Hafner, Manfred; Karbuz, Sohbet; Esnault, Benoit; El Andaloussi, Habib
December 2008
Energy & Environment;2008, Vol. 19 Issue 8, p1131
Academic Journal
faces a growing import dependency over the next decades. Europe's neighbouring regions are endowed with substantial reserves and resources which can cover the increasing European import requirements in the medium to long term. With the development of its different uses, especially for power generation, gas is increasingly gaining importance for European energy security of supply. A substantial captive demand has indeed developed during the past decade, which explains the essential role the EU gives to natural gas in its energy policy. Securing and increasing gas supply will, however, require huge investments on all the segments of the gas chain, namely exploration and development, international transit and downstream infrastructures (gas lines and storage). These investments will be realised by energy companies and will, therefore, require an appropriate investment climate, which not only involves economic considerations but also a stable environment, a clear regulation and the possibility for operators to develop necessary strategic partnerships. This paper assesses the future long term (2010-2020-2030) gas import requirements and external supply potential for Europe, and identifies future gas corridor infrastructure needs taking into account a reserve/resource analysis, production and demand outlooks, export infrastructure and projects, supply costs as well as institutional, strategy and geopolitical issues, etc. Finally, the paper identifies investment barriers for different types of gas corridor infrastructure projects and proposes issues to be addressed by policymakers in order to put in place a favourable environment regarding investment promotion and to create a sustainable gas market for the long term. The paper is based on the work carried out by OME in the framework of the ENCOURAGED (Energy Corridor Optimization for the European Markets for Gas, Electricity and Hydrogen) project financed by the European Commission DG-Research 6th Research and Development Framework Programme.


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