Petroleum Economist
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
The long march to energy independence: Part 3
Attempts to end the US ‘addiction to oil’ in the early 2000s had some unintended negative consequences
EU ETS prices fall sharply
Allowance prices in EU’s emissions cap-and-trade scheme drop by a third as lower power prices hit demand
Indian LNG demand has questions to answer
Despite predictions of explosive growth, price-sensitive buying behaviour and infrastructure challenges cast a pall over the outlook
TC Energy returning to its roots
Leaner North American midstream behemoth looks to strategic success with renewed gas focus
March 2024
The March issue of Petroleum Economist is out now!
Letter on carbon: Can carbon markets deliver?
Offset integrity issues and low prices are undermining markets’ potential to drive low-carbon investment
Gulf NOCs build overseas footprints
The Middle East’s powerful clutch of national oil companies are turning their attentions outwards, with new acquisitions taking them into previously uncharted territory
Indonesia’s carbon market off to sluggish start
Incoming government faces decarbonisation challenges as lack of robust standards constrain industry uptake of new voluntary carbon market
Rising Chinese LNG imports are no threat to Europe
China’s intake of the fuel rose by 12.6% in 2023 and will continue to increase this year, but this looks unlikely to cause trouble for Europe
Canadian crude oil’s last big push
Oil sands set to provide growth over next few years, but infrastructure and policy hurdles could stifle momentum further out
China keeps a tight rein on voluntary credits
Government keen to avoid oversupply issues that dogged previous iteration of voluntary carbon market
India says doors wide open for energy investment
Hardeep Singh Puri says upstream oil is vital as country goes all out to boost its energy sector across E&P, gas, biofuels and hydrogen amid booming demand
CNOOC gears up for offshore challenge
China’s state-controlled offshore specialist is looking to bump up output again this year is it turns its attention to more-difficult assets
Letter from London: IE Week highlights east-west splits
Houthi actions in the Red Sea are compounding the market dislocations stemming from sanctions
Letter from Iraq: Kurdistan gas key to growth
Federal-backed but independent Kurdistan-focused national energy company could underpin better cooperation
Shell eyes 75% capacity boost at Quest CCS
Oil major explores potential expansion of Canadian project as investment in CCS gathers pace
Time running out for UK North Sea
Smaller projects provide opportunities, but basin maturity and policy shifts amid political uncertainty signal a significant decline by the end of the decade
Japan’s appetite for LNG is poised to shrink in 2024
Planned reactor restarts and expiring supply contracts mean changes ahead for Japan’s well-established LNG sector
Letter from India: Oil’s new nerve centre
The IEA estimates India will be the largest driver of global oil demand growth by 2030, but it may have still undersold the story
Letter from London: Trading the transition
Commodity trading companies are set for a key role in shaping green supply chains and providing carbon market liquidity
North Sea production to see minor boost
Taxation strategies in UK and Norway to continue to play important role for a region in which significant volumes of medium sour have offset the loss of similar quality Russian barrels and balanced the influx of US light sweet grades
Argentinian tax row casts shadow over upstream
Clash between federal and regional governments escalates as Chubut calls for supply disruption unless demands are met
Letter from Saudi Arabia: Don’t mistake Saudi energy policy
The country is not betting against long-term oil demand growth, it is planning for a hydrocarbons-led energy demand boom
Australia’s Carnarvon eyes NWS resources
And the outlook for the country’s upstream appears to have improved following legal setbacks in 2023
Norwegian North Sea proving resilient
Low carbon intensity and sizeable projects such as Johan Castberg coming onstream in late 2024 suggest a robust outlook at least until 2030
US SPR takes on new role
Strategic stocks have become as much a market management tool as a security of supply buffer, and this new tactic is likely to continue beyond the next election
US offers record $6b funding to hard-to-abate sectors
Largest investment to date will support emission reduction projects across multiple sectors including refining, steel and cement
UK poised for surge in CCS investment
Country has Europe’s largest CO₂ storage potential but regulatory and policy issues must be resolved to enable growth, says Offshore Energies UK
NOCs must straddle two worlds
Oil producers have to untangle the increasingly complicated relationship with their natural resources
WA’s domestic gas policy dilemma
As a gas supply shortfall looms, balancing regulatory flexibility with energy security and investor confidence will be critical
OPEC+ must wait on contested demand outlook
Whether OPEC+ starts to unwind its oil production cuts from June will depend on heavily debated unfolding supply-demand balances
Denmark to become net gas exporter after Tyra restart
The country’s largest gas field is a bright spot for the North Sea, boasting cleaner operations amid a changing mood in Europe over hydrocarbons
SLB buys majority of Aker Carbon Capture for $380m
US company aims to accelerate deployment of new technologies offered by Norwegian pureplay CCS firm