There is a fresh warning today that there may not be enough gas being produced in the years ahead to meet world demand.
Europe is going to face intense competition from China for liquefied natural gas (LNG), according to energy giant Shell.
A fall in Chinese gas imports helped free up supplies for Europe during 2022, but demand from the planet's second-biggest economy is set to rebound as Covid restrictions are removed.
The Telegraph says that Shell has cautioned there will not be enough LNG to go around later this decade unless more money is put into new projects.
Steve Hill, executive vice president for energy marketing at Shell, said Russia's invasion of Ukraine had caused "structural shifts" in energy market.
He added: "It has also underscored the need for a more strategic approach - through longer-term contracts - to secure reliable supply to avoid exposure to price spikes."
LNG reliance
One of the structural shifts is a far greater reliance in Europe on shipments of LNG, to make up for cuts in supplies of pipeline gas from Russia.
The area imported 60% more LNG last year than in 2021, Shell said.
The ability to do so was helped by a fall in imports by China, where demand has been suppressed because of strict pandemic lockdowns.
Shell said: "Europe's increased need for LNG looks set to intensify competition with Asia for limited new supply available over the next two years and may dominate LNG trade over the longer term.
"More investment in supply will be needed to meet future LNG demand."
Gas supply shortages pushed up prices around the world last year, triggering a cost-of-living crisis and record profits for producers.
Profits surge
Centrica yesterday announced a massive rise in annual profits - more than seven times those of the year before.
The group revealed that adjusted operating profits hit £2.823billion last year, compared to just £392million in 2021.
As well as British Gas, Centrica interests include oil & gas exploration and production assets. The company has a 69% stake in the Spirit Energy business and the Rough gas-storage facility.
Centrica chief executive Chris O'Shea yesterday refused three times to say whether he would accept a bonus this year, given the hardship faced by customers.
Mr O'Shea last year gave up a £1.1million award. He is eligible for a bonus of up to £1.6million this year.
He argued it was "too early" to address the topic, with details of his pay due to be set out in the company's annual report in March.
"I am here to talk about our results today," added the CEO.