In the Southern Caucasus and the Black Sea Region
Edited By Ghia Nodia and Christoph H. Stefes
The New Gas Era: Shaping Energy Policy in the South Caucasus Region
ABSTRACT: The shale gas revolution had important consequences for the global energy industry. Shale gas is considered to be a promising source of energy to satisfy growing energy demand, increase energy security, generate economic benefits and reduce the carbon footprint. Discoveries and technological advances in shale gas industry have led to cheaper gas production and lower gas prices, decoupled from oil prices. Shale gas deposits are mostly found in emerging markets, creating a potential for import-dependent countries to improve their energy security. Considering the attitude to and knowledge of shale gas development in the United States and the EU, this chapter shows the potential impact of shale gas on South Caucasus region and its energy policy and its future gas market development.
KEYWORDS: South Caucasus, shale gas, natural gas markets, hydraulic fracturing, energy policy
Until quite recently nobody anticipated that shale gas would become a major rival of other energy sources and an energy “game changer” worldwide. Discoveries of massive shale gas reserves together with technological advances made it economically viable for large-scale production and more attractive to the business sector. Starting from the boom in the United States, the shale gas revolution has significant implications for international gas markets and has created huge uncertainties throughout the energy mix.
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