Upstream by S&P Global Commodity Insights

🗳️🌍 As the US prepares for the 2024 elections, the carbon capture, utilization, and storage (CCUS) industry is eager to understand the potential impact on project activity and investment. While federal policies enjoy bipartisan support, state-level regulations in major oil and gas producing states like Texas, Louisiana, New Mexico, California, and Pennsylvania are nuanced. Access to storage sites on federal lands and waters is expected to be formalized through bid rounds, regardless of the election outcome. The regulatory burden could vary, with a Trump administration potentially relaxing environmental impact assessments, while a second Biden term would focus on gradual development of safety and environmental impact regulations. Federal CCUS incentives are likely to remain stable, ensuring ongoing support for the industry. However, challenges at the state and local levels and the lack of a cohesive nationwide framework could impact project viability. Stay informed for more updates after November! Check out the full article - link in comments below. And for more information reach out to Jared Jeffery and Terence Khoo #USelections2024 #CCUS #EnergyTransition

Eni has announced a €8 billion divestment program for 2024-27. As part of this program, the company has recently merged its UK offshore operations with UK-focused Ithaca Energy and recently divested its 100% interest in Nikaitchuq and Oooguruk fields in Alaska to Hilcorp Energy, showcasing Eni's commitment to optimizing its portfolio and focusing on core business areas. Eni's divestment opportunities in the upstream sector include assets in Indonesia, Cyprus, Republic of Congo, and Côte d'Ivoire, all under its successful dual exploration model. Additionally, Eni is planning to divest its stake in certain non-upstream assets. Stay ahead of the game by keeping up with Eni's dynamic growth strategy! For more details on Eni's strategy and divestment program, check out our latest report "Divestment Tracker — Eni SpA". Feel free to reach out to Padmanav Sahoo (padmanav.sahoo@spglobal.com) and Kallol Saha (kallol.saha@spglobal.com) to know more. Let's connect and explore the exciting opportunities together! #MandA #upstream #midstream #refining #lowcarbon 

Check it out! The latest rig market update is available now - let us know what you think! #Upstream #Vessel #Markets

Michael Wynne, Vice President, Upsteam and Mriganka Jaipuriyar, Head of News Asia, took part in this insightful discussion on the evolving role of women in the energy sector while attending #SPE Women in Energy. Michael shares valuable perspectives on gender diversity, career challenges, and prospects within the industry. Click to watch and be part of the conversation!

🌍 S&P Global Commodity Insights expert Mei Ching Koay recently joined Malaysia Petroleum Management (MPM) on a geological field trip to Perlis and Langkawi, showcasing the potential of the frontier #Langkasuka Basin. This trip provided valuable insights into the offshore section of the basin, located approximately 200 km west of Langkawi Island. With the Malaysia Bidding Round (MBR) 2024, two offshore blocks in the Langkasuka Basin, PM-320 and PM-321, are being offered. 🛢️ The Langkasuka Basin, stretching from Thailand to the Malay Peninsula coast, has a long depositional history, making it favorable for hydrocarbon generation. Despite limited drilling in the Straits of Malacca, the pre-Tertiary sequence holds immense potential for future exploration. The field trip highlighted potential source rocks, such as the Devonian Timah Tasoh Formation and Carboniferous Telaga Jatoh Formation, as well as promising reservoirs like Carboniferous sandstones and Permian carbonates.📈 For more information reach out to meiching.koay@spglobal.com Full details can be found in the link in the comments below! #exploration #upstream #oilandgas

🌟 The Indian government has announced the Special DSF Bid round 2024, featuring two conventional blocks (C-37 and B-15) in Mumbai shallow waters and a CBM block in the Raniganj coal field, West Bengal. 🛢️🌊 Block C-37 is up for grabs again with promising prospects. Block B-15, with its marginal oil discoveries, needs more exploration. 🔍 A new revenue-sharing provision aims to boost early commercial production. The deadline for bids is July 15, 2024. 📅 For more information reach out to Parag Goyal and RAHUL DEV CHAUHAN  🌍 Link to the full blog in the comments below #Upstream #DSF #Bidround #India

