scholarly journals THE IMPACT OF COVID-19 ON NATURAL GAS MARKETS IN 2020

2021 ◽  
Vol 2(73) (1) ◽  
pp. 16-26
Author(s):  
Florinel Dinu ◽  
Artemis Aidoni ◽  
George Iulian Oprea
Keyword(s):  
Natural Gas ◽  
Oil And Gas ◽  
International Energy Agency ◽  
Business Environment ◽  
Gas Production ◽  
Energy Agency ◽  
Natural Gas Markets ◽  
Warm Start ◽  
Gas Markets ◽  
The Impact

"A warm start to the year 2020 coupled with the impacts of the COVID-19 pandemic had a devastating impact on the Oil and Gas sector across the globe. A great economic shock was felt throughout this period and continued until the end of the year and even during the next year, but the extent of the damage is still uncertain, as is the speed and scale of recovery. Owing to the global lockdowns that resulted from the COVID-19 pandemic, gas consumption and production plummeted and the prices reached a new record low. As the pandemic started to spread in Europe the gas production went below the 2015-2019 range reflecting the decreasing trend of gas production in EU. In the same period 5 years ago the gas production was 36.6 bcm, more than twice as in Q1 2020, illustrating the rapid decrease in gas production in the block of 27 and the increase in import dependenc in natural gas. This study highlights the effects of COVID-19 on the gas markets based on publications of National Regulatory Authorities, Transmission System Operators, International Energy Agency, one of the world’s most trusted providers of data of global commodities markets and European Energy Exchange. Under the optimistic infection scenario, gas demand will recover close to the non-pandemic level by 2021. Unfortunately, the oversupply situation is improbable to be overcome promptly and in a more pessimistic way there is no visibility for a better business environment before 2023. "

Powering the economy

2021 ◽  
pp. 158-216
Author(s):  
Malcolm Abbott ◽  
Bruce Cohen
Keyword(s):  
Renewable Energy ◽  
Natural Gas ◽  
Reform Process ◽  
Electricity Pricing ◽  
Natural Gas Markets ◽  
International Trends ◽  
Pros And Cons ◽  
Reform Processes ◽  
Gas Markets ◽  
The Impact

In this chapter the reform processes relating to the electricity and natural gas markets are examined, beginning with the changes that occurred in the early 1990s and tracking through the first two decades of the new century. In doing so, the influence of international trends are considered, and the various benefits and problems associated with the reform process are discussed in detail. In addition to looking at the structural and ownership changes that occurred during this period, specific attention is given to the manner in which prices for monopoly assets were determined, changes in regulation of electricity pricing for retail customers and the impact of the measures used to promote renewable energy. Related to these various reforms has been the problems that have arisen from the need to ensure security of supply. Additional attention, therefore, is given to an examination of these issues, including the pros and cons of establishing a domestic gas reserve policy.

Petroleum production and development across Australia 2017

2018 ◽  
Vol 58 (2) ◽  
pp. 469
Author(s):  
Graeme Bethune ◽  
Susan Bethune
Keyword(s):  
Oil And Gas ◽  
International Energy Agency ◽  
Oil And Gas Industry ◽  
Gas Production ◽  
Petroleum Exploration ◽  
The West ◽  
Energy Agency ◽  
Gas Industry ◽  
Oil And Gas Production ◽  
Short Supply

This Petroleum Exploration Society of Australia review looks in detail at the trends and highlights for oil and gas production and development both onshore and offshore Australia during 2017. Gas production soared while oil production plummeted yet again. Liquefied natural gas (LNG) did well; 2017 was a great year for LNG and 2018 should be even better. There are stark contrasts between domestic gas on the west and east coasts. On the west coast, prices are affordable and supply relatively plentiful. On the east, prices are high and gas is in short supply. This paper canvasses these trends and makes conclusions about the condition of the oil and gas industry in Australia. This paper relies primarily on production and reserves data compiled by EnergyQuest. In its latest review of Australian energy policy, the International Energy Agency comments yet again on the weaknesses of Australian oil and gas statistics. This paper also makes some observations on these weaknesses.

