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The Key Differences Between the Natural Gas Markets in Asia, Europe and North America

In: Business and Management

Submitted By Maxlinder
Words 1687
Pages 7
The key differences between the natural gas markets in Asia, Europe and North America November 2012

Table of Contents

Summary 3
Overview 4
Conclusions 8
References 9

Summary

The major difference of the natural gas market, which sets it apart from the truly global oil market, is that the former has historically been developed with respect to the regional supply bases. This was primarily defined by existing technology for natural gas transportation and availability of other energy resource: primary oil and coal. Sharp increase of oil prices and global concern with availability of oil reserves; growing awareness of the fossil powered industry influence on the environment, introduction of LNG and GTL technologies had significant impact on the natural gas market share, demonstrating recently double digit grows in consumption for all regions except Western Europe. This script will address the key differences between the natural gas markets in Asia, Europe and North America.

Overview 25% average share of natural gas in the global energy balance is distributed unevenly throughout the regions: 35% of energy consumed by Europe, 27% by North America and only 11% by Asia-Pacific come from natural gas (BP, 2012). For some countries like Russia and Iran natural gas share in the overall energy balance is even high, up to 60%, which demonstrates that natural gas is still marketed based on regional and even local bases. The USA is the biggest world producer with 20% share and, at the same time, the biggest consumer with 22% of the global natural gas

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