Shell Energy Outlook

Major points (everything is directly quoted):

• We expect to see global gas demand growing by over 60% from 2010 to 2030, or 2-3% per year. This is driven by demand growth in Asia, the Middle East and the
  Americas, primarily in the power and industrial sectors.
• At Shell, we see three distinct gas markets where we can invest, and we are not expecting major changes: North America, fundamentally  well supplied, a spot market with replacement cost and demand fundamentals that point to $4-$6 prices; LNG markets, dominated by Asia Pacific, where transport costs and financing, we believe, will continue to drive contracts that are dominated by oil price linkages; and Europe, which is a mix of these two, where there will be both hub based pricing and oil linked prices, with hub based pricing growing in importance.