The World Market for Natural Gas (eBook)

Preface 5
Contents 6
What Direction Should European Policy Take on Natural Gas? 7
1.1 The Relevance of Natural Gas for Europe 8
1.2 Falling European Reserves and Resources 9
1.3 The Growing European Dependence on Natural Gas Imports 9
1.4 The Relationships with the Exporting Countries 10
1.5 The Infrastructure Challenge 10
1.6 The Fundamental Question of Natural Gas Prices 11
1.7 The Leading Players in the Market 13
1.8 Where Does European Policy Go? 14
Gas Reserves and Production 17
2.1 Evolution of Reserves by Region 18
2.1.1 Europe (EU 25) 20
2.1.2 North America 20
2.1.3 South America 21
2.1.4 Africa 21
2.1.5 Middle East 23
2.1.6 Former Soviet Union 23
2.1.7 Asia and Pacific 24
2.2 The “Resources” Question 24
2.3 Evolution of Gas Production by Region 26
2.3.1 Europe (Eu 25) 28
2.3.2 North America 28
2.3.3 South America 30
2.3.4 Africa 30
2.3.5 Middle East 31
2.3.6 Former Soviet Union 32
2.3.7 Asia and Pacific 33
2.4 Evolution of Gas Reserves and Production: Declining and Rising Countries 34
2.4.1 Declining Countries 34
2.4.2 Rising Countries 38
Sources 42
Online Publications 43
Presentations 43
Demand for Natural Gas: Trends and Drivers 44
3.1 Drivers and Evolution of World Gas Demand 44
3.1.1 Europe (EU 25) 46
3.1.2 North America 47
3.1.3 Asia 49
3.2 Consumption Trends in the Main European Countries 50
3.2.1 Germany 50
3.2.2 United Kingdom 51
3.2.3 Italy 51
3.2.4 France 53
3.2.5 Spain 55
3.3 Natural Gas for Power Generation in Europe: Present Situation and Future Trends 56
3.3.1 Germany 58
3.3.2 United Kingdom 59
3.3.3 Italy 60
3.3.4 France 62
3.3.5 Spain 62
Sources 64
Online Publications 65
Presentations 65
Infrastructure Developments for Europe 66
4.1 Pipeline Projects 66
4.1.1 Existing Gas Pipelines in Europe 67
4.1.2 Planned Gas Pipelines for Europe 74
4.2 LNG Projects 81
4.2.1 Existing LNG Terminals in Europe 81
4.2.2 Planned LNG Terminals in Europe 88
4.3 Gas Liquefaction Plants 97
4.3.1 Existing Liquefaction Plants 98
4.3.2 Planned Liquefaction Plants 105
4.4 Storage Infrastructures 111
4.4.1 Germany 111
4.4.2 United Kingdom 113
4.4.3 Italy 116
4.4.4 France 117
4.4.5 Spain 118
Sources 119
Price Determinants: Investments, Costs, Markets and Taxes 120
5.1 Natural Gas Price Determinants 120
5.1.1 Phase of the Chain 121
5.1.2 Price Seasonality 121
5.1.3 Costs of Production, Transportation, Storage and Distribution 121
5.1.4 Region/Country Specificity 122
5.1.5 Political Relationships Between Nations 122
5.1.6 Size/Type of Customer 122
5.1.7 Contractual Structure of the Supply Agreements 123
5.1.8 Linkage with Oil 123
5.1.9 Risk Markets and Speculation 123
5.1.10 Regulation 124
5.1.11 Taxation 124
5.1.12 Balance of Supply and Demand 124
5.1.13 Natural Events 125
5.1.14 Expectations 125
5.2 Investments in the Natural Gas Industry to 2030 125
5.2.1 Investment Costs 128
5.3 Linkage to Oil 132
5.3.1 How to Develop a Different Linkage? 136
5.4 The Impact of Speculation on Gas Prices 137
5.5 Gas Prices and Taxation: The Case of Europe 138
Sources 142
On Line Publications 143
Presentations 143
The Leading Players: Strategic Models 144
6.1 The Big Sisters: A Global Strategy 145
6.1.1 ExxonMobil 145
6.1.2 Shell 147
6.1.3 BP 149
6.1.4 Chevron 152
6.1.5 ConocoPhillips 154
6.1.6 Total 156
6.2 The Utility Companies: Moving Upstream 159
6.2.1 ENI 159
6.2.2 Suez-Gaz de France Group 161
6.2.3 E.ON 164
6.2.4 RWE 165
6.3 The State-Owned Companies 167
6.3.1 Moving Downstream 168
6.3.2 Gazprom 168
6.3.3 Sonatrach 170
6.3.4 Focus on Resources Exploration and Production 172
6.3.5 Other Strategic Models 177
Sources 180
Which European Policy? 181
7.1 Theoretic Rationales of Natural Gas Regulation 183
7.1.1 What Does Regulation Mean? 183
7.1.2 Why Regulate Gas Utilities? 185
7.2 The Natural Gas European Directives 191
7.2.1 Basic Principles 191
7.2.2 The Degree of Implementation: State of the Art 199
7.2.3 Impact of Directives: A First Evaluation of Results 202
7.3 Rethinking European Policy 206
7.3.1 The Shortcomings of the Existing Regulatory Framework 206
7.3.2 How the Context Has Changed Since the Directives Were Approved 209
7.3.3 Current Priorities for Europe’s Energy Policy 210
Sources 214