New for 2024, we are excited to invite you to our inaugural S&P Global Commodity Insights #Cairo Forum, in collaboration with the Ministry of Petroleum & Mineral Resources. This event will be held in-person in Cairo, Egypt on October 8th, 2024. Join us at this exclusive event for a packed agenda of market updates and the latest insights on the global energy markets. Our respected speakers will be on-hand to share their analyses and discuss key issues with you. Key area of focus will include: - An update on key global crude benchmarks - LNG market outlook - Trends shaping chemicals markets - Latest trends in tanker, LNG, and dry bulk freight markets - Upstream regional dynamics You can register here - we look forward to seeing you there: https://lnkd.in/egTy8X8C #LNG #Crudeoil #upstream #petroleum

🚀 PTTEP is expanding its presence in the Middle East with a 10% stake acquisition in the Ghasha Concession from Wintershall Dea. The Ghasha Concession consists of nine large non-associated gas fields with a combined reserve of over 16 trillion cubic feet. Despite the challenges posed by the environmentally sensitive location and high H2S and CO2 content, the demand for gas has increased, making this concession crucial for Abu Dhabi's goal of becoming gas self-sufficient by 2030. The Dalma sour gas development is set to begin production in early 2025, followed by the major Hail & Ghasha project. With a total value of $17 billion, this project aims to operate with net-zero carbon emissions and produce over 120,000 barrels of high-value oil and condensates per day. PTTEP's investments in the Middle East demonstrate its focused gas strategy and commitment to the region's growth. Stay tuned for more updates! 💪 For more information reach out to Chad Barnes Full blog linked in the comments below.

The civil unrest in Kazakhstan in January 2022 highlighted the importance of #energy #security and affordable energy for the country's population. Kazakhstan's projected gas deficit by 2025 due to growing domestic consumption poses a challenge. However, there is a sustainable solution - utilizing #natural #gas currently being flared during oil and gas operations.    Kazakhstan's gas demand has more than doubled since 2010, driven by population growth and initiatives in power generation and petrochemical projects. On the supply side, despite having more gas reserves than Norway, Kazakhstan's sales volumes are just 25% of Norway's due to the dominance of associated petroleum gas (APG) and low domestic market prices.    Kazakhstan has made significant progress in reducing flaring volumes over the past decade, but there is still room for improvement in maximizing gas utilization. In 2022, the flaring intensity in Kazakhstan was 3 kgCO2e/boe, which was 2.4 times higher than the intensity of its neighbor, Azerbaijan, while flaring and venting contributed to 34% of the country's GHG emissions. By reducing flaring and venting, and redirecting this gas to the domestic market, Kazakhstan can enhance energy security, generate revenue, and significantly reduce the gas deficit.    This insight is part of a continuing series of analyses of the S&P Global Commodity Insights upstream #GHG dataset. To gain more insights, read our full upstream research analysis here. Link in comments.    For any questions, please email Evgeniya Maiburova, Senior Specialist, Technical Research at evgeniya.maiburova@spglobal.com    Link in comments.

Qatar’s oil output has been declining since 2008, with production dominated from three major fields; Al-Shaheen which is producing just under half of the country’s output, the onshore Dukhan field and Idd El Shargi North Dome. In December 2018, Qatar announced that it would end its 60-year partnership with OPEC, with the country to focus on the development of the North Field and its gas projects.   As Qatar’s LNG expansion is set to reach 142 million metric tons by the end of the decade, its natural gas liquids and condensate volumes are set to rapidly increase. Qatar sees its oil exports still as strategically important and is looking to increase production from its major fields. Large engineering, procurement, construction, installation and commissioning contracts have been awarded for the expansion of Al-Shaheen, Bul-Hanine, Idd El Shargi North Dome and Maydan Mahzam to increase the country's oil output. The ongoing enhanced water flood project and CO2 water-alternating gas (WAG) pilot project are set to boost output from Dukhan and increase recoverable volumes from the field. The $6 billion Ruya Development project is set to increase production at the Al-Shaheen field by 100,000 barrels per day (b/d) likely taking the field past the 300,000 b/d mark. Further development at Bul-Hanine will take the field back to around 80,000 b/d, Idd El Shargi North Dome to 100,000 b/d and Maydan Mahzam to 30,000 b/d. With a lot of these projects targeting production startup around 2027–2030, oil production is likely to peak around the early 2030s. As further expansion at the North Field continues, North Field East, North Field South and North Field West are likely to add around 400,000 b/d taking Qatar’s condensate capacity above 1.1 million barrels per day (MMb/d). If developments achieve stated capacity on time, Qatar’s oil and condensate output could climb towards 2 MMb/d. For more information reach out to Charles Ross  #upstream #oil #gas