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International Gas Trade
In the 18 years since
the launching of International Gas Trade, the economic, political,
environmental and financial forces shaping the natural gas industry
have changed dramatically. In the aggregate, trade in pipeline
gas, LNG and LPG has outstripped total energy demand growth
rates as natural gas continues to gain share of worldwide energy
markets. While the economics of pipeline gas and LNG trade point
to sharply increased activity, the ramifications of LPG's economics
are not nearly as clear.
International trade in pipeline gas is expected to grow as the
conversion from oil and nuclear energy to natural gas gains
momentum in Europe. In the Far East, an ambitious plan to link
most of the gas consuming countries via an ASEAN pipeline is
under development, while Gazprom is active in Europe, expanding
its influence via pipelines.
Over the past five years, a dramatic turnaround in natural gas
activity and prices has taken place in the U.S. The chronic
"gas bubble" has disappeared and the long-term outlook
is clearly improving. Prices have recovered and have spurred
increased drilling.
The LNG market worldwide is once again buoyant after a long
period of stagnation. Demand in the Far East, the world's
largest market, will outstrip contracted-for supplies by at
least 40 MMT/Y by 2010. This shortfall represents nearly 100%
of total LNG currently consumed in Japan. In Qatar, several
mega export projects will create the world's largest LNG exporter.
Gas demand in South Korea and Taiwan is burgeoning beyond
any projection made just two years ago and projects are being
pursued for both pipeline and LNG supplies. In the U.S., natural
gas demand is growing rapidly and as much as 800 BCF/Y of
LNG may be imported by 2010.
The situation in LPG is somewhat ambiguous, with many cross
currents at work. On the one hand, potential LPG supplies
seem to be adequate to clear the world's markets over the
coming decade. There are, however, enough unknown elements
in the demand-supply equation, such as new transportation
markets, environmental considerations and petrochemical market
growth, to make LPG a potentially critical source in short
supply, especially for short periods of time until international
markets can adjust.
International Gas Trade
is widely acclaimed as a unique source of news and incisive
analysis for the industry. Following are some the features of
this monthly report.
- Trade News offers up-to-the-minute
reportage of all pertinent events;
- Economics
highlights the forces shaping the scope, direction and profit
opportunities in the industry;
- Commentary
and Analysis has proven invaluable to pipeline companies,
utilities, equipment manufacturers, shipping companies and
government agencies that must grasp the implications
of rapidly changing operating conditions;
- Interviews with government officials and industry
participants offer exposure to unique insights from a variety
of global vantage points.
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