Caspian Report - Issue: 07 - Spring 2014

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Aura Sabadus 32 Southern Gas Corridor and the potential for genuine diversification Aura Sabadus RESEARCH ASSOCIATE, EUROPEAN CENTRE FOR ENERGY AND RESOURCE SECURITY (EUCERS), KING‘S COLLEGE
The Southern Gas Corridor has been described as the successful outcome of the EU’s quest to diversify supplies and wean itself off Russian gas, a priority of its energy security strategy. The Southern Gas Corridor (SGC) – a 3,500 km route that in its first stage will facilitate the transport of 10 bcm/year of <strong>Caspian</strong> gas to Southern Europe by the end of the decade - has been described as the successful outcome of the EU’s quest to diversify supplies and wean itself off Russian gas, a priority of its energy security strategy. Nevertheless, such a description is somewhat simplistic. Firstly, it gives the false impression that energy security can be achieved simply by replacing one molecule of gas with another of different geographical origin, without emphasising that it is the diversity of norms and practices underpinning contractual agreements between buyers and sellers that offers greater choice, and implicitly greater flexibility, rather than merely swapping the products. Secondly, diversity of supply is not itself a guarantor of energy security, as demonstrated by the case of the US, which relies almost entirely on nationally produced gas. In Europe, where consumption is projected to increase to 550 bcm/year in 2020 from 490 bcm/year in 2012, there is admittedly a need for more gas to plug the shortfall. In this context, multiple sources of supply can ensure greater security, providing they are physically deliverable, commercially attractive and politically invulnerable. 1 This article proposes to assess the viability of the SGC against these three benchmarks, noting that despite its rather limited dimensions compared to Europe’s other sources of supply – notably Russian and Norwegian pipeline gas as well as the potential for increased LNG imports – the project could bring greater economic efficiency throughout the continent, help to integrate the EU’s more vulnerable south eastern region and establish itself as a link between east and west. The discussion will show that in the light of recent political tensions between Europe and Russia over Ukraine, there is also a pessimistic obverse to this scenario whereby the 33 CASPIAN REPORT, SPRING <strong>2014</strong> 1. I am grateful to my colleagues Louise Boddy and Ben Wetherall for pointing these out.
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Why World Oil Prices Should Be High
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Luay Al-Khatteeb 108 for $1 of reve
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emın akhundzada 114 First, it shou
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FatIh Ozbay 116 Discussions about V
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FatIh Ozbay 118 The Black Sea is a
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FatIh Ozbay 120 these two countries
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FatIh Ozbay 122 Montreux is quite s
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MUbarIz Hasanov 124 Some Remarks on
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Caspian Report - Issue: 07 - Spring 2014

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