Global gas market oversupply will persist in 2016

2016 ◽  
Keyword(s):  
Fossil Fuels ◽  
Oil And Gas ◽  
International Energy Agency ◽  
Energy Agency ◽  
Gas Industry ◽  
Content Type ◽  
Market Outlook ◽  
Gas Market ◽  
Oil And Gas Companies ◽  
The Impact

Subject Gas market outlook. Significance The price of spot liquefied natural gas (LNG) fell at end-February to the lowest level since July 2009. Long-term forecasts for global gas demand have been downgraded by the International Energy Agency (IEA) and by oil and gas companies, such as BP and ExxonMobil. US demand is rising, while production growth appears to have flattened. However, the impact on prices will be limited in 2016. Impacts Gas companies' revenues will be pressured, with pipeline suppliers in Europe discounting prices to compete with LNG imports. With uncertain prospects for gas in power generation, companies will focus on new opportunities in transport. Gas industry groups will seek carbon regulations that support gas rather than penalise fossil fuels to the advantage of renewables.

Northern Australia oil and gas: a new engine for Australia's prosperity?

2015 ◽  
Vol 55 (2) ◽  
pp. 405
Author(s):  
Nicholas Heyes ◽  
Robbert de Weijer
Keyword(s):  
Success Factors ◽  
Oil And Gas ◽  
International Energy Agency ◽  
Gas Production ◽  
Government Support ◽  
Asia Pacific ◽  
Northern Australia ◽  
Energy Agency ◽  
New Ways Of Working ◽  
Tax Benefits

The region of Australia comprising the area of the NT and northwest Queensland has significant conventional and shale resources that can see it emerge as the next major global oil and gas hub. According to the International Energy Agency (IEA), in the Asia-Pacific region, the natural gas production-consumption shortfall is expected to grow from 99.8 million tonnes per annum (mtpa) in 2012 to 251.7 mtpa in 2025 (IEA, 2014). Australia is well-positioned to cater to this growing demand, and is set to become the world’s largest LNG exporter by 2020. The northern Australia region can help to meet this growing global demand and also serve domestic east coast demand. Development of these resources would significantly accelerate the regional and national economy, but success will depend on doing it at a cost that is competitive with new sources of hydrocarbons from around the world. This extended abstract outlines the natural advantages and challenges being faced by operators seeking to develop this region of northern Australia. Drawing on insights from global experiences, it identifies the key success factors and challenges faced in different regions during their development and commercialisation. It provides guidance and recommendations for maximising the development potential in northern Australia including: new ways of working; industry collaboration including sharing of infrastructure and data; service provider development; commercial partnerships; better access to capital; and, government support in tenure reform, incentives, tax benefits, capability development and investments in infrastructure.

scholarly journals Oil and Gas in the Arctic: Legal Status and Reserves

2014 ◽  
pp. 60-67
Author(s):  
N. N. Shvets ◽  
P. V. Beresneva
Keyword(s):  
Legal Status ◽  
Oil And Gas ◽  
International Energy Agency ◽  
Business Case ◽  
Gas Production ◽  
Production Costs ◽  
The Arctic ◽  
Outer Continental Shelf ◽  
Oil And Gas Development ◽  
Energy Agency

When researching such a hot topic as development of oil and gas reserves in Artie it's crucial to answer 3 key questions. What is legal status of Artie reserves and Russian offshore zone in Arctic? Are there any gaps in international lawthatinhibits oil and gas development? How big are Arctic oil and gas reserves? Are they well-explored? What are production costs of oil and gas in Artie? Is it profitable to develop reserves in Artie? The article addresses these vital questions with the detailed analysis. 1982 UN Convention on the Law of Sea partially regulates Artie legal status but countries apply sectorial principal to Arctic territories to claim their rights. There are few border disputes left. The borders of Russian outer continental shelf are shaped by international law and bilateral agreements and undergoing final review within UN processes and mechanisms. Arctic reserves'estimates do vary significantly as the region is barely explored. According to with a high 2008 US Geological Survey and 2006 Wood Mackenzie and Fugro Robertson study Arctic reserves are about 10-15% of global reserves. Most of them are offshore (around 85%), and gas accounts for 80% of reserves. Russia has more than a half of Artie reserves. Under International Energy Agency it's profitable to develop Arctic oil reserves as production costs ($40-100 bbl) are below current and 2035 forecast oil price. On the contrary, gas production is questionable from costs point of view. Gas market is projected to remain regional. With Artie gas production cost of$ 4-12 million BTU, there is no business case to develop Artie gas in America and at the edge of profitability in Europe.

Sign in / Sign up

Export Citation Format

Share Document