The International Energy Agency has published a report entitled ‘Golden Rules for a Golden Age of Gas’ on best practices for the development of unconventional natural gas resources. The report concludes that shale gas can be developed “profitably and in an environmentally acceptable manner” if best practices are implemented.
The report calls on stakeholders to address public concerns about associated environmental and social impacts, and presents a set of best practices which would allow industry “to prosper … [and] to earn and maintain its social license to operate”. Amongst best practices underlined by the report are transparency, community engagement, environmental impact measures (including assessment and monitoring of water requirements, waste water and minimal gas flaring) and improved project planning. The report highlights that applying these ‘Golden Rules’ will allow for “new sources of supply help to keep prices down, stimulate investment and job creation in unconventional resource-rich countries, and generate faster growth in global gas demand”. By contrast, the authors note that failure to implement best practices could result in deteriorating the competitive position of gas in the global energy mix.
The report can be found here.
The press release can be found here.