Caspian Report - Issue: 07 - Spring 2014

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Frank Umbach 64 Strategic Perspectives for Unconventional Gas in the EU Frank Umbach ASSOCIATE DIRECTOR, EUROPEAN CENTRE FOR ENERGY AND RESOURCE SECURITY (EUCERS), KING‘S COLLEGE
The expanded role for natural gas in the world economy has prompted the IEA to envisage a “Golden Age of Gas” era with unconventional gas being a “game changer.” Introduction The U.S. shale gas development is not a technical revolution, but rather an evolution of modern techniques and the combining of two key technologies – horizontal drilling and “slick water” hydraulic fracturing. Together these can crack shale rock, and have thus cracked the code with regard to opening up major North American shale gas resources. The rapidly expanding production of shale gas has transformed the U.S. from the largest LNG import market to a self-sustaining gas producer and a net gas exporter. In 2009, the U.S. even overtook Russia as the world’s largest gas producer, and in 2010 it exceeded Qatar as the world’s largest LNG exporter by about 60%. In 2012, U.S. natural gas production increased to 681.4 billion cubic meters (bcm; 20.4% of the global production), whereas Russia’s was just 592.3 bcm (17.6% of global production). The combination of three factors - (1) a drop in demand linked to the global economic recession, (2) a unexpected dramatic increase in incremental U.S. non-conventional shale gas production, and (3) the arrival of new LNG delivery capacity - have created a sudden “gas glut”. This stems from the overcapacity of LNG, which made LNG in Europe less expensive than pipeline gas (based on long-term contracts), and contributed to the de-linkage of the gas prices from the oil prices in at least Europe at present. This could become a permanent feature of the global energy market because the remaining global unconventional gas resources are considerably bigger than conventional ones. The U.S. could even overtake Russia as the world’s largest combined oil and gas producer by 2015. The development of unconventional gas in the U.S. since 2006 has not only triggered a revolution in U.S. energy markets, but has also laid the groundwork for an expanded role for natural gas in the world economy. This has prompted the IEA to envisage a “Golden Age of Gas” era with unconventional gas being a “game changer.” It has already transformed the global gas markets, which were in the past “sellers’ markets” rather than “buyers’ markets.” Meanwhile, some countries in Europe (Poland, United Kingdom, Romania, Lithuania, Spain and Ukraine) have become very interested at the 65 CASPIAN REPORT, SPRING <strong>2014</strong>
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CASPIAN Report 2 The urgent need to
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caspian CASPIAN Report 4 06 AHMET Y
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AHMET YUKLEYEN 8 In Afghanistan’s
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Page 24 and 25: Matteo Verda 22 CONTRIBUTION OF Tra
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Page 28 and 29: SHAREHOLDER STRUCTURE OF TAP Matteo
Page 30 and 31: Matteo Verda 28 Azerbaijani gas wil
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Page 46 and 47: Aura Sabadus 44 The Southern Gas Co
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Page 58 and 59: Mehmet AkIf Okur 56 posal stated th
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Page 62 and 63: Mehmet AkIf Okur 60 The steps that
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Page 84 and 85: AntonIo SIleo 82 the end of 2011, g
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Page 98 and 99: Radu Dudau 96 This industry, howeve
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Page 102 and 103: Radu Dudau 100 In October 2013, the
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Page 110 and 111: 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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Turkey will be USD 37 billion highe
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Caspian Report - Issue: 07 - Spring 2014

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