rude oil prices are heading north - again.Energy agencies around the world areconcerned with political conflict inNorthern Africa, instability in the MiddleEast, and disaster responses to national crises aroundthe globe. As the leaders of nations and businesses,how do we ensure that energy supplies are maintainedto support growing economies? One Australiancompany has a set of solutions to produce cleanerenergy for today's climate conscious economies. Oil is our most important energy source and accountsfor around 34 per cent of the world's primary energyconsumption1. Its conventional supply is projected topeak in a few years from now, although somepredictions operate on the premise that peak oil hasalready occurred. Since the year 2000, world oilconsumption has increased at an average annual rateof 1.6 per cent per year2. The global demand for oilsupply continues to rise and is being heavily driven bynon-OECD countries like China and India. It is realisticto suggest that leading economies today are faced with atwo-pronged challenge; balancing energy security (whichis intricately linked to economic success) with the adventof carbon reductions to counter predictions on climatechange. Whether you are a believer or a sceptic, globaltrends and policies on the topic of climate change willdevelop and action will follow.It is my view that leading economies should take stockof all of their energy-rich resources, enable andoptimise those coal deposits that are not currently partof the energy paradigm and earmark them for futureenergy success. My home base of Australia is a primeexample. Here is a country rich in coal, yet relativelypoor in oil. We have a limited domestic supply of crudeoil, which is rapidly depleting, and rely heavily oncrude oil imports to sustain industries that criticallyMOVING TO A CLEANER"OIL" ECONOMYCPETER BOND, CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR, LINC ENERGY LTD032CLEAN COAL TECHNOLOGY
CLEAN COAL TECHNOLOGY033rely on transport for their success. The Australianmining industry is a good example, and without oil themining boom would grind to a halt. Australia's oilconsumption is set to rise over the next 20 years, whiledomestic oil production, in line with global trends, is insignificant decline3.Similarly in the United States, after registering anincrease in domestic crude oil production in 2010approximating a rise of 150,000 barrels of oil per day,we now see projected crude oil production actuallydrop by 110,000 barrels per day in 2011, and in2012 oil production in the United States will drop by afurther 130,000 barrels per day. Alaska and the Gulf ofMexico in particular are United States locationsearmarked to experience declines in crude oilproduction from 20114. Nations need to get smarteraround fuelling their futures. And more particularly,around how they can do this amid decliningconventional oil reserves whilst facing impendingcarbon penalties. There are a number of significantBelow:Linc Energy hasan active UCG siteselection programmecurrently underway in the Powder RiverBasin, WyomingInset:Linc Energy isacquiring oil fields inWyoming for EnhancedOil RecoveryRight:Peter Bond, Chief Executive Officerand Managing Director,Linc Energy Ltd?