Nov 2023

The November issue of Petroleum Economist is out now!

Technology-neutrality, collaboration and lessons from existing projects will help the industry achieve the large-scale growth the world needs

World’s largest fund manager forms joint venture with Occidental to drive forward Texas project

India and China are both looking to substantially boost their petchems capacities out to 2030

DOE offers $98m to CO₂ storage project centred on oil major’s largest refinery

Industrialisation and urbanization will drive the region’s petchems production as it makes the most of abundant feedstock, while Africa also looks to expand capacity

Low-cost ethane has made the US a premier destination for petchems investments, while in Europe the industry faces economic headwinds

Companies can boost confidence in the voluntary market by using their internal carbon prices as reference points against which to measure the implied climate contribution of their purchased offsets

Strategic alliance includes potential development of CO₂ shipping and transportation infrastructure network in the region

Ethylene is forecast to account for a substantial market share in the petrochemical industry

Shipment of CO₂ from Dutch ammonia plant to Norwegian storage site will require bilateral agreement at government level

Progress in decarbonisation but significant challenges lie ahead

Fresh opposition from the US looks likely to be the final nail in the coffin for the long-delayed Iran-Pakistan connection

Negative pricing has become more frequent in European energy markets, and GB markets are now experiencing a similar increase

The integrated developer remains bullish despite previous delays

Regional industry body ANGEA remains bullish about Asia's adoption of gas and LNG, despite elevated prices and logistical challenges

But CEO Miller says surge in Middle East and Asia funding, creative solutions and ‘nuanced’ approach to transition offer hope

CEO Helge Hammer speaks to Petroleum Economist about the company’s recent activities and its expansion plans

The US continues to play an increasingly pivotal role in the LNG market, but short- and medium-term risks and uncertainties persist

There is a gulf between the two bodies when it comes to their medium-term forecasts

Gasoline and diesel demand will remain stagnant, but biofuels production is set to expand significantly to 2030

The region is the global leader in active refining projects, with most based in India and China

Russia’s invasion of Ukraine has upended trade flows in the region, while Europe’s net-zero commitments have boosted biofuels investment

Countries in the region are expanding plants and building grassroots facilities, with countries in Africa keen to cut their fuel import bills

Biofuels are leading the way in the US as the region looks to the future with renewable fuels

OPEC’s calls for higher prices to lure investment stand at odds with consumer nations’ difficulties with inflation and high energy costs

The ‘megaproducers’ on the rise following ExxonMobil deal will be less susceptible to OPEC pressure

Europe’s CCUS sector needs the German government to deliver on its promise of an ambitious carbon management strategy

The major’s $60bn Pioneer purchase signals long-term view of oil demand and a mature consolidated shale industry

The war in Ukraine has given new impetus to oil and gas projects in the US’ most northerly state, but two proposed LNG projects may still struggle to reach FID

Much has been made about the expansion of wind and solar power, but in the hottest days of August, Texans depended on gas to avert rolling blackouts

A recent decision by Canada’s energy regulator will see the pipeline’s expansion project avoid yet more additional costs, but it remains blighted by poor economics

Washington’s move to ease restrictions on Caracas will likely have a more meaningful impact on US refiners than global crude markets

Seasonal temperatures will prove critical, but the LNG demand prospects for China, Japan and South Korea are currently soft

Beijing appears willing to use Moscow’s isolation to its advantage

The revised Gas Utilisation Policy refines Beijing’s policies for a market that has doubled in size since 2012

With elections looming, the government must decide when to take the sting out of high oil prices

Efforts by independents and NOC PTTEP will help boost production this year, but the sector is increasingly mature

The Pacific nation’s second liquefaction development will overlap significantly with the existing PNG LNG project

But the gas markets remain jittery amid a range of other risk factors

It is time to stop pretending that there is a ‘price cap’ on Russian petroleum exports

Construction of the world’s largest-ever LNG export project is underway, but it has a long way to go to secure deals for 48mt/yr of new capacity

The withdrawal of discounts has already severely impacted domestic product demand and bolstered long-stalled refinery refurbishment projects

The end of government fuel subsidies has spurred the theft of even more crude to feed the country’s illegal refineries

Law firm Olaniwun Ajayi grants Petroleum Economist detailed insight into Nigeria’s changing oil and gas landscape

But the troubled north African nation is not short of international investment interest

Incoming EU climate commissioner Wopke Hoekstra has defended the target, which has bullish implications for EU ETS prices

Newly launched Taiwan Carbon Solution Exchange is expected to enable companies to trade in both domestic and international credits

Investment in African offsets and ambitions to create a trading hub demonstrate Mideast Gulf state’s commitment to growing markets

The disciplined spending trend seen in 2023 is likely to continue into 2024