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Oil and Gas Supply - Europe and the Former Soviet Union (A 10-year projection and review of oil and gas production and consumption)
Datamonitor, March 2010, Pages: 226
Having witnessed in 2008 the first major signal that future conventional oil and gas supplies will become much harder to find and more expensive to develop, Datamonitor is publishing this analysis of deep water production around the world. As secure energy supplies become increasingly difficult and expensive to extract, an accurate forecast of supply/demand dynamics becomes more important.
Historically, global economic recessions have led to declining energy demand, but the resultant lower prices have soon led to a recovery in demand and then prices, especially as OPEC has acted to rein in output to tighten supply. This trend has already been reflected in the oil markets to some degree. In the gas sector, supplies will be available only if investment in infrastructure, above all long-distance pipelines and LNG conversion and receiving plants, is well advanced.
Key findings and highlights
- Norwegian gas production continues to rise rapidly as new fields are developed, in particular the Troll field and the deep water Ormen Lange field, although the latter was downgraded in 2009. New developments in the Barents Sea, including Snohvit, which ships gas into Europe’s first LNG plant, are also stemming declines.
- Global demand is driving investment in Russian gas reserves and output is due to grow from all prospective onshore and offshore areas, including Sakhalin and the Arctic north. However a global surplus of LNG, recognized in 2009, has delayed many of these projects, so production will not reach 2008 levels again until around 2016.
- Although foreign investment and new export routes are driving oil production, Turkmenistan is primarily a gas-producing country. It has some potential in lands adjacent to the Caspian Sea, but its most significant resources are located in the Amu Darya basin in the southeast, where giant fields have been reported.
Reasons to buy
- Gain understanding of which markets will see increased production levels over the next decade
- Identify potential commercial opportunities through an understanding of changing demand and supply dynamics in specific markets
- Analyze the changing balance between on and offshore production
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