May 2022

The May 2022 issue of Petroleum Economist is out now!

Italy and the UK are taking different approaches to energy security following the invasion of Ukraine

Kuwait and Saudi Arabia’s domestic scarcity has driven the formal revival of longstanding plans to tap the shared Dorra field

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

The North African country’s appetite for molecules bodes well for future attractiveness

Oil major slashes list of potential projects as new head of low-carbon business reviews investment cases

The country faces a very particular version of the ‘energy trilemma’

The European Parliament must not water down Commission proposals on infrastructure for electic vehicle charging and hydrogen refuelling, say industry groups

Companies urge government to finalise carbon-capture roadmap and legal frameworks

The immediate impact of an official EU embargo on Russian crude and products may be outweighed by a longer-term reaction

The requirement to cut the upstream industry’s carbon footprint places a chokehold on growth ambitions

Beijing’s net-zero commitment means the refining and petrochemicals sector is likely to be included in the country’s ETS scheme sooner rather than later

The firm is working with potential partners on a range of outcomes for its UKCS redevelopment project

Spot and short-term LNG trading have fallen sharply as concerns over price volatility and supply security make term contracts more attractive, says importers’ group Giignl

The government of the Russian import-dependent nation has involved itself in underwriting regasification vessel tendering

CEO Ben van Beurden says transition investments are easier to make in a stable policy environment

Refinery can reduce Europe’s reliance on Chinese suppliers of battery-grade lithium chemicals

Canadian Natural’s chief is comfortable with his firm’s bet on the controversial resource

Project-specific squabble and the Biden administration’s chillier attitude to oil and gas collide with high prices and oil supply security concerns

The firm’s onshore Western Desert asset allows for rapid optimisation based on the macroeconomic environment

The AIM-listed producer is looking to progress an exploration project and secure a farm-out

Canadian oil and gas drillers plan to use their skillsets to disrupt an entire clean energy sector

Large discoveries alone are not enough to guarantee Namibia makes a success of Africa’s most promising frontier

Gas will be essential to balance the grid as India looks to expand its renewable power capacity and meet its climate goals, says GE Gas Power South Asia CEO Deepesh Nanda

The Emirati oil heavyweight’s downstream strategy takes firmer shape

Global capacity growth is accelerating this year but will lose momentum in 2023 unless governments offer more support, agency says

Reefing offshore installations could improve ocean biodiversity but faces regulatory obstacles in the US and Europe

Country’s green power exports to rise as government targets 30GW of offshore wind capacity by 2040

Costs continue to spiral at a downstream development the utility of which was always questionable

The field is one of more than 100 potential prospects in the Bedout basin, says Carnarvon CEO Adrian Cook

Fund aims to kickstart projects and attract private investment

Commodity traders will help solve a forthcoming large carbon short in the voluntary offset market

East Coast Cluster reaches milestone as licences granted for four more sites in Southern North Sea

Gas and water shortfalls are propelling Tehran to intensify a quest for investment in non-hydro renewable power

Greater Tortue Ahmeyim development could be shipping cargoes before the end of next year

The independent has bought assets in Thailand and is looking at acquisitions elsewhere in the region

State-controlled Pgnig inks HOA with US firm Sempra

Italian gas network company becomes strategic shareholder as Storegga secures $63mn in third-round fundraise

Tariffs, location and bureaucracy are obstacles to be overcome to drive greater use of gas in Vietnam’s power sector

The West African nation taps two-year-old UK firm in an attempt to spur interest in its undeveloped upstream

The Saudi oil behemoth is funnelling record earnings into domestic upstream

Diamondback’s reversal of its midstream spin-off may reflect expectations of no new US oil boom

Rules governing EU Innovation Fund disadvantage renewables sector and must change, industry groups tell European Commission

CCS will enable Linde to produce low-carbon hydrogen and take CO₂ from other emitters along Texas Gulf Coast industrial corridor

