Jun 2022

The June 2022 issue of Petroleum Economist is out now!

Analysts warn of economic headwinds for the crude and product markets

The windfall tax is a blow. But the basin has rebounded from being written off before

Viaro Energy has significant growth ambitions it must re-evaluate in the wake of the UK government’s announcement

China’s energy imports have offered Russia a lifeline as Western sanctions bite

The industry's most comprehensive list of current and recent rounds for onshore and offshore licences

Overflowing coffers are likely to impress shareholders but not politicians being asked for decarbonisation subsidies

Africa’s upstream is heavily populated by companies headquartered in London, where an increasingly positive environment for independents contrasts with the public pressure on the majors

European businesses have the technology to support China’s push for net zero, but policy uncertainty and red tape are hindering investment, says the EU Chamber of Commerce in China

Government will remain under pressure on climate from growing electoral support for ‘teals’ and Greens

The relatively new entrant to the UKCS is keeping all avenues open to hit ambitious output target

Forecasts are for moderate growth rather than a development bonanza fuelled by high oil prices

Low domestic production capacity means imports from Asia will be critical to US solar growth

The Stabroek block’s impact on the US independent’s business is only set to grow

A flurry of solar power projects have advanced in the African region over the last six months as support from international development finance programmes starts to yield results

The Ukraine crisis has not yet seen Europe’s financial institutions shift gears on lending to producers of domestic oil and gas

Is your organisation prepared to respond to operational technology (OT) cyberattacks? Effective cybersecurity is a holistic effort that needs to address IT and OT to protect business assets and operations. However, too many organisations in the chemical industry are taking an unbalanced approach, risking the future of their business and the safety of their workers and customers. In 2022 defence of OT is equally important as IT infrastructure and line-of business applications. OT cybersecurity is the logical evolution of digital transformation strategy in the chemical industry.

Is your organisation prepared to respond to operational technology (OT) cyberattacks? Effective cybersecurity is a holistic effort that needs to address IT and OT to protect business assets and operations. However, too many organisations in the chemical industry are taking an unbalanced approach, risking the future of their business and the safety of their workers and customers. In 2022 defence of OT is equally important as IT infrastructure and line-of business applications. OT cybersecurity is the logical evolution of digital transformation strategy in the chemical industry.

Reforms proposed under EU’s ‘Fit for 55’ package will go back to committee stage and return to parliament in September

European major targets Texas with plan that includes free off-peak EV charging and solar net-metering

The Australian firm is now one of the world’s largest independent oil and gas players

Shipping analysts Windward see a rise in suspicious activity by Russia-affiliated vessels since start of Ukraine war

The Emirati firm continues to reap the benefits of recent licensing rounds, adding reserves as it works to increase production capacity

Agency report identifies key technologies and actions needed to be consistent with 1.5°C pathway

Producers eye spending to offset windfall tax hit

The US independent will be more active in the frontier province for the rest of the year

Governments including US, Germany and Japan will seek opportunities for exchange and collaboration, according to joint statement

Commodities trader joins growing list of investors in Malta’s pumped-heat energy storage technology

The JV is attempting to get back on track following previous delays

Danish energy company plans to capture 400,000t/yr of carbon from CHP plant operations in addition to emissions from industrial partners by 2025

The country’s approach to its oil and gas sector differs from the perception of outside observers, suggests producer Noreco

AIM-listed independent continues to target country’s domestic gas market

Recent government move to pause tariffs on imports from Southeast Asia not enough to remove uncertainty hampering the sector, analysts say

The country plans to begin bidding process for first blocks offshore Tamil Nadu this year

Government offers 13 areas for offshore storage as interest from potential developers hits unprecedented levels

Oil and gas lobby group expresses regret over omitted Barents Sea acreage

French firm’s Qatari LNG expansion stake is set to be the first in a queue

The oil major joins a growing list of energy firms looking to develop offshore wind in the Polish Baltic Sea

Oil major buys 40.5pc share in Australian Renewable Energy Hub, which will supply power to local mines and produce green hydrogen and ammonia

Cap reduction stays at diluted level but free allowances phased out by 2032

Facility could be the first power station in the UK to be fitted with carbon-capture technology

Russian reductions compound US LNG outage as continent seeks relief in the short and longer term

Anglo-French independent has bought all of the trading house’s assets in the central African country

