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Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
 In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the back of light tight oil production and increased NGLs output from non-conventional basins. US light tight crude production increased by 0.5 mb/d, with the Permian constituting the main source of growth, increasing by 0.6 mb/d, supported by a relatively lower breakeven price and higher drilling rig activities, while output in the Bakken and Eagle Ford declined. Liquids supply in Russia rose by around 230 tb/d. Canada, Guyana, China, Brazil and Oman also contributed to production growth in 2022. These developments were partially offset by supply declines totalling around 0.5 mb/d, mainly from Norway, Thailand and the UK.
Capital spending for oil and gas exploration and production (E&P) in non-OPEC countries increased by US$72 bn y-o-y in 2022 to US$431 bn. It is expected to rise by around 10% y-o-y in 2023. On a country level, E&P spending for 2023 is forecast to increase in Norway, Brazil, the US and Canada by 26%, 15%, 12%, and 8%, y-o-y, respectively. The year 2022 proved to be an extraordinary period for the energy market, with most oil and gas companies witnessing healthy profits. However, the ratio of investment to cash from operations was exceedingly low, since many international oil companies continue to focus on capital discipline to improve their balance sheets. Overall investment levels for non-OPEC supply in 2023 are expected to be just above pre-pandemic levels. However, this is still significantly below the high of US$747 bn in 2014.
For 2023, non-OPEC liquids supply is forecast to grow by 1.4 mb/d y-o-y. There remains substantial uncertainty, however, regarding geopolitical developments in Eastern Europe and the potential impact on Russian oil supply. Moreover, US liquids supply developments will continue to hinge on the degree of capital discipline employed by companies and the extent to which cost inflation impacts oil production. Liquids’ output in the OECD is expected to increase by 1.5 mb/d y-o-y in 2023, mainly on the back of production increases in the US, Norway and Canada. US crude oil and condensate production is anticipated to grow by 0.7 mb/d, with NGLs and biofuel production also expected to rise. In the US, the oil rig count has rebounded from 490 units in January 2022 to 591 units in the last week of April 2023. Moreover, US core oil frac operations continue to stay above 1,000, on a monthly basis. Canadian oil production, particularly Alberta’s oil sands, is forecast to grow by 0.2 mb/d y-o-y in 2023. Production growth in the North Sea and OECD Europe countries is also projected at around 0.2 mb/d, mainly supported by the ramp-up of the second phase of Norway’s Johan Sverdrup field development.
In the non-OECD region, Latin America is forecast to be the key driver for liquids supply. Output in the region is set to increase by 0.4 mb/d y-o-y in 2023, mainly from five offshore startups in Brazil and stable production at the Liza FPSOs in Guyana. Liquids output in Kazakhstan and China is also expected to rise y-o-y, by around 110 tb/d and 70 tb/d, respectively.
Uncertainties to the forecast remain large, especially given ongoing geopolitical developments in Eastern Europe. Moreover, high inflation levels, coupled with supply chain issues and monetary tightening by major central banks may also impact the cost of oil production and upstream sector investment levels. Given the uncertainties ahead, OPEC Member Countries and countries participating in the Declaration of Cooperation (DoC) will continue to closely monitor market developments over the remainder of the year, to help safeguard a stable and balanced market for the benefit of both consumers and producers.
Source: OPEC
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Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
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