The unprecedented global growth of natural gas is changing the energy climate, creating ripple effects that are shifting the geopolitical relationships between the U.S., Middle East, Russia, Japan and China, a panel of global LNG lawyers from Baker Botts said Wednesday.
“The advent of shale and other unconventional natural gas and oil supplies represents a once-in-a-generation sea change,” said Steven Miles, energy sector chair and head of the firm’s LNG practice . “As natural gas has become ubiquitous, the number of countries importing liquefied natural gas (LNG) has doubled in the last five years. It has opened the industry up to a broad array of new players, creating a liquid, even vibrant, secondary market for LNG.”
The broad panel of firm lawyers who gathered for a roundtable event at the LNG 17 International Conference and Exhibition, noted that the wide availability of and demand for natural gas has attracted an extensive range of producers, financers, exporters and other players seeking to capitalize on the trend. The panel noted that navigating unfamiliar legal and cultural norms in some gas-rich areas, however, can be challenging.
Panelists also noted that natural gas is playing a critical role in helping countries reduce their carbon emissions from energy, which they anticipate contributing to the continued growth in demand for natural gas and LNG. In total, eight Baker Botts partners participated in the event including Steven Miles, Mark Rowley, Russell Wilkinson, Tom Moore, Kevin Keenan, John White, Sean Korney and Jason Bennett.
[mappress] LNG World News Staff, April 18, 2013; Image: Baker Botts