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Evolving core energy markets within a sustainable landscape

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May 20-22 2024    |    Dubai, United Arab Emirates

May 20-22 2024 | Dubai, United Arab Emirates

Cutting Edge Oil Low Carbon Pathways Insights

CERAWEEK: Kuwait Petroleum plans offshore oil exploration for first time

London Energy Forum: Oil market tensions threaten ‘Goldilocks’ period of price stability

OPEC says continued investments in oil projects crucial for global energy security

The global energy industry has to ensure that investments to the oil industry continues to flow despite a changing landscape, and any big shift in focus could potentially act as a stumbling block for energy security as well as create a volatile market, OPEC Secretary General Haitham al-Ghais said."We need to reiterate that the misguided notion of no longer investing in new oil projects would undermine the security of energy supplies and lead to major volatility," he told the India Energy Week Conference in Goa.Global oil demand growth is forecast to far outpace the expected rise in non-OPEC supply over the next two years, OPEC said on Jan. 17, as the producer group charts its course to manage the market ahead. In its closely watched monthly oil market report, OPEC estimated the world's thirst for oil to increase 2.25 million b/d in 2024 and another 1.8 million b/d in 2025.Ghais said the twin focus of the Indian government to pursue both fossil fuel growth as well as renewables is the right path to adopt."The Indian government has said consistently that the future will require all forms of energy, which is a message that OPEC fully supports," Ghais said.Strategic partnership Given India's future energy needs for its expanding and aspirational population and the fact that OPEC member countries provide approximately 60% of India's total crude oil imports, this strategic relationship would continue to be vital in the years and decades ahead, Ghais said."India will play a vital role in the future of the industry. According to our forecasts, oil demand in India is set to rise from 5.1 million b/d in 2022 to 11.7 million b/d by 2045. It will be the country with the largest oil demand growth over this period," he added.Commenting on the evolving global energy industry, he said it has never been more important to work together and adopt a holistic, practical and inclusionary approach as the world concentrates on the task of providing energy security for all while reducing emissions."We continue to be aligned by the need for every nation and people to have their energy transition pathways. It is not a uniform energy transition for all. There are multiple pathways to take. There is no one-size-fits-all solution to a sustainable energy future," Ghais said."No single source of energy will be able to fuel the global energy demand," he added.

2023: The changing map of oil trade with Joel Hanley and Richard Swann

In the final episode of the Oil Markets podcast for 2023, SP Global Commodity Insights crude and refined products directors Joel Hanley and Richard Swann round up the biggest events and trends of the year. They provide an across-the-barrel retrospective of the year in oil markets, including shifting trade flows, developing markets for Russian oil, the emergence of Guyana as a crude powerhouse and a landmark year for established benchmarks Dated Brent and Dubai.Related prices:ULSD DAP South Brazil (All-Origin) AULDA00Payara Gold FOB Guyana AYARA00Dated Brent PCAAS00Dubai Mo1 PCAAT00Further reading: Guyana calls for UN sanctions on Venezuela over disputed territoryMidland's successful inclusion into Platts Dated BrentMore listening options:

Path to net zero to require various strategies as oil, gas remain in energy mix: S&P Global

