Dr Voudouris, published in January 2014.

Contributors to the journal, leading academics, energy executives and consultants from the most important organisations in the industry included Robert Ayres of INSEAD, Dieter Helm of the University of Oxford, John Mitchell of Chatham House, Jonathan Stern of Oxford Institute for Energy Studies, Ron Alquist of Bank of Canada, Paul Ekins of UCL, and Jeremy Bentham of Shell.

Dr Patrick Gougeon, ESCP Europe's UK Director, welcomed participants and introduced Dr Voudouris's opening presentation which set the scene for the discussion, giving an overview of industry shifts since the 1970s oil shock.

Dr Voudouris outlined the key messages from the journal, which are outlined in his Editorial.

Highlights of the discussion, moderated by Prof Michael Jefferson, Editor of the Energy Policy Journal, included:

  • Supply of Useful Energy is a pre-condition for economic growth
  • Natural Gas markets are likely to remain separated by transport costs and pricing systems. The transition to hub-based pricing is an urgent imperative, but still a distance prospect
  • Peak oil is still a relevant policy issue as it is one of our most important energy sources
  • If climate change is taken seriourly, 500-600 billion barrels of existing oil reserves would remain unused by 2035
  • Declining Energy Return on Investment (EROI) is likely to have signifiant social implications

The roundtable was part of ESCP Europe's Research Centre for Energy Management's mission to build strong proactive partnerships between academia, industry and government, to debate the challenges of the new energy era.

For news of research and events related to energy management, please visit www.rcem.eu. You can view pictures from this event by visiting our Flickr.

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