Executive summary 7

1. Introduction 10

2. A gas market in transition 12

  2.1 Lessons from the 2022-2023 energy crisis 12

  2.2 The post-crisis gas market environment 13

3. Flexibility options along gas and LNG value chains 19

4. Physical gas reserves 21

  4.1 Underground gas storage 25

  4.2 LNG tank storage 31

  4.3 LNG FSRU and FSU facilities 36

  4.4 LNG floating storage on vessels 40

5. Flexible commercial options for LNG 45

  5.1 Existing LNG contracts 47

  5.2 New LNG contracts 53

  5.3 Commercial innovation 59

  5.4 LNG swaps 67

6. Policy tools to create gas reserve mechanisms 69

  6.1 Mandatory storage obligations 71

  6.2 Strategic underground gas storage 74

  6.3 Strategic cushion gas reserves 79

  6.4 Buffer LNG schemes 82

7. Options to increase international cooperation 90

  7.1 Lessons from the IEA oil emergency response framework 90

  7.2 Recommendations 94

Abbreviations and acronyms 104