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[-特別報導-] IHS CERA/World Economic Forum Report: Natural Gas Enters a New Era of Abundance [-Day 3-]

(03/09/2011)

IHS CERA/World Economic Forum Report: Natural Gas Enters a New Era of Abundance

Technology is driving a revolution in natural gas supply, but its new abundance also brings market changes

CAMBRIDGE, Mass. (March 9, 2010) – Technological advances in the production and transportation of natural gas are raising new opportunities for the fuel but also challenging traditional ways of doing business in gas markets, according to a new comprehensive report by IHS Cambridge Energy Research Associates (IHS CERA) and the World Economic Forum.

The report, Energy Vision 2011: A New Era for Gas, says that advances in unconventional gas production coupled with growing liquefied natural gas (LNG) trade are changing long-standing assumptions about natural gas markets around the world.

Energy Vision 2011 includes perspectives from high-level representatives of industry, government and non-governmental organizations. Contributors include Total chairman and CEO, Christophe de Margerie; Director General of Gazprom Export, and deputy chairman of Gazprom, Alexander Medvedev; GDF Suez chairman and CEO, Gérard Mestrallet; Eni CEO, Paolo Scaroni; Royal Dutch Shell CEO, Peter Voser and Eurogas special envoy, Simon Blakey.

“The unconventional gas revolution is the most important energy development so far this century and it has the potential to boost gas production far beyond North America,” said IHS CERA chairman and Pulitzer Prize-winning author of The Prize, Daniel Yergin. “The resulting changes to the supply outlook and fundamental economics of natural gas will be transformative . They can have far-reaching impact on the electric power industry and the fuel choices in the years ahead. Understanding what this may mean is a top-level topic for the energy industry worldwide.”

As a result of the shale gas revolution, North America has sufficient recoverable gas to meet current levels of consumption for well over 100 years. Global LNG trade doubled in the decade from 2000 to 2010 and is expected to increase another 50 percent or more in the next 10 years. Recent advances in technology mean that natural gas is likely to be more available, and less expensive, than was assumed just a few years ago.

The North American “shale gale” served to slow if not reverse the move toward the convergence of prices and a truly global gas market, the report says. North America is much less dependent on LNG than was projected just three years ago, disconnecting the market from gas prices elsewhere.

"In the context of a world with increasing demand for energy, gas is playing a critical role. It is particularly attractive for power generation as a relatively cheaper and cleaner source of energy,” notes Roberto Bocca, senior director and head of energy at the World Economic Forum. “With many policy discussions today focusing on emissions and carbon reduction, natural gas represents an opportunity for progress, since a modern natural gas plant can produce electricity with half the greenhouse gas emissions of an older coal-fired plant."

“Growing demand for LNG in Asia brings increasing interconnectedness between Asian and European gas markets,” Yergin said. “But with a mostly self-sufficient North American gas market, one should expect an inter-regional, rather than a global, market.”

The surge of gas supply that occurred during the global recession also challenged some longstanding tenets of the world’s gas markets, particularly in Europe, the report notes. The traditional linking of gas prices to oil in Europe, though likely here to stay, is nonetheless evolving as long-standing gas suppliers are offering more flexibility in contract terms and pricing to compete with growing volumes of LNG.

In contrast to the revolution in supply, the demand outlook for gas is more evolutionary, the report finds. The primary uses for gas remain the same—space and water heating in residential and commercial applications, fuel and feedstock for industrial applications, and power generation.

Natural gas use in power generation, in particular, will be the main source of demand growth in the future, the report says. Natural gas is the cleanest of the fossil fuels, emitting the least greenhouse gas (GHG) emissions and other pollutants than coal or oil, making it a preferred fossil fuel given the imperative to reduce emissions.

About IHS CERA (www.ihscera.com)
IHS CERA is a leading advisor to energy companies, consumers, financial institutions, technology providers and governments. IHS CERA (www.cera.com) delivers strategic knowledge and independent analysis on energy markets, geopolitics, industry trends, and strategy. IHS CERA is based in Cambridge, Mass., and has offices in Bangkok, Beijing, Calgary, Dubai, Johannesburg, Mexico City, Moscow, Mumbai, Oslo, Paris, Rio de Janeiro, San Francisco, Tokyo and Washington, DC.

About IHS (www.ihs.com)
IHS (NYSE: IHS) is a leading source of information and insight in pivotal areas that shape today’s business landscape: energy, economics, geopolitical risk, sustainability and supply chain management. Businesses and governments around the globe rely on the comprehensive content, expert independent analysis and flexible delivery methods of IHS to make high-impact decisions and develop strategies with speed and confidence. IHS has been in business since 1959 and became a publicly traded company on the New York Stock Exchange in 2005. Headquartered in Englewood, Colorado, USA, IHS employs more than 4,200 people in more than 30 countries around the world.

IHS is a registered trademark of IHS Inc. CERA is a registered trademark of Cambridge Energy Research Associates, Inc. Copyright ©2011 IHS Inc. All rights reserved.

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