Eni Presents World Oil and Gas Review

MarineLink.com
Monday, October 07, 2013
  • World oil reserves increased in 2012 (+2% vs 2011), gas reserves remained almost flat (+0.4% vs 2011)
  • World production of oil and gas is rising (+2.9% and +1.8% vs 2011)
  • World oil consumption is growing (+1% vs 2011), but not in Europe
  • World gas consumption is also rising (+2.3% vs 2011)
  •  LNG trade dropped for the first time in 40 years


Eni presented the twelfth edition of World Oil and Gas Review, the annual statistical review of the world oil and gas market and the refining system.
 


Oil and gas reserves continue to rise, confirming that operators are able to replace reserves put into production and to find new ones: a comparison of 1995 reserves with those of 2012 reveals an increase of almost 40%. In the past year, however, despite a 2% increase in oil reserves, those for gas remained largely flat (+0.4%).



In 2012 a +2.9% increase for world oil production was recorded, higher than in recent years, thanks to the recovery of output from Libya and record production levels in Saudi Arabia. This pushed production to historic highs, offsetting shortfalls in other countries, primarily Iran. There was a noteworthy increase in U.S. production, which went up by 12% in a single year due to the strong development of tight oil. Also thanks to gas associated with tight oil production the U.S. became the world's top gas producer, overtaking Russia.



Global oil consumption in 2012 increased (+1%): growth was concentrated in emerging markets, where consumption is still rising, rather than developed countries, which have shown a negative trend in recent years. World consumption acceleration was more marked in gas (+2.3%), driven by demand from emerging economies and the price competitiveness of gas in the United States.

 


The review of the gas market, so abundant in North America, points to tension in certain regions. In fact for the first time in 40 years, volumes of traded LNG have fallen due to supply problems in some exporting countries and a  limited number of plant start-ups.



The global trend of growth in refining capacity continues thanks to investment in the Asia-Pacific area which reaffirms the area as the main hub of refining worldwide. Despite numerous plant closures, European refining overcapacity persists, amplified by a reduction in demand. In contrast, U.S. refining benefits from renewed American upstream resources (tight oil and shale gas).



As well as in paper format, this year the World Oil and Gas Review is available online at eni.com. You can consult the online World Energy and Economic Atlas app to make country and/or geographic area comparisons for various energy indicators  as well as the main economic variables. The free iPad application will soon be available.

 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

LNG

HHI to Build FSRU for Höegh LNG

A new Floating Storage and Regasification Unit (FSRU) will be built by the Korean shipbuilding Company Hyundai Heavy Industries (HHI). This FSRU will be the fifth

BG Group's Queensland Curtis LNG to Ship First Cargo

BG Group is set to ship the first cargo of liquefied natural gas from its flagship gas project Queensland Curtis LNG on Dec. 20, a source familiar with the matter told Reuters.

Europe Stockpiling Low Cost, Surplus LNG

Demand from top Asian buyers drops sharply; Asian, European gas price spreads converge. Europe set to becoming dumping ground for LNG. Europe is set to become

News

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Gazprom Transgaz Ufa Organizes Arts Festival

Over 200 healthy children and children with disabilities from Bashkortostan as well as the Volga Region participated in the Breaking the Barriers second interregional children’s arts festival,

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Offshore Energy

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Update: Explosion in the Gulf of Mexico

An explosion occurred aboard a production platform Thursday at West Delta 105, operated by Fieldwood Energy, resulting in one fatality and three injured. The Bureau

Deepwater Semi-Sub COSL Prospector Delivered

COSLProspector, the fourth deep-water semi-submersible drilling rig built by CIMC Raffles for China Oilfield Services Limited (COSL), has been delivered in Yantai, Shandong Province.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1638 sec (6 req/sec)