Petroleum Economist
Biden announces oil reserve release
Washington will take 1mn bl/d from SPR for the next six months
Letter from Western Europe: Europe’s balancing act
As tragedy continues to unfold in Ukraine, European leaders hasten to balance security, affordability and sustainability in the energy sector
Venezuela’s crude capacity in question
Speculation over potential sanctions deal sparks debate on country’s capacity to raise output
Biden to spur domestic critical mineral production
US president invokes the Defense Production Act to expand domestic supply as administration seeks to curb reliance on imports
April 2022
The April 2022 issue of Petroleum Economist is out now!
Wind turbine O&M a bright spot for struggling manufacturers
Turbine makers see margins in excess of 20pc from operations and maintenance, but these could dwindle with ageing assets and expansion into multibrand servicing
Licensing round April update
The industry's most comprehensive list of current and recent rounds for onshore and offshore licences
German LNG projects secure capacity commitments
Two of the country’s proposed import terminals ink MoUs with anchor clients
EU awards €1.1bn in grants to low-carbon projects
Hybrit hydrogen-based steel and K6 carbon-neutral cement projects among recipients of EU Innovation Fund’s first large-scale awards
Transition aid to developing countries must accelerate
Financial pledges need to be substantially larger to have an impact, Indian policy expert says
Carbon-neutral LNG poised for revival
The drop in shipments is likely to be temporary
US action on European LNG speaks louder than words
Washington’s promises may have underwhelmed. But project developers are demonstrating greater ambition
Immediate action needed to achieve 1.5°C – IPCC
Limiting warming to around 1.5°C requires global greenhouse gas emissions to peak before 2025 at the latest, but annual figures are still rising
Germany's Gazprom move offers only temporary respite
Berlin acts to prevent Gazprom Germania ownership from transferring to shadowy Russian firms
Letter from Eastern Europe: Bulgaria attempts Russian pivot
On the front line of potential weaponisation of Russian energy, the poorest and arguably most corrupt EU member state is heavily dependent but not without diversification options
Santos makes Australasia progress
New discovery bolsters frontier WA basin’s prospects, while a PNG project also inches forward
War drives ‘small acceleration’ in Europe’s transition
Share of renewables in Europe’s energy mix rises as the continent turns away from Russian gas imports, DNV modelling shows
German government backs massive renewables expansion plan
Cabinet agrees raft of legal amendments designed to double share of renewables in the energy mix by 2030
UK backs nuclear to gain energy independence
Nation raises offshore wind, solar and nuclear targets as it looks to move away from imported fossil fuels
ExxonMobil maintains breakneck Stabroek pace
The major will proceed with Yellowtail, its largest Guyanese project to date
Climeworks secures $650mn to scale up direct air capture
Swiss startup aims for megaton capacity by 2030
Somalia seeks to kickstart oil and gas
The country might seem like an unlikely destination for oil and gas investors, but the recent award of seven offshore blocks to US independent Coastline Exploration demonstrates how it is working to revive its upstream sector
UK pledges to streamline offshore wind approvals
Government aims for one-year approval process as it ramps up offshore wind targets as part of energy security strategy
Shell’s refining margins jump above $10/bl
The major’s downstream economics are almost 300pc improved year-on-year
Trade sale exit for Siccar Point private equity backers
Israeli-owned UK independent Ithaca swoops for UKCS peer
CCUS sector seeks clearer policies on storage
Regulatory and financial certainty needed to accelerate investment in long-term storage as carbon capture gains momentum
UK plans autumn licensing round
The country also aims to speed project development as it outlines new energy security strategy
China’s Longi faces higher power tariffs
World’s largest solar panel manufacturer hit as Yunnan province withdraws preferential tariffs
Letter from Canada: Alberta makes energy promises it cannot keep
Production capacity and infrastructure do not match province’s rhetoric
Asian nations must avoid gas infrastructure – Carbon Tracker
Vietnam, South Korea and Japan must invest now in transitioning their power infrastructure away from natural gas to reach net zero by 2050, says think tank
Angolan refining poised for expansion
Work is set to begin on a new greenfield refinery in the north of the country, with other developments also seeing progress
Renewables on high alert for cyber risk
Two wind turbine manufacturers have faced cyberattacks this year amid heightened risk for the wider energy sector
Clean energy spending rises following Ukraine crisis
Government spending on clean energy rises to over $710bn, but countries with limited fiscal means continue to neglect transition in effort to maintain food and fuel affordability
Lower Saxony targets floating LNG this year and next
The northwest German state’s environment and energy minister foresees an import terminal ready this winter and another next year
Do we need to repeal Dodd-Frank to save the commodity markets?
