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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Australian Coal Association
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- The University of Queensland
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
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