East Mediterranean Natural Gas Markets-2023: in Search of Development Pathways

Amidst the gas supply crisis aftermath in Europe and with global spot gas prices remaining in the double-digit range for the past years, the EastMed natural gas sector has been attracting growing attention from major producers, investors, and potential gas buyers. With vast reserves amounting to trillions of cubic meters, the EastMed countries hold the potential to bolster their own energy security and expand global gas export capabilities alleviating pressure in the tight gas market.

The latest CEDIGAZ report “East Mediterranean Natural Gas Markets-2023: in Search of Development Pathways” authored by Alexander Kislov and Gina Cohen, presents a thorough analysis of the development of the EastMed natural gas province, examining the most recent advancements in Egypt, Israel, Türkiye, Cyprus, Jordan, and Lebanon, and perspectives of new large-scale gas exports projects.  While the future of the EastMed natural gas province is contingent on various factors, the detailed information and complete data presented in the report provide an opportunity to outline the potential outcomes and contours of the EastMed puzzle.

Underground Gas Storage in the World – 2023 Status

CEDIGAZ 2023 status report on Underground Gas Storage (UGS) worldwide highlights significant developments and shifts in the global gas market.

2022 witnessed a notable increase in UGS capacity, largely driven by the global gas crisis which emphasized the importance of storage for supply security. By the end of 2022, the working gas capacity reached 429 billion cubic meters, a 1.3% rise from the previous year, with significant contributions from China and Europe. The peak withdrawal rate also rose by 1.7%.

The storage market remains concentrated, but China’s UGS sees an accelerating growth

The storage market is largely concentrated in a few countries, with the United States, Russia, Ukraine, Canada, and Germany holding 68% of global capacities. However, there’s a growing focus on expanding storage in rapidly developing markets like China and the Middle East.

From Crisis to Cooperation: Japan’s IEA-Led LNG Stability Framework Initiative

Exclusive Preview from the CEDIGAZ Annual Survey of Global Underground Natural Gas Storage

UGS was definitely in the spotlight in 2022/23. The global gas crisis has revealed the strategic value of storage for the market, and its crucial role for security and stability of natural gas supply. The introduction of stricter regulations on natural gas (and LNG) storage is part of the set of measures introduced by governments across the world to tackle the energy crisis.