Cedigaz's Chief Economist, Armelle Lecarpentier, shared her input on the natural gas outlook at the 2012 Oil & Money Conference. In this presentation, Armelle Lecarpentier provides key insights on the divergence of international gas prices, global LNG market proposals and specific features of European gas supply from 2004 - 2011. See this year's sessions on Natural Gas Trading and Natural Gas Markets at our 2013 conference where you can join the debate and hear insights into the current crucial issues facing the international energy sector from energy ministers and CEO's of global energy companies. If you are interested then join us at Oil & Money this October at the InterContinental London Park Lane. For more information visit www.oilandmoney.com

1. Natural Gas Outlook
What will determine the mid and long term Price
Armelle Lecarpentier
Chief Economist, CEDIGAZ
14 November 2012
Oil & Money Conference
London, November 13-14, 2012

2. Tipping
point?
Divergence of international gas prices
Oil & Money Conference, London, 14 November 2012

3. Global LNG market prospects
(Reference Scenario of CEDIGAZ)
Bcm
0000
100100100100
200200200200
300300300300
400400400400
500500500500
600600600600
2010201020102010 2011201120112011 2012201220122012 2013201320132013 2014201420142014 2015201520152015 2016201620162016 2017201720172017 2018201820182018 2019201920192019 2020202020202020
AvailableAvailableAvailableAvailable
LNG supplyLNG supplyLNG supplyLNG supply
surplussurplussurplussurplus
LNGLNGLNGLNG
DemandDemandDemandDemand
Break on LNG
demand growth in
2012 (Europe)
Diversification of LNG
supply (Australia,
Qatar, US, Africa,
Russia, ...)
Oil & Money Conference, London, 14 November 2012 Source: CEDIGAZ

4. Specific features of European gas supply
15%
27%
44%
2% 2%1%9% 18%
31%
27%
9%
8% 3% 4%
2004
Total = 552 bcm
2011
Total = 550 bcm
Norway Other Europe Russia Algeria
Qatar Nigeria Other extra-European imports
Europe includes Turkey, Switzerland and Central Europe
Oil & Money Conference, London, 14 November 2012 Source: CEDIGAZ