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Country Analysis Brief: Iran

July 24, 2014 Comments off

Country Analysis Brief: Iran
Source: Energy Information Administration

Iran holds some of the world’s largest deposits of proved oil and natural gas reserves, ranking as the world’s fourth-and second-largest reserve holder of oil and natural gas, respectively. Iran also ranks among the world’s top 10 oil producers and top 5 natural gas producers. Iran produced 3.2 million barrels per day (bbl/d) of petroleum and other liquids in 2013 and more than 5.6 trillion cubic feet (Tcf) of dry natural gas in 2012.

The Strait of Hormuz, on the southeastern coast of Iran, is an important route for oil exports from Iran and other Persian Gulf countries. At its narrowest point, the Strait of Hormuz is 21 miles wide, yet an estimated 17 million bbl/d of crude oil and oil products flowed through it in 2013 (roughly one-third of all seaborne traded oil and almost 20% of total oil produced globally). Liquefied natural gas (LNG) volumes also flow through the Strait of Hormuz. Approximately 3.9 Tcf of LNG was transported via the Strait of Hormuz in 2013, almost all of which was from Qatar, accounting for about one-third of global LNG trade.

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Country Analysis Brief: India

July 4, 2014 Comments off

Country Analysis Brief:  India
Source: Energy Information Administration

India was the fourth-largest energy consumer in the world after China, the United States, and Russia in 2011, and its need for energy supply continues to climb as a result of the country’s dynamic economic growth and modernization over the past several years. India’s economy has grown at an average annual rate of approximately 7% since 2000, and it proved relatively resilient following the 2008 global financial crisis.

The latest slowdown in growth of emerging market countries and higher inflation levels, combined with domestic supply and infrastructure constraints, have reduced India’s annual inflation-adjusted gross domestic product (GDP) growth from a high of 10.3% in 2010 to 4.4% in 2013, according to the International Monetary Fund (IMF). India was the third-largest economy in the world in 2013, as measured on a purchasing power parity basis. Risks to economic growth in India include high debt levels, infrastructure deficiencies, delays in structural reforms, and political polarization between the country’s two largest political parties, the Indian National Congress and the Bharatiya Janata Party (BJP).

Country Analysis Brief: Venezuela

June 25, 2014 Comments off

Country Analysis Brief: Venezuela
Source: Energy Information Administration

Venezuela is one of the world’s largest producers and exporters of crude oil. It has consistently been one of the largest exporters of crude oil in the Americas. As a founding member of the Organization of the Petroleum Exporting Countries (OPEC), Venezuela is an important player in the global oil market. While production has been declining, Venezuela exports of crude oil to the United States have been among the top. In recent years, through significant upfront investment, an increasing share of Venezuela’s exports have been delivered to China and India.

Short-Term Energy Outlook Supplement: 2014 Outlook for Gulf of Mexico Hurricane-Related Production Outages

June 18, 2014 Comments off

Short-Term Energy Outlook Supplement: 2014 Outlook for Gulf of Mexico Hurricane-Related Production Outages (PDF)
Source: Energy Information Administration

Highlights
• EIA’s mean estimate of storm-related production disruptions in the U.S. Gulf of Mexico during the 2014 hurricane season are 11.6 million barrels (bbl) of crude oil and 29.7 billion cubic feet (Bcf) of natural gas.
• The EIA estimates are based on the National Oceanic and Atmospheric Administration’s (NOAA) Atlantic Hurricane Season Outlook, which was released May 22. NOAA predicted that the Atlantic Basin likely will experience near-normal or below-normal tropical weather during the 2014 hurricane season, which began June 1 and runs through November 30.
• NOAA expects that 8 to 13 named storms are likely to form within the Atlantic Basin1 over the next 6 months, including 3 to 6 hurricanes, of which 1 to 2 will be intense.2 Last season, the Atlantic Basin experienced 11 tropical storms and 2 hurricanes, neither of which was considered major. Four of the tropical storms and one of the hurricanes passed through the Gulf of Mexico. NOAA does not attempt to predict the location of any hurricane activity within the Atlantic Basin.
• The share of total U.S. oil and natural gas production originating in the federally-administered Gulf of Mexico has declined sharply. In 1997, 26% of the nation’s natural gas was produced in the Gulf of Mexico; by 2013, that share had declined to 5%. The share of crude oil produced in the Gulf of Mexico also has declined in recent years, from 27% in 2003 to 17% last year. The declining share of total production from offshore areas has reduced the vulnerability of overall U.S. oil and natural gas supply to hurricanes.
• EIA’s analysis estimates a 69% probability of production shut-in volumes being equal to or larger than the production shut in during the 2013 hurricane season, which totaled 3.1 million bbl of crude oil and 6.7 Bcf of natural gas.

Country Analysis Brief: United Kingdom

June 6, 2014 Comments off

Country Analysis Brief: United Kingdom
Source: Energy Information Administration

The United Kingdom (UK) is the sixth largest economy in the world, as well as the largest producer of oil and the second-largest producer of natural gas in the European Union (EU). Following years of exports of both fuels, the UK became a net importer of natural gas and crude oil in 2004 and 2005, respectively. Production from UK oil and natural gas fields peaked around the late 1990s and has declined steadily over the past several years as the discovery of new reserves and new production has not kept pace with the maturation of existing fields.

