Fracks in the system
How advances in oil and gas extraction have compromised Southeast Asian countries' attempts to develop their own much needed energy industries
- Published: 24 Feb 2013 at 00.00
- Newspaper section: Spectrum
Impoverished countries hoping to strike it rich by developing their limited oil and gas reserves are being urged to move quickly or risk having their expectations clipped by fracking, which is depressing market prices while adding life to old fields once thought to be exhausted.
The message is particularly potent in Southeast Asia, where most countries have at least some oil and gas potential and governments have raised electoral expectations over recent years that standards of living will rise on the back of resource development.
Thailand, the Philippines, Vietnam, Cambodia and Malaysia had intended to bolster their bottom lines through yet to be developed offshore oil and gas reserves.
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