morgen stanley_ Global Gas摩根士丹利全球天然气研究报告（2011.3）

TABLLE OF CONTENTS
Executive Summary ............................................................................................................................................................... 4
Global Gas Overview ............................................................................................................................................................. 5
Global Stock Implications ....................................................................................................................................................... 8
Gas World .............................................................................................................................................................................. 11
Scenarios, Scenarios ............................................................................................................................................................. 19
Impact on Related Industries
European Utilities: Gas to Drag … and Drag ................................................................................................................... 24
US Petrochemicals: High Oil-to-Gas Ratio Means Higher Profits .................................................................................... 31
Clean Energy: Economics As Well As Politics Driving Growth ......................................................................................... 36
Regional Overviews
Europe: Gas Markets to Stay Threatened by the Global LNG Glut.................................................................................. 39
US: Comfortably Balanced – But Will It Export?............................................................................................................... 47
China: How Will Its Huge Gas Demand Growth Be Met?................................................................................................. 52
India: Local Gas Demand to Outstrip Local Supply.......................................................................................................... 58
Australia: Qatar’s Big Brother?........................................................................................................................................ 59
Appendix A: Natural Gas Vehicles ......................................................................................................................................... 63
Appendix B: In Europe, Unconventional Gas Will Likely Be A Long Time Coming ................................................................. 64
Appendix C: LNG Supply Base Case (Existing, Under Construction + Committed) ................................................................ 66
Appendix D: Morgan Stanley Global Gas Exposure Basket Constituents ............................................................................... 67