While 2023 was seen as a banner year for clean energy capacity in global power generation, the path forward to net zero will be fraught with complications and require different strategies as oil and gas remain a substantial part of the energy mix, according to S&P Global Commodity Insights analysts."When we're thinking about the transition and how to characterize it, the word we've been using quite a lot this year is multidimensional energy transition," said Roger Diwan, S&P Global's head of global energy finance, speaking at the SPGI Excellence in Energy Conference held Dec. 6. The description is apt because the energy transition is "moving in different places in different directions at different speeds, and it's very difficult to characterize it as one movement in any direction," he added.While the energy transition focus remains firmly on producing clean electricity primarily from wind and solar power, this has created a split screen view, particularly for oil and gas producers and refiners as they look to integrate clean energy into their markets and operations. "What we're looking at here is a really different kind of energy sector proposal, it's very focused in everything we can electrify," said Peter Gardett, S&P Global’s executive director of research.Oil demand growth to peak in 2030Decarbonization is key for fossil fuel producers and refiners to meet emissions goals, especially since the fossil fuel sector has proved more durable than once anticipated.Currently, oil, natural gas and coal meet 80% of total energy demand. Stripping out coal, oil and natural gas meets 54% of total energy demand, according to S&P Global forecasts."While, yes, it loses market share over the next 30 years out to 2050, it only drops to…48%," said Daniel Pratt, vice president of upstream solutions at S&P Global."You've got to remember that demand is going to continue to grow over the next 30 years. So even though it's losing market share to the renewable sector, you might still need more oil and gas in 2050 than we're actually producing today because of the overall demand growth," he said.Coal would take the "lion’s share" of the demand loss, followed by natural gas, he said.Many countries "are looking at gas as that transition fuel for electrification, decarbonization because it's affordable, is sustainable, reliable," he said.However, oil demand is expected to continue to rise and peak around 2030, which is "just over the horizon", said Kurt Barrow, head of oil markets at S&P Global."We’ve got the split screen analogy. We’ve got demand growth of 1.5 million b/d. Next year we will 2 million b/d," he said."And if you are going to talk about the energy transition in oil, you are really talking about an energy transition of the four big transportation sectors, that make up the majority of oil demand – such as cars, trucks, ships and planes," he added.Electron generation vs molecule managementDespite driving more vehicles on the road, there is less carbon being used as new, and more efficient cars, trucks and ships are being produced, according to S&P Global.The rise of electric vehicles, particularly in Europe, has played a role in lowering carbon, with 1 in 4 cars in Europe and 1 in 3 cars in China being sold currently, due in part to government policies.Geography also plays a role in an oil company’s carbon strategy and capital investment policy. European oil and gas majors spend more on low carbon initiatives than US-based majors like ExxonMobil and Chevron.Currently, Equinor, BP, Shell, Total and ENI spend about 15% to 20% of total company capital expenditures on low-carbon initiatives, according to the panelists.ExxonMobil and Chevron, both of which recently have made major acquisitions in Permian Basin oil and gas production, spend about 5%.This is expected to rise to about 15% to 20% by 2027, while their European peers expect to increase spending to "20%, 30% even 40%," said Pratt, adding that, in contrast with their US peers, the European companies are making substantial amount of investment in renewable "electron generation."Conversely, ExxonMobil and Chevron are more focused on investing in "molecule management", which tends to focus more on decarbonization of liquid fuels.Pratt said the diverging energy transition investment strategies comes down the stakeholders. "If you look at Europe, they very much see energy transition as their path to energy security," said Pratt."It's not like that in other parts of the world. In the US, we've achieved energy security through hydrocarbons," he added."So the drivers for the European [energy majors] are much more toward renewable transition," he said.

Saudi Aramco outlines advances in energy transition in the upstream space

Listen now as Mish'al Alotaibi, Director, Safaniya Offshore Producing Department discusses Saudi Aramco's nominations for the Global Energy Awards Energy Transition - Upstream Finalist award! For a quarter century, we have been honored to recognize the energy sector’s exponential growth and rapid progress. As the world comes together to tackle climate change issues at COP28, we are gathering the industry to acknowledge the companies and individuals working on the crucial, innovative, practicable solutions that will solve those problems. Shine a spotlight on your organization’s accomplishments and join us this December 7th in New York City, USA to celebrate the many achievements and successes of the global energy community. Learn more now

Platts LIVE Perspectives X Gary Ross @APPEC

David Ernsberger (SP Global Commodity Insights) interviews Gary Ross, CEO/Founder, Black Gold Investors/PIRA Energy Group at APPEC 2023.Conferences LIVE

Perspectives X Dr Sanjay Kuttan @ APPEC

Perspectives X Dr Sanjay Kuttan Learn more at APPEC 2024Conferences LIVE

Perspectives X Hannah Hauman @ APPEC

Perspectives X Hannah Hauman Learn more at APPEC 2024Conferences LIVE


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