GAS Medium-Term Market Report

MEDIUM-TERM GAS MARKET REPORT 2012
......Page 1
FOREWORD......Page 5
ACKNOWLEDGEMENTS......Page 7
TABLE OF CONTENTS......Page 8
EXECUTIVE SUMMARY......Page 13
Summary......Page 17
OECD: Japan LNG imports surged; UK demand dropped even more......Page 18
Non-OECD gas demand......Page 29
Assumptions......Page 31
World gas demand reaches new highs......Page 32
OECD region: Europe looks for a floor and Americas for a ceiling......Page 33
The dash for gas......Page 38
Potentially switchable gas capacity......Page 39
Factors affecting the utilisation of the switchable capacity......Page 40
Understanding the specificities of the US power sector......Page 44
Non-OECD region......Page 45
China is the fourth largest gas user in the world......Page 54
Understanding China’s pricing issue......Page 56
Gas demand increases at 13% per year......Page 57
References......Page 60
Summary......Page 62
The United States leads 2011 global supply growth......Page 63
OECD markets: plus, minus, equal......Page 65
Non-OECD Markets......Page 67
Unconventional gas......Page 68
Where will new supply come from over 2011-17?......Page 75
US gas production defies gravity......Page 76
Russia......Page 82
The Caspian region......Page 86
The Middle East will serve exclusively its domestic gas market......Page 89
Africa......Page 94
Asia......Page 98
Latin America......Page 101
References......Page 102
Summary......Page 103
Recent trends......Page 104
LNG markets: a healthy growth......Page 105
Interregional pipeline trade......Page 112
Recent infrastructure developments......Page 113
Medium-term infrastructure investments: the race to bring gas to markets......Page 114
Committed liquefaction projects: the 500 bcm mark is getting close......Page 115
New committed projects will be more expensive......Page 117
Where is the next wave of LNG supply to come from?......Page 119
Developing import infrastructure......Page 128
Europe: is there a need for new import infrastructure?......Page 129
Asia......Page 132
Mexico, Latin America and the Middle East......Page 134
Global trade developments are shifting to Asia......Page 135
International pricing environment: back to your corner?......Page 138
Asian price developments......Page 140
European price developments......Page 142
US price developments......Page 144
Development of a trading hub in Asia......Page 145
Spot market developments......Page 149
Regulatory developments in Europe......Page 153
References......Page 154
THE ESSENTIALS......Page 155