Petroleum Economist
Political bargains hamstring Australia's Future Gas Strategy
Backroom political deal-making has undermined the government’s long-term vision for the domestic gas sector
Biden clamps down on Alaskan oil and gas
Federal government restricts activity in Alaskan petroleum reserve but leaves current arrangements like Willow alone
Indonesia strengthens CCS ties with South Korea
State energy company Pertamina collaborates with Korea National Oil Corporation and ExxonMobil on CCS value chain
Beijing remains uncommitted on Power of Siberia 2 plans
Russia’s pivot to the east is encountering barriers among the Central Asian republics and due to China’s reluctance to become too dependent on Russian gas
German cabinet backs CCS strategy
Germany moves a step closer to large-scale deployment with federal cabinet’s adoption of carbon management strategy and draft law changes
Australian CCS stagnates amid political hesitation
Government’s latest budget suggests it remains on the fence about the role of CCS in the energy transition
Alberta’s petrochemicals advantage
Canada’s oil hub looks to the future amid a supportive geological and investment environment
US shale needs to find new efficiencies
Output looks to a growth model based around doing more with less given green policy pressure, with tech advancements, equipment upgrades and fiscal tools key
June 2024
The June issue of Petroleum Economist is out now!
Energean forms new unit for Mediterranean CCS push
EnEarth subsidiary aims to develop low-carbon hub around Prinos storage site in Aegean Sea off northern Greece
Low prices spur rising Chinese gas demand
Q2 demand growth is looking robust after a strong Q1
Letter from London: OPEC+ well set for Sisyphean task
The impressive agreement struck between OPEC and its allies highlights the powers and limits of the group
Security trumps all in Japan’s LNG strategy
Tokyo and Japan’s utilities continue to back LNG projects, even as the country’s demand declines
Niger dispatches its first seaborne crude cargo
Meleck crude is a low-sulphur grade
Wood completes FEED scope for Saudi AACS project
Phase one of project will capture CO₂ from Aramco gas plant facilities near Jubail on Saudi Arabia’s east coast
Canada’s CCS potential hinges on policy choices
Potential for CCS to cut emissions may have been overstated, despite country’s huge geological storage resource
Letter from the US: Refiners are no longer mere price takers
OPEC watchers should not undervalue the buying power of refiners in the changing oil market equation
Eni’s nimble energy strategy evolves
Italian firm sharpens gas focus and ramps up E&P while pursuing satellite strategy
Moving Russian LNG into the shadows
Russia may be looking to create a dark fleet of LNG carriers to get around sanctions on Arctic LNG 2, but it will be hard to replicate its success with shadow oil tankers
Parliamentary elections could hinder EU climate ambition
Centrist bloc remains in power, but the EPP and EU Council have signalled a move away from climate issues
Welcome to the two-tier deepwater rig market
Noble deal to acquire Diamond Offshore changes an industry ripe for consolidation
Canada’s Valeura eyes fresh deals after Thai expansion
The company is also working to sustain output from its Thai-focused portfolio into the 2030s
Senegal starts crude production
This will be a transformative year for the West African nation, as first LNG is also expected before the end of 2024
Equinor agrees project to tap Dunkirk emissions
State-backed energy firm agrees with French TSO GRTgaz to develop links into Norwegian CO₂ storage
SLB–Aker venture targets global market with disruptive tech
Oslo-based joint venture officially launches as SLB closes deal to buy 80% of Norway’s Aker Carbon Capture
Oil outlooks enter the twilight zone
The feud between the IEA and OPEC highlights how the lines between reality and fantasy over oil demand have become blurred, with huge ramifications for investment
NEXTCHEM awarded PDP contract for multi-billion-euro Hail and Ghasha project
MAIRE announced that NEXTCHEM (Sustainable Technology Solutions) will act as technology design integrator to develop the process design package (PDP) for the hydrogen and carbon dioxide (CO2) recovery unit of the Hail and Ghasha gas development project.
Kuwait looks to capitalise on emir’s bold move
Emir Sheikh Mishal al-Ahmad al-Sabah’s dissolution of parliament gives him more power to shape decisions on the country’s oil and gas future
Green Plains updates on Nebraska carbon capture project
Green Plains Inc. announced that the construction management agreements have been executed and the major equipment necessary to capture the carbon from its Nebraska facilities has been ordered.
Enerflex and BASF to collaborate in CCUS applications
Enerflex and BASF have entered a memorandum of understanding to jointly facilitate the commercial scale deployment of carbon capture, utilisation and storage applications.
Denmark grants first exploration licences for onshore storage
Wintershall Dea and Equinor target CO₂ onshore injections by end of decade as push to expand European storage capacity gathers pace
‘Monsieur Afrique’ says gas is the big frontier exploration
Panoro Energy’s senior advisor, Tim O’Hanlon, is upbeat on Gulf of Guinea upstream opportunities but highlights gas and LNG as next big growth story
Italy revives energy hub ambitions via North Africa hydrogen corridor
Hydrogen imports from Africa could offer Italy opportunity to develop into a southern Europe energy hub, a goal it already pursued for natural gas
Gulf NOCs feel their ways towards decarbonisation
Saudi Arabia lags the UAE in both standalone carbon capture and its deployment of low-emission hydrogen
Global oil benchmark resolves its existential crisis
The addition of US crude to the world’s top oil benchmark has finally solved its North Sea conundrum and laid down a marker for the future
Letter on carbon: Watershed moment for CCS
Growing realisation that CO₂ from emissions-heavy sectors will need to be addressed and a collective response may have seen the pendulum swing
Letter from Africa: Region poised for a gas revolution
This time feels different for Africa as it looks to deliver on its gas promise and potential
Namibia’s success boosts other frontiers
Exploration efforts are increasingly spreading into South African and even South American waters
Carbon shipping vital for EU CCS value chain
Maritime technology will help industry scale and enable the development of CCS projects in Southern Europe
Saudi advances net-zero ambitions with $1.5b Siemens Energy deal
German firm secures deal to supply key power plant technologies that will provide nearly 4GW to the Kingdom, securing a 25-year maintenance contract for two power plants
Expanded Afentra eyes fresh growth
The independent is keen to supply feedgas for Angola LNG and is assessing opportunities both in and beyond the southern African nation
Higher carbon prices give boost to industrial CCS
Improved financial incentives are spurring investment in CCS in industry, although challenges remain in sectors such as steel and cement
Shell doubles down with Canada FIDs
Oil major takes FIDs on its Polaris carbon-capture project at Scotford refinery and chemicals complex and Atlas Carbon Storage Hub
Indian refiners’ love of Middle East crude should not be forgotten
Russian oil may be top of India’s menu, but its appetite for Middle East grades will always be a crucial part of the diet