CONCEPTS FOR INCREASED NATURAL GAS SUPPLY LONG-TERM GAS DEMAND/SUPPLY BALANCE: A NEED FOR MONETIZING GAS RESERVES

摘要

Proven reserves of about 157 are comfortable and represent 61 years of production at present rates compared to around 43 years for oil reserves. However, new resources tend to be discovered further and further away from the major consuming areas, in areas more complicated to access. Hence operating conditions are worsening, and natural gas is becoming more expensive both to produce and transport from remote areas. The need to monetize these gas resources will increase in the future as a result of the decline of mature regions. There are different ways to monetize these reserves: to further decrease the cost of exploration and production of difficult fields; to achieve further cost reductions in transportation; to monetize associated gas in areas and fields where associated gas is still flared. Results from any of these different methods will not only depend on the pace of technological development but also on the price signals which should be strong enough to attract the required investment. More generally, it is necessary to ensure an “investor friendly” policy and a regulatory climate. In addition, it would be useful to promote regional integration of gas markets by facilitating transport/supply of gas via third party countries.