Petroleum Economist
Saudi Aramco seen achieving its CCUS goals
Abundant storage and low cost of capturing CO₂ from sharply rising gas production mean NOC’s ambitious CCUS targets look well within reach
Gas discovery could transform Morocco
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well
China’s diesel demand woes
Faster-than-expected economic growth fails to mask macro imbalances and shifting structural oil product trends
Mexico’s election could evolve oil nationalism
Upcoming elections are likely to deliver a win for the party of president Andres Lopez Obrador, but analysts differ over to what degree his successor will stick to his energy policies
Australia’s CCS sector needs state backing to thrive
Developers look to government’s forthcoming budget to restore support as industry suffers loss of momentum
Europe’s appetite for LNG to ease
Ample stocks and a soft demand outlook will limit how much LNG Europe can import this year
Letter on carbon: Weathering the CO₂ storm
Policymakers should consider backing enhanced weathering as a CDR technique with benefits to the agricultural sector
Australia's LNG import projects encounter buyer apathy
Despite Australia’s first import terminal nearing completion, the prospect of additional regasification projects is far from certain
May 2024
The May issue of Petroleum Economist is out now!
China ETS carbon prices rally to record highs
Allowance prices rise 34% since start of year as regulator imposes tighter limits and considers reduction of free allocations
A positive ending to the Trans Mountain saga
Pipeline boosts Canada’s oil industry by widening its export options, making it less reliant on US market and bringing Asia into the mix
Climeworks fires up Mammoth DAC plant
Launch of project powered by geothermal energy in Iceland marks step forward in push to scale up expensive direct-air-capture technology
Letter from Houston: Pragmatism versus rhetoric
The US’ contentious LNG permitting pause has prompted criticism from CEOs and wildly differing interpretations from politicians
Sao Tome and Principe may be poised for exploration revival
But optimism about island nation checked by competition around African upstream investment and history of false dawns
No foregone conclusions for OPEC+
OPEC+ has huge amounts of spare capacity amid a tightening market, but nothing can be taken for granted given unclear economic trajectories and geopolitical unrest
Letter from the US: OPEC+ and the trillion-dollar mistake?
The former CEO of Pioneer, Scott Sheffield, has opened a can of worms through his association with OPEC+ and its market management strategy
Rising costs delay Papua LNG FID
But there is still plenty of appetite for the country’s LNG in the Asia-Pacific region
Uzbekistan’s privatisation push bears fruit
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way
Kazakhstan’s upstream feels the strain
Flat oil growth in 2024 highlights mounting industry problems
Panama Canal plans to boost transit capacity
The latest drought crisis is passing, but longer-term solutions are in motion, explains Panama Canal Authority Administrator Ricaurte Vasquez Morales
Drones and deadlock stymie Iraqi Kurdish oil and gas ambitions
Not for the first time, a foreign oil company-led project in Iraq’s Kurdistan region is dealing with the aftermath of a deadly drone attack
Letter from Rotterdam: Oil and gas go AWOL
With just a small presence from the oil and gas industry, the World Energy Council’s biennial congress gave a stark reminder of Europe’s energy priorities
ArcelorMittal launches carbon capture pilot at Belgian complex
Europe’s largest steelmaker starts up project at Ghent site as it pursues CCS as third pillar of decarbonisation strategy
EU needs ’extraordinary effort’ to meet CCS goals
Denmark and the Netherlands stand out as CCS champions but too many other member states have yet to recognise the importance of the technology, warns lobby group CCS Europe
Rising political interventions in oil and gas markets
From deglobalisation to potential shortages, policymakers must be mindful of the law of unintended consequences
Letter from Paris: Do not underestimate ‘Afripec’
Make no mistake, Africa has a crucial and increasingly important role within OPEC, even given its relatively small production volumes and the departure of Angola
Angola high oil potential blocks for award
Eight blocks in the Lower Congo and Kwanza onshore basins available for award
Washington belatedly targets Iran’s crude oil supply networks
Tehran is in a renewed political crisis, but its ability to find buyers for its crude exports hands it a lifeline
Indian demand resistant to triple-digit oil
World’s third-largest consumer should see sturdy growth in oil consumption during 2024 even if prices rise
Gazprom: from boom to bust
Lacking either the ability to generate cash for the Kremlin or serve as its geopolitical tool, Gazprom has lost its purpose
Letter on carbon: Credit risk
The US government has joined an increasingly desperate global push to restore confidence in the voluntary carbon market
Angola project thwarts upstream decline
Kaminho deepwater FID raises hopes of reigniting much-needed further investment in ailing sector
Trinidad and Tobago pushes for revival in upstream fortunes
Woodside, BP and Shell are among the companies actively pursuing gas developments in the country’s waters
Letter from South America: Sanction threat fails to curb Caracas
Washington has put oil and gas sanctions back in place while Venezuela prepares for elections. But exemptions remain as the Biden administration looks to domestic gasoline prices ahead of the US’ own elections later this year