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

LNG

VT Halter Begins Building LNG-powered ConRo Ships for Crowley

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), has commenced construction on the first of two liquefied natural gas (LNG)-powered,

Russian Minister to Intervene with Gazprom on Slovakia Gas Flow

Russia's Energy Minister Alexander Novak will intervene with Gazprom to raise reduced gas shipments to Slovakia to contracted levels, Slovakia's economy ministry

Weak Oil Threatens US Export of LNG

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have

News

PDVSA Charters Another Algerian Crude Cargo

Venezuela's state-run oil company PDVSA has hired a supertanker to load a second 2 million-barrel cargo of Algerian crude, according to preliminary tanker fixture data.

Video: USCG Medevacs Navy Sailor off Virginia

The U.S. Coast Guard (USCG) medevaced a man Wednesday from a Navy vessel off the Virginia coast after watchstanders at Coast Guard Sector Hampton Roads in Portsmouth

VT Halter Begins Building LNG-powered ConRo Ships for Crowley

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), has commenced construction on the first of two liquefied natural gas (LNG)-powered,

Offshore Energy

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

Statoil: New Oil in the Grane Area

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea.   Well 25/8-18 S, drilled by the rig Transocean Leader,

Offshore Oil: Lamprell Completes Caspian Sea Drilling Unit

UAE-based Lamprell said that it completed construction of the second Caspian Sea jackup drilling rig, Mercury, for service in the Caspian Sea.   "I am delighted

 
 
Maritime Contracts Maritime Security Naval Architecture Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1541 sec (6 req/sec)