Contents
Acknowledgments iv
About the Author v
Executive Summary vi
1 Introduction 1
Security 1
The regions 2
Why consider oil and gas together? 3
Scenarios for oil and gas 4
2 Oil Balances 5
North America 5
Europe 6
Atlantic Basin 6
Asia-Pacific region 7
Global oil balances 8
Sensitivities 9
Conclusions on oil 10
3 Global and Regional Gas Balances 11
The 2020 gas scenario 11
LNG 13
Regional or global gas prices 14
Gas-balance sensitivities 14
Conclusions on gas 15
4 Securing Access to Resources: Investment Strategy 16
OPEC 16
Gas Exporters’ Forum 17
State companies 17
Conditions of access 18
Private-sector companies 20
5 Access to Supply and Markets: Trade Strategy 21
Governance 21
Market structures 22
6 Energy Security 25
7 Conclusion 27
Outlook 27
Implications 27
Strategic challenges 28