Securing LNG supplies

Rudolf Huber

Head of Business Development, EconGas GmbH

London, 23 March 2009

2

The next twist

And another change

What's left now?

Is there light at the end of the tunnel?

3

And now …?

End of carefree living?

Markets counterattack

Next great thing around the corner?

4

Where does it come from?

5

Anything to spare

Domestic requirements

Politics

Leftovers???

Showstoppers galore

Still high EPC

Learning the truth

Financial crisis

7

Unconventional Gas

Shale revolution

Massive CBM

What else?

8

Arctic sources

Expensive

Long lead

Needs high oil price

9

Floating LNG

Stranded gas

Reusability

Design one – build many

10

Spot /v Long Term

11

A commodity?

Not freely tradable

No transparent quotes

Relationship driven

12

What is spot - my instincts

Cargo out of wedlock

Portfolio optimization

Monetizes value chain

13

Is the market crazy?

Sheer need

Poster boy deals

Partnership bonus

14

Breaking the milk run

Security of supply driven

Improves supply security

Cover gas options

15

End of the sellers market

Unnatural

Markets always react

When does it bite?

Any Globalization?

Very regional market

No Pacific market

Portfolio deals create illusion

Global competition

Newbie's view of LNG

Just another source of supply

Business fundamentals ???

Risks under- or overstated

19

Hunting the elusive

Sharp focus

Clear strategy

Stability

20

Illusions

Old world has passed

LNG more than supply

Hype has not lasted

21

The nanosecond LNG world

Market changes on a whim

Myriads of new players

Sound fundamentals help

Some things are still the same

Strong partners ride out any storm

More marriage than one night stand

Rebalancing

23

► EconGas GmbH

ARES Tower, Donau-City-Strasse 11, 1220 Vienna, Austria

www.econgas.com