Strategy, supplies and sales

The UK has published its new energy strategy. While its timing gave little thought to Allister’s attempts to stop work before midnight, it has given some much-needed succour to North Sea developers. Among those taking increased heart is Ithaca Energy which, the next day, announced its move to buy Siccar Point, the owner of environmentalists’ bane – and perennial podcast favourite – Cambo.  

Europe is going to need more gas if it is to keep the pressure up on Russia. An appealing option would be Africa, home of substantial gas reserves. However, after so many net zero pledges, is there enough commercial support to develop these resources? There is a price to be paid for not developing affordable gas and that is likely to be coal.  

Similar challenges are facing the new crop of LNG importers in Southeast Asia. Once held up as the future of LNG demand, countries such as Vietnam have been caught wrong footed by price volatility. The best response to high global responses will be local supply – a lesson for all.  

 

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