Petroleum Economist
February 2024
The February issue of Petroleum Economist is out now!
Letter from Africa: Lip service and duplicity at COP28
African unity, not elusive aid, is key to unlocking energy investment—especially in gas
OPEC stresses need for all-energies approach
Secretary general says oil can help solve trilemma and is upbeat on ‘flexible’ OPEC role to help manage crude supply longer term
UK’s first cement sector CCS project advances
Germany-based Heidelberg Materials awards FEED contracts for £400m project at its Padeswood plant in Wales
Letter from the US: Chesapeake-Southwestern merger is big deal for US LNG
The combination of the two independents will show the benefits of both size and methane reduction efforts
Japanese firms explore carbon exports to Australia
Mitsui OSK Lines and JX Nippon Oil eye shipments to South Australia as cross-border emissions trade routes in Asia-Pacific open up
EnergyPathways advances UK Irish Sea ambitions
The AIM-listed firm sees its gas plans as meshing with UK energy transition goals
DAC takes centre stage in EU carbon strategy
Carbon removal technology instrumental in meeting 2040 and 2050 emissions targets, European Commission says
UAE could be big winner from Aramco U-turn
Saudi Arabia’s decision not to expand capacity target seen as bolstering UAE’s position within OPEC+
Africa embraces floating LNG
FLNG developments are reaching fresh milestones on the continent, but questions remain about the ability of the smaller players to advance some of these projects without additional partners
Shell’s withdrawal opens doors for Nigerian firms
Oil major's departure from the Nigerian onshore oil business offers opportunities for local firms, but could also leave a financing gap
Namibia continues to yield exploration success
TotalEnergies explains it is seeking the ‘sweet spots’ to develop fields with unevenly distributed resources
Letter from India: Oil and gas crucial to future energy security
Krishna-Godavari Basin success underscores importance of drive towards energy independence amid an ‘all-hands’ approach
US backs CCS tech projects with $304m
Government selects four large-scale projects spanning power, refining and paper sectors to receive funding to pilot transformational technologies
Oman LNG secures its post-2024 future
With offtake deals, shareholder agreements and gas supply in place, could the country expand its LNG industry further?
US warns against Asian coal power expansions
Plans to add 500GW of coal-fired capacity could undo progress on emissions in US and Europe, climate envoy John Kerry tells IEA forum
Petronet LNG says price key despite Qatar ties
Huge QatarEnergy deal lays down marker in India’s gas shift, but CEO stresses price still biggest driver as Petronet LNG looks at further buying opportunities
Indian refiners set for big expansion
The world’s third-largest importer of crude shows no sign of easing up on downstream momentum in recent years
Trials and tribulations for Russian LNG
Novatek may have completed Arctic LNG 2’s first train on time, but the harder part will be securing buyers and shipping cargoes as Washington seeks to halt Russia’s LNG expansion
Heidelberg advances Alberta CCUS project
Cement producer awards FEED contract for large-scale project but stresses need to finalise federal and provincial funding
Indonesia eyes carbon imports from Singapore
Countries work together on cross-border projects as Indonesia positions itself as Asian storage hub
EU carbon taxes driving away investment – INEOS CEO
Carbon costs imposed by EU on chemicals sector are unsustainable, INEOS CEO and founder Jim Ratcliffe warns commission president
Australian upstream laments government grip on gas prices
The industry is calling for the return to market-led price-setting on the east coast
Indonesia looks to gas to cover growing energy needs
Recent elections and on-going LNG developments highlight the importance of domestic gas demand in the sprawling island nation
German energy firms power up UK CCS push
Uniper and RWE advance multiple projects to deploy CCS at new and existing gas-fired power plants
Invictus working on Zimbabwe PSC
The once-pariah nation could become a regional exporter in energy-starved southern Africa, according to MD Scott Macmillan
Shale gas industry consolidates in the shadows
While US oil mega-mergers are grabbing all the headlines, there is also an understated revolution in the gas patch
EU agrees on new carbon removals laws
Operators will be liable for leaks back into the atmosphere under rules designed to give clarity to industry
Russian refining under siege
Ukraine is striking deeper into Russian territory as it seeks to disrupt its enemy’s oil supplies, but the impact remains limited
Germany throws its weight behind CCS
Government proposes support for deployment in hard-to-abate sectors and commits to ratify key London Protocol amendment under long-awaited carbon management strategy
Letter from the UK: A positive legacy for OPEC?
Oil producer group could spearhead the shift to cleaner energy in member countries and be part of transition solution
Letter from London: Just do the transition
Deployment of clean energy technology is gathering pace, but the transition is way behind where it needs to be
Market fundamentals mute Red Sea price impact
But the crude, product, LNG and tanker markets are all still facing significant disruption