The energy crisis on the country’s east coast is fuelling calls for resource nationalism

The Norway-focused explorer may look at swaps or sales for its discoveries

Increased state spending on fossil fuel subsidies has narrowed the scope for investment in renewables

Europe’s ambitions for a Russian import freeze are a boon to a previously stalled sector

Saudi oil company’s inaugural sustainability report includes headline targets for blue hydrogen and renewables but is light on detail

Questions over the oil minister's competence are another new low for the crisis-racked North African producer

Pre-agreement signals hope for the country’s stalled liquefaction plans

Gas businesses have embraced the acceleration of decarbonisation prompted by the Ukraine war but are concerned about the feasibility of new targets—especially for hydrogen

The UKCS independent is making progress at the third of its Saturn Banks phase-one fields

The North African nation is unlikely to suspend exports in diplomatic dispute

The GER contract has been designed to tackle some of the problems with existing voluntary carbon markets

The west coast liquefaction plant aims to set a standard for responsible resource development

The continent’s oil production will decline in the 2020s while gas production will increase before starting to slip, according to the IEA

The Singapore-based independent sees ample opportunities in Southeast Asia, especially for gas projects

Deployment will take off first in the UK, France, South Korea, Japan and Norway, report says

QatarEnergy has doled out another 12.5pc of NFE equity

European policies can be template for region as it looks to kickstart CCS development, speakers tell Asian Development Bank event

Independent able to progress South African plans in contrast to Shell’s legal setbacks last year

European Parliament has voted in favour of steeper emissions reductions and inclusion of maritime, road transport and heating in carbon pricing schemes

Plan includes joint bidding for offshore wind projects and developing green hydrogen supply for German steel mills

The continent’s post-Ukraine agreements are still less than Asian buyers and portfolio players

ADM Energy expects a significant boost to output once Petronor finalises its stake purchase

Money will go to Ocean Winds, a joint venture with Engie that has an 11GW floating offshore wind portfolio

Energy minister Terje Aasland stresses importance of movement of CO₂ across national boundaries to success of CCS

The chemicals heavyweight is trying to bring to LNG the model it has already rolled out in petchems feedstocks

Solar is the best option for India’s transition, but deployment of battery storage is needed to maximise its potential, industry figures tell event in New Delhi

Fund aimed at decarbonising industries and scaling up clean energy is largest of its type dedicated to transition, asset manager says

Firm joins other oil and gas giants in drive to reach near-zero methane emissions from operated assets by 2030

Renewed appetite for quick solutions to get gas to Europe has combined with a more scalable solution to revitalise liquefaction ambitions

The three most prominent NOCs in Southeast Asia will play to their individual strengths as they seek to decarbonise, with each company looking to capitalise on opportunities in their local markets

South American nation emerges as potentially promising new upstream province

The three oil firms have partnered with the provincial government of Guangdong to assess options for a 10mn t/yr CCS hub in Daya Bay

Council sets binding EU-level targets of 40pc for renewables’ share of the energy mix and 36pc for energy efficiency

Any hopes that the Mideast Gulf state could increase production and exports to help ease the global shortfall are misplaced

A new Sonatrach discovery could be in initial production from November

The RNEST, Repar and Refap facilities are open for offers again, but the divestment programme’s future is in doubt

The independent is set to sink its first exploration well at the Pirity concession this year

Project would pump CO₂ from multiple emitters in northwest Europe to storage sites under Norwegian continental shelf

The federal government looks likely to put stringent conditions on projects aiming to alleviate Europe’s gas crunch

States are ramping up targets, but complex permitting systems constrain developers’ ability to deliver projects at pace, says Global Wind Energy Council

Nation at significant risk of not meeting its fifth and sixth carbon budgets, says climate watchdog

The import-dependent nation is increasingly reliant on expensive spot LNG cargoes

The Kurdistan region is facing political and military challenges as efforts to appoint a government in Baghdad descend further into chaos

Minister may override for now a consultation process being run by the country’s health and safety authorities

The government has assumed control of at least three LNG vessels that were chartered to a Gazprom subsidiary

Recent ruling against GE could hobble offshore wind profits in the US, but uncertainty remains over the possibility of further litigation in other markets

The African neighbours plan greater gas supply cooperation

Easing of Covid restrictions looks set to lead to surge in domestic travel