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Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
 The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy strategy and policy. And as Europe searches for viable alternatives to Russian gas, LNG seems the most popular solution to plug the supply gap. But LNG prices are rising fast, and contracting patterns are changing. Could there be other, more local, longer-term supply options?
A decade ago, Europe hosted some of the most active unconventional gas exploration programmes outside North America. Then the commodity downturn in 2015 – combined with some high-profile dry holes – brought a swift end to almost all of Europe’s onshore exploration.
Is it possible that shale exploration could come back into vogue as Europe searches for alternative gas supply?
In a recent video we talked through the potential for unconventional gas to eventually become a meaningful part of the solution to Europe’s gas supply problem – and the numerous barriers. Fill in the form to access the film and read on for some highlights from the discussion.
Russia’s war with Ukraine changed the game
Europe’s gas balance has changed fundamentally as a result of the conflict. In January-August 2022, Europe’s imports from Russia totalled only 55% of the volumes in the same timeframe last year.
Europe no longer has any illusions about the reliability of Russia as a gas supplier. Diversifying supply has become an imperative. So, without Russian imports, how much more gas does Europe need?
In a hypothetical scenario where the EU stops importing Russian gas by the end of 2023, the next couple of years would see record high import requirements. But longer term, there is significant uncertainty around demand – with a range of up to 100 bcm in terms of potential requirements. If demand remains resilient, we forecast that the supply and demand gap would be about 300 billion cubic metres (bcm). In a scenario where Europe’s recent decarbonisation and diversification plan, the REPowerEU, is successful, that gap would be closer to 210 bcm.
In either scenario, Europe will turn to LNG to plug the gap. In the next couple of years, it will need to compete with Asia for limited supply – all while LNG prices are rising.
That could open the door to alternatives like unconventional gas. But has the opportunity for European shale closed indefinitely after the last round of failed exploration? And can these options be delivered fast enough, before demand risks increase?
European shale has vast potential, but there has been no material production
Ten years ago, exploration and appraisal work across Europe spanned from Poland to the UK, Sweden, Germany and Austria. Target plays were shale and tight gas sands, which both had huge resource potential. Parallels to booming US unconventional gas supply were drawn, aided by some European shale plays showcasing excellent geologic and geochemical properties.
However, none of the in-place gas volumes were commercialised, and in five years of evaluation not much drilling and completion progress was made. Even in the UK and Poland, where activity was the most promising, only a few wells were finished, and sky-high costs coupled with management fatigue in the 2015 downturn stalled the projects.
In the current race to find alternative gas sources, could the tide be turning? The UK and Germany are both reportedly discussing lifting national bans on hydraulic fracturing. That would be a bold move that would set the stage for shale gas pilots again.
Would investors and E&Ps still be interested?
In the first round of European shale gas exploration, many of the Majors led this activity.
Now though, the Majors have shifted their unconventional focus to the Permian, or in some cases, scaled back global shale projects completely. Their shale portfolios appear to be largely set: they are unlikely to want more exposure to new unconventional assets.
Source: Wood Mackenzie
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Friday, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
Tuesday, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
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- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
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- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
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- Sojitz Corporation - Japan
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- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
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- Billiton Holdings Pty Ltd - Australia
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- GN Power Mariveles Coal Plant, Philippines
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- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Economic Council, Georgia
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- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
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- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
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- Savvy Resources Ltd - HongKong
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- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
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- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
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- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
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- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
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- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- The University of Queensland
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
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- Minerals Council of Australia
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
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- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Romanian Commodities Exchange
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- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
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