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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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Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- The University of Queensland
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- White Energy Company Limited
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Australian Coal Association
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
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