Future liquefied natural gas business structure: a review and comparison of oil and liquefied natural gas sectors
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://repositorio.inesctec.pt/handle/123456789/5848 http://dx.doi.org/10.1002/wene.240 |
Resumo: | The liquefied natural gas (LNG) trade provides the means of trading gas globally and represents about 10% of the gas trade. The forecasts show the LNG business will grow, over the next 20 years, at about twice the rate of the whole gas trade. Although the current state of LNG trade is well studied, the literature on the future business structure of it is limited and conflictual. This work considers the future LNG business structure by comparing the development trajectories of the oil and LNG sectors. In addition, it assesses the conclusions drawn by researchers against this background and the current pattern of change in the industry. The comparison involves three stages: (1) trade flows-oil and LNG trade flows are very similar, mainly due to the common distribution of the oil and gas reserves. (2) Supply chain configuration-the international trade for both fuels is tanker based thus allowing for a similar market responsive trade policy, i.e., real-time destination selection (spot sale) at a global scale. (3) Institutional developments-the current transparent and competitive global oil trade, with prices dominated by physical and paper markets, was driven previously by long-term contracts, in the same manner as the current LNG business. This analysis, together with transaction cost economics, supports the argument that, in future, LNG spot trade will increase and give rise to a competitive and globally unified LNG market. Further-more, LNG pricing will become transparent and would be dominated by physical and paper markets benchmark prices. (C) 2016 John Wiley & Sons, Ltd. |
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Future liquefied natural gas business structure: a review and comparison of oil and liquefied natural gas sectorsThe liquefied natural gas (LNG) trade provides the means of trading gas globally and represents about 10% of the gas trade. The forecasts show the LNG business will grow, over the next 20 years, at about twice the rate of the whole gas trade. Although the current state of LNG trade is well studied, the literature on the future business structure of it is limited and conflictual. This work considers the future LNG business structure by comparing the development trajectories of the oil and LNG sectors. In addition, it assesses the conclusions drawn by researchers against this background and the current pattern of change in the industry. The comparison involves three stages: (1) trade flows-oil and LNG trade flows are very similar, mainly due to the common distribution of the oil and gas reserves. (2) Supply chain configuration-the international trade for both fuels is tanker based thus allowing for a similar market responsive trade policy, i.e., real-time destination selection (spot sale) at a global scale. (3) Institutional developments-the current transparent and competitive global oil trade, with prices dominated by physical and paper markets, was driven previously by long-term contracts, in the same manner as the current LNG business. This analysis, together with transaction cost economics, supports the argument that, in future, LNG spot trade will increase and give rise to a competitive and globally unified LNG market. Further-more, LNG pricing will become transparent and would be dominated by physical and paper markets benchmark prices. (C) 2016 John Wiley & Sons, Ltd.2018-01-10T10:49:55Z2017-01-01T00:00:00Z2017info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://repositorio.inesctec.pt/handle/123456789/5848http://dx.doi.org/10.1002/wene.240engHamed Nikhalat JahromiDalila FontesCochrane,RAinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-05-15T10:20:24Zoai:repositorio.inesctec.pt:123456789/5848Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:53:04.075861Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Future liquefied natural gas business structure: a review and comparison of oil and liquefied natural gas sectors |
title |
Future liquefied natural gas business structure: a review and comparison of oil and liquefied natural gas sectors |
spellingShingle |
Future liquefied natural gas business structure: a review and comparison of oil and liquefied natural gas sectors Hamed Nikhalat Jahromi |
title_short |
Future liquefied natural gas business structure: a review and comparison of oil and liquefied natural gas sectors |
title_full |
Future liquefied natural gas business structure: a review and comparison of oil and liquefied natural gas sectors |
title_fullStr |
Future liquefied natural gas business structure: a review and comparison of oil and liquefied natural gas sectors |
title_full_unstemmed |
Future liquefied natural gas business structure: a review and comparison of oil and liquefied natural gas sectors |
title_sort |
Future liquefied natural gas business structure: a review and comparison of oil and liquefied natural gas sectors |
author |
Hamed Nikhalat Jahromi |
author_facet |
Hamed Nikhalat Jahromi Dalila Fontes Cochrane,RA |
author_role |
author |
author2 |
Dalila Fontes Cochrane,RA |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Hamed Nikhalat Jahromi Dalila Fontes Cochrane,RA |
description |
The liquefied natural gas (LNG) trade provides the means of trading gas globally and represents about 10% of the gas trade. The forecasts show the LNG business will grow, over the next 20 years, at about twice the rate of the whole gas trade. Although the current state of LNG trade is well studied, the literature on the future business structure of it is limited and conflictual. This work considers the future LNG business structure by comparing the development trajectories of the oil and LNG sectors. In addition, it assesses the conclusions drawn by researchers against this background and the current pattern of change in the industry. The comparison involves three stages: (1) trade flows-oil and LNG trade flows are very similar, mainly due to the common distribution of the oil and gas reserves. (2) Supply chain configuration-the international trade for both fuels is tanker based thus allowing for a similar market responsive trade policy, i.e., real-time destination selection (spot sale) at a global scale. (3) Institutional developments-the current transparent and competitive global oil trade, with prices dominated by physical and paper markets, was driven previously by long-term contracts, in the same manner as the current LNG business. This analysis, together with transaction cost economics, supports the argument that, in future, LNG spot trade will increase and give rise to a competitive and globally unified LNG market. Further-more, LNG pricing will become transparent and would be dominated by physical and paper markets benchmark prices. (C) 2016 John Wiley & Sons, Ltd. |
publishDate |
2017 |
dc.date.none.fl_str_mv |
2017-01-01T00:00:00Z 2017 2018-01-10T10:49:55Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://repositorio.inesctec.pt/handle/123456789/5848 http://dx.doi.org/10.1002/wene.240 |
url |
http://repositorio.inesctec.pt/handle/123456789/5848 http://dx.doi.org/10.1002/wene.240 |
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eng |
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eng |
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openAccess |
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reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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