Strategies of non-OECD Gas Producers in the Atlantic and the Middle East

The international gas market is undergoing a quiet revolution, by any standard. Consumption has increased dramatically, while domestic production has reached its limitations in many consuming markets. The resulting growth in the international trade of the fuel of the 21st century comes at a time of...

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Bibliographic Details
Published in:Oxford Energy Forum 2006-02 (64), p.16
Main Authors: Hallouche, Hadi, Tamvakis, Michael, Train, Bryan
Format: Article
Language:English
Subjects:
Developing countries
International markets
LDCs
Market strategy
Natural gas distribution
Natural gas prices
Oil reserves
Petroleum industry
Privatization
Trade liberalization
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Summary:The international gas market is undergoing a quiet revolution, by any standard. Consumption has increased dramatically, while domestic production has reached its limitations in many consuming markets. The resulting growth in the international trade of the fuel of the 21st century comes at a time of high oil prices and at a time of reform and liberalization of the gas and electricity markets in many consuming markets, notably the EU. Long Term Contracts (LTCs), which remain the backbone of the industry, are becoming shorter in duration with Take-or-Pay (ToP) provisions diminishing and destination clauses being phased-out in Europe. Furthermore, the emergence of a short-term and spot trade is increasing in prominence with a large order book for the shipyard industry. These changes represent new challenges and opportunities for the industry players and call for new strategies. Former monopoly utilities in the EU are moving closer to fields, while National Oil Companies (NOCs) are moving closer to the end consumer and the International Oil Companies (IOCs) are taking positions both in liquefaction, regasification and shipping.
ISSN:0959-7727