Identifying and Filling Western Europe’s Natural-Gas Storage Needs for the Next Decade

摘要

During the past 5 years, Western Europe and the U.K. in particular have undergone a sea change in terms of the number of gas storage projects that have been initiated or reached planning/consent stages. This has been largely in response to concerns over the security of gas supply in a market where indigenous gas production is declining at the same time as consumption is on the increase. In addition, EU directives will require member States to maintain a certain minimum volume of gas stocks in some, form of storage (to mitigate against supply interruption). This paper reviews the outlook for gas storage across Western Europe, and in particular the U.K. which historically has been cushioned from such needs due to its supply of domestic gas from the North Sea. The paper considers the changes that might be expected to happen as indigenous gas is depleted and an ever increasing reliance is placed on imports from potentially less stable areas of the world. Consideration is given to the drivers that apply to the identification of any gas storage project and in particular the conversion of a depleted natural gas field. Consistent and systematic screening criteria are used to identify the best storage candidates. The status of the UK's current natural gas field portfolio is considered along with specific examples of fields that may make attractive propositions for conversion over the next 5-15 years. The technical and economic criteria that will play a key role in these decisions are listed and discussed. Comparison is made between the UK and other countries on a global basis and discussion is included regarding the alternative uses of such depleted fields which may present a (competitive) alternative to the use of depleted fields for gas storage such as CO2 sequestration.