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With oil reserves under pressure, Aussies look at CNG
"As world oil prices skyrocket, experts warn Australia must find an alternative source of fuel. Some argue a cheaper, greener solution is right under the nation's nose: natural gas."
Australian Broadcasting Company's 7:30 Report put online an item on Australia's energy supply and the opportunities for an increasing share of Compressed Natural Gas (CNG) in the country's future energy mix.
Martin Ferguson, Minister for Energy & Resources: "With only about a decade of known oil resources remaining at today's production rates, Australia's looking down the barrel of a $25 billion trade deficit in petroleum products by 2015."
Australia's gas and oil reserves through time. Source: Geoscience Australia
With new explorations for oil reserves becoming increasingly complex and uncertain, CNG may be one of the viable alternatives with around 150 years of proven reserves. However, to Australians, using CNG as a road fuel is still relatively unknown and other alternatives may be given priority: "There are ongoing discussions between my department and a range of companies about coal liquids and gas to liquids, it's about synthetic diesel, it's about a cleaner fuel", Mr. Ferguson says.
We'll keep an eye on developments in Australia. In the meantime check out 7:30 Report here (link to transcript) and here (direct link to vodcast).
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