21 February 2003 – Europe’s dependence on natural gas imports will grow sharply by 2015, making Russia and the Middle East increasingly important.
Europe’s reliance on gas imports is expected to rise from 40 per cent to 60 per cent by 2015, the report said. The UK is projected to see the biggest gas supply shortfall in Europe about 32 per cent of Europe’s total gas supply deficit – given current levels of trade in gas, the report added.
Demand for gas imports in the UK is set to grow because domestic supplies are declining. The UK is projected to become a net importer of gas by 2005.
The winners will be Russia and the Middle East, where gas exports will substantially increase, Wodd Mackenzie’s European Energy research head Neil Thomas said in a statement.
Liquefied Natural Gas will also figure prominently in Europe’s future gas supply portfolio, the report noted, with market share moving up to 12 per cent, per year, compared to seven per cent in 2000.