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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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- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Ministry of Mines - Canada
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Australian Coal Association
- Posco Energy - South Korea
- Planning Commission, India
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
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