Fossil fuels will continue to be a vital component of the world's energy mix for many years, and natural gas will increasingly play a more prominent role, according to global energy leaders who spoke Monday at the World Energy Congress in Montreal.
Saudi Aramco CEO Khalid Al-Falih said energy companies must focus on "improving the performance of petroleum," making it a cleaner and more efficient fuel. Saudi Aramco is the biggest oil producer in the world, but in Europe, the continent's largest oil and gas company is positioning itself for a "natural gas revolution."
Royal Dutch Shell CEO Peter Voser said natural gas supplies have increased energy security in North America and may potentially "alter the energy landscape for the world as a whole."
Voser also called natural gas the "fossil fuel of the future."
DespiteU.S. natural gas prices hovering around $4, Voser said in an interview with CNBC that "we can actually see that we will have some recovery of the pricing." As long as prices remain between $4 and $6, Voser said "that will be OK for us."