With huge supplies, including from unconventional plays, and its
low carbon properties as compared to oil and coal and decreasing
transport hurdles, natural gas has what it takes to fulfil the
escalating demand for energy. Yet, the promise that it held a few
years ago as the fastest growing major source of energy appears to
be fading, ironically due to abundant supplies. On the one hand,
while the risk of recovering producers' costs for the high capital
investments required for production and liquefaction is increasing,
on the other, consumers are demanding lower prices in a market that
has turned in favour of the buyer. As a result, geopolitics, which
was always in play in the energy market, is growing, as gas
producing and exporting countries compete for a larger share of the
market, or at the very least, retain their existing ones. More
importantly, the entry of new supply sources is also pushing the
market from the traditional oil-indexed pricing mechanism that was
prevalent in the European and Asian markets, towards a more
flexible mechanism, including a hub-based one. As liquidity in the
gas market is increasing, there are also signs that a global
market, as against the current regional one, may be emerging. This
volume looks at the evolving gas market and the various players who
influence it - both as producers and consumers. However, some of
the players, such as Australia and the new African producers, as
well as Japan and South Korea, the two largest LNG consumers, have
not been included as their approach tends to be more commercial
than geopolitical in nature.
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