Japanese explorer sees opportunities to expand its footprint

The company has picked an opportunistic time to upgrade the island’s gas infrastructure

Rules governing how emissions will be cut in line with Paris Agreement goals have passed a key legislative hurdle

European Commission seeks faster deployment of renewables as part of new €210bn plan to cut dependence on Russian energy imports

UK MPs vote against a windfall tax on producers, but finance minister wants spending in return for no raid on coffers

Russia’s isolation following its invasion of Ukraine could lead to LNG trade growing faster than previously expected—but only if new supply and infrastructure can be realised in time to avert demand destruction, says Giignl’s Vincent Demoury

Market challenges are temporary, panellists said at Petroleum Economist’s LNG to Power Forum Apac

Firms with a low-carbon product portfolio are being rewarded by capital markets and safeguarding future cashflows, according to consultancy McKinsey’s chemicals practice

The first UK nuclear project under construction in decades also sees its startup date slip to 2027

The German technology firm plans to take struggling wind turbine manufacturer Siemens Gamesa into full ownership

Deal with Norwegian independent focuses on putting appropriate assets in appropriate hands

Slow progress at flagship LNG projects and a lack of foreign interest in oil prospects are hampering the country’s production goals

Finnish and Latvian projects progress as the region aims to accelerate move away from Russian gas

EV sales growth remains robust in 2022, but rising mineral prices and supply chain dislocations present near-term challenges, says IEA

Continent’s leaders attempt to insulate oil and gas projects from changing investment landscape

Producers continue to be upbeat on a previously neglected sector, despite unconsummated M&A

The impact of high prices should be only a temporary phenomenon

The Saudi government is leaving little to chance in plans to create an EV-manufacturing cluster on the Red Sea coast

South Korean utility is the latest to sign up for contractual volumes as the continent’s purchasers appear to put a greater premium on supply security than Europeans

Lenders and insurance brokers see huge regional variation across the Asia-Pacific region in terms of funding for LNG-to-power projects, panellists said at Petroleum Economist’s LNG to Power Forum Apac

Managing director Scott MacMillan tells Petroleum Economist about how the once-pariah African state is changing for the better

Deal worth around $2.4bn with private equity firm Global Infrastructure Partners marks French company’s largest acquisition to date in US renewables sector

The firm hopes to take advantage of a shift in UKCS M&A dynamics

Flows of Urals crude to Asian importers—in particular India—have spiked since Russia’s invasion of Ukraine, according to price reporting agency GX

The 14th Five-Year Plan is underway, and the specific roadmap for gas is due later this year

The UAE’s richest emirate is proceeding with its renewables buildout despite rising costs

The Johnson government U-turns again, while still calling for more investment

Commentators are unconvinced that tax relief on spending will offset the impact of windfall levy uncertainty

Australia’s upstream industry could be poised to benefit from the election of a Labor government for the first time in almost a decade

Administration is looking to embed further policy support to help development of the industry

G7 countries must introduce near- and long-term policies to ensure adequate transition, agency says

Political paralysis is preventing Iraq from capitalising on renewed international enthusiasm for upstream investment

A far-reaching electricity sector reform plan puts solar and wind at the heart of the government’s energy strategy

Countries in the region are particularly sensitive to high LNG prices, but term contracts and a degree of inelastic power-sector demand may support flows

The region’s shift from coal- to gas-fired generation will require additional strategies to meet ambitious carbon targets

Africa has potential to expand LNG exports, but its additional contribution is likely to remain limited

Export and import constraints ensure Europe remains vulnerable

New centre near Birmingham to develop batteries ready for high-volume production at Britishvolt’s Northumberland gigafactory

The province’s governing party is struggling to come to terms with the oil and gas industry’s new focus on the energy transition

The UK independent has acquired stakes in two blocks from Sonangol

As Petrobras starts to wind down its portfolio divestment, Brazil is entering a new era of upstream consolidation