A return of banks to commodity markets could ease the current crisis
Niger sets out upstream ambitions
The country expects to ramp up crude production and exports next year with the completion of its export pipeline via Benin
Sonangol selects bidders for divestments
Angolan NOC selects preferred bidders—with exclusive acquisition rights—to buy partial stakes in six blocks, four of which are already in production
Ikea unlocks renewable power purchasing for suppliers
Home furnishings giant aims for 100pc renewable energy consumption throughout its value chain
Abu Dhabi’s gas strategy hits its stride
Rising oil and gas prices and Europe’s pivot away from Russian imports add impetus to state-owned Adnoc’s gas development drive
GE installs first French offshore wind turbine
France’s first commercial offshore wind turbine has been installed at the Saint-Nazaire project
Climate pledges ‘could limit’ warming to 2°C
Previous research had suggested that pledges have only a 50pc chance of achieving 2°C target
Eni’s North African gas agreements difficult to quantify
The Italian IOC heralds more supply from Algeria and Egypt. But exactly how much remains open to question
ExxonMobil to assess Australian CCS potential
Company is in talks with local industries to assess interest in Gippsland hub
Gulf renewables drive stalls
The region’s efforts to build up its clean power capacity have foundered on rising costs and project delays
Equinor lays out transition strategy
Norwegian company says its planned emissions reductions are consistent with a 1.5°C pathway
Gulf oil producers dust off costlier projects
The market upswing is driving investment in untapped reserves and field redevelopments previously considered commercially unviable
Letter from Latin America: Region tilts to the left
Brazil and Colombia may be about to follow the pattern of their neighbours in taking a political left turn
Baghdad and Erbil face off
Representatives from the federal and Kurdistan authorities have held in-person talks as they look to resolve a decade-old dispute over oil
Shell says transition plan on track despite Ukraine crisis
Scope one and two emissions down 18pc by end-2021 versus 2016 base year, company says in its latest energy transition progress report
SSE buys Siemens Gamesa renewables portfolio
UK-based company secures foothold in southern Europe with $630mn deal
Pharos plays the Vietnam long game
The UK-headquartered company aims to benefit from its established position in the Southeast Asian nation
Serica builds its war chest
The UK producer is benefitting from high prices and all the revenues from its BKR asset. But it continues to preach M&A caution
Russia hopes China can fill IOC gap
Moscow is attempting to deepen its close cooperation with Asian countries—in particular China—to minimise the impact of sanctions on its oil and gas sector
Passive investing risks safe haven for fossil fuels
Growth in index-tracking funds over last few years has led to over-investment in fossil fuel sector, says report
Dangote on track for Q4 commissioning
Previous updates on Africa’s largest refinery had been no more specific than sometime in 2022
Oil windfall funds UAE’s global greenery
Burgeoning international renewables investment from Abu Dhabi serves both revenue diversification and foreign policy ends
Consenting your energy project: Which regime applies?
The cost and length of a project’s consenting process in the UK varies greatly depending on factors such as capacity and location
Consenting your energy project: Which regime applies? (1)
The cost and length of a project’s consenting process in the UK varies greatly depending on factors such as capacity and location
SDX getting things done in Egypt
The AIM-listed producer sees advantages in the Egyptian oil and gas ecosystem’s ability to get on with the job
Russian crude exports see partial rebound
Volumes have risen in recent weeks amid an uptick in flows to East Asia, says analytics firm Vortexa, while even in Europe the picture is mixed
Advantage secures heavyweight CCS backing
New partnership for Canadian producer’s carbon-capture JV aims to drive further expansion
Advantage secures heavyweight CCS backing (1)
New partnership for Canadian producer’s carbon-capture JV aims to drive further expansion
TotalEnergies to publish annual climate progress
French company decides to disclose progress against emission reduction targets annually after coming under pressure from investors
Russia mulls producer support
The Kremlin may change rules to soften the blow of any drop in production
Turkey’s renewables success fosters ambition
Offshore wind will be the next frontier as Turkey seeks to maintain the momentum behind its impressive renewables buildout
Capricorn builds an Egyptian platform for growth
The Edinburgh-headquartered producer sees its basin-entry acquisition as just the start of a journey that could even take it beyond oil and gas
Net-zero targets ‘inadequate’ to hit Paris goals – McKinsey
Faster shift away from fossil fuels toward efficiency, electrification and new fuels needed to keep 1.5°C pathway in sight, according to consultancy
Market vagaries may still buffet merging tanker heavyweights
Frontline-Euronav deal will create one of the world’s largest tanker fleets, but price-setting power may remain outside the combination’s reach
Midstream bottlenecks threaten Argentinian growth
Domestic gas in the Vaca Muerta is poised for growth, but much depends on scaling the country’s midstream
Shell Canada makes its licence-to-operate case
The subsidiary is in lockstep with its parent in the IOC-to-IEC pivot
Madagascar Oil seeks expansion partners
Madagascar’s only producing oil company has sizeable ambitions for the frontier province
US advances offshore wind on both coasts
Boem will open calls for information on a combined 5.1mn acres along the east coast and offshore the state of Oregon
Thinking outside the box: Canadian energy regulators respond to innovation
The recent pace of change and burgeoning new technologies designed to address the climate crisis pose a challenge for regulators
Thinking outside the box: Canadian energy regulators respond to innovation (1)
The recent pace of change and burgeoning new technologies designed to address the climate crisis pose a challenge for regulators
US tries to ease Libyan tension
The Biden regime is back in the global policeman role as it tries to keep oil flows up
Europe yet to give up Russian diesel
The continent is loath to tackle its dependence upon imports of Russian refined products
Asian LNG buyers may have upper hand over Europe
Europe’s accelerating effort to wean itself off Russian pipeline gas has pitted it against energy-hungry Asian buyers in the global LNG market
East Med aims to reap renewed gas appetite dividend
Europe’s new urgency to diversify from Russian supply should offer opportunities, according to regional producer Energean
The 2022 Power Play Awards presented by ExxonMobil LNG are back!
The awards, which support inclusion and diversity, are open for nominations for their fourth year
China approves three new nuclear plants
China’s nuclear power fleet is expected to overtake the US as the world’s largest by the end of this decade
TotalEnergies says Q1 profits can fund transition
Firm reported profits of $9bn in the first quarter of 2022, up from $6.8bn a year ago due to high oil and gas prices
Europe can accelerate offshore wind deployment – Orsted
Existing targets can be exceeded if governments streamline consent process and stop trying to monetise development rights, says Danish energy company