Country Analysis Brief: Norway

April 30, 2014 Comments off

Country Analysis Brief: Norway
Source: Energy Information Administration

Norway, the largest holder of oil and natural gas reserves in Europe, provides much of the oil and natural gas consumed on the continent. The U.S. Energy Information Administration (EIA) estimates that Norway was the 3rd largest exporter of natural gas in the world after Russia and Qatar, and the 12th largest net exporter of oil in 2013.

In 2012, crude oil, natural gas, and pipeline transport services accounted for 52% of Norway’s exports revenues, 23% of gross domestic product (GDP), and 30% of government revenues, according to the Norwegian Petroleum Directorate (NPD). Norway’s oil production peaked in 2001 at 3.4 million barrels per day (bbl/d) and declined to 1.8 million bbl/d in 2013. Natural gas production, on the other hand, increased nearly every year since 1993. Norway experienced a slight decline in natural gas production in 2013 to 3.97 trillion cubic feet (Tcf) from 4.16 Tcf in 2012.

Country Analysis Brief: Mexico

April 28, 2014 Comments off

Country Analysis Brief: Mexico
Source: Energy Information Administration

Mexico is one of the 10 largest oil producers in the world, the third-largest in the Americas after the United States and Canada, and an important partner in the U.S. energy trade. However, Mexico’s oil production has steadily decreased since 2005 as a result of natural production declines from Cantarell and other large offshore fields. The rate of total production decline has abated in past several years. In December 2013, in an effort to address the declines of its domestic oil production, the Mexican government enacted constitutional reforms that ended the 75-year monopoly of Petroleós Mexicanos (PEMEX), the state-owned oil company.

Oil is a crucial component of Mexico’s economy. The oil sector generated 13% of the country’s export earnings in 2013, a proportion that has declined over the past decade, according to Mexico’s central bank. More significantly, earnings from the oil industry (including taxes and direct payments from PEMEX) accounted for about 32% of total government revenues in 2013. Declines in oil production have a direct impact on the country’s economic output and on the government’s fiscal health, particularly as refined product consumption and import needs grow.

Country Analysis Brief: Turkey

April 23, 2014 Comments off

Country Analysis Brief: Turkey
Source: Energy Information Administration

Over the past three years, Turkey has experienced some of the fastest growth in energy demand of countries in the Organization for Economic Cooperation and Development (OECD). Unlike a number of other OECD countries in Europe, Turkey’s economy has avoided the prolonged stagnation that has characterized much of the continent for the past few years. The country’s energy use is still relatively low, although it is increasing at a fast pace. According to the International Energy Agency (IEA), energy use will continue to grow at an annual growth rate of around 4.5% from 2015 to 2030, approximately doubling over the next decade. The IEA expects electricity demand growth to increase at an even faster pace.

Meeting this level of growth will require significant investment in the energy sector, much of which will come from the private sector. Although Turkey is planning large investments in natural gas and electricity infrastructure, the government seeks to reduce the country’s dependence on imported natural gas by diversifying its energy mix.

U.S. Crude Oil and Natural Gas Proved Reserves (With Data for 2012)

April 10, 2014 Comments off

U.S. Crude Oil and Natural Gas Proved Reserves
Source: Energy Information Administration

Proved reserves are volumes of oil and natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. In 2012, oil and gas exploration and production companies operating in the United States added 4.5 billion barrels of crude oil and lease condensate proved reserves, an increase of 15.4% from 2011—the largest annual increase since 1970.1 U.S. proved reserves of crude oil and lease condensate have now risen for four consecutive years. Also, proved reserves of oil exceeded 33.4 billion barrels for the first time since 1976.

Proved reserves of U.S. wet natural gas2 decreased 7.5% (a loss of 26 trillion cubic feet) to 323 trillion cubic feet in 2012(Table 1). Total discoveries of oil and natural gas proved reserves both exceeded U.S. production in 2012, with the largest discoveries occurring onshore within the Lower 48 states. The 2012 decline interrupted a 14-year trend of consecutive increases in natural gas proved reserves (Figure 1).

Annual Energy Outlook 2014

April 8, 2014 Comments off

Annual Energy Outlook 2014
Source: Energy Information Administration

We begin the staged release of the full Annual Energy Outlook 2014 (AEO2014), expanding on the AEO2014 Reference case tables and highlights that were issued in December 2013. The April 7 release will include the first of eight Issues in Focus articles which will be released according to the schedule at right. The final components of the full AEO2014 will be released on April 30, 2014.

Country Analysis Brief: South Korea

April 2, 2014 Comments off

Country Analysis Brief: South Korea
Source: Energy Information Administration

The U.S. Energy Information Administration (EIA) estimates that South Korea was the world’s ninth-largest energy consumer in 2011. Korea is one of the top energy importers in the world and relies on fuel imports for about 97% of its primary energy demand because the country lacks domestic energy reserves. In 2013, the country was the second-largest importer of liquefied natural gas (LNG), the fourth-largest importer of coal, and the fifth-largest net importer of total petroleum and other liquids. South Korea has no international oil or natural gas pipelines and relies exclusively on tanker shipments of LNG and crude oil. Despite its lack of domestic energy resources, South Korea is home to some of the largest and most advanced oil refineries in the world. In an effort to improve the nation’s energy security, oil and gas companies are aggressively seeking overseas exploration and production opportunities.

Country Analysis Brief: Indonesia

March 9, 2014 Comments off

Country Analysis Brief: Indonesia
Source: Energy Information Administration

Indonesia is the most populous country in Southeast Asia and the fourth most populous country in the world, behind China, India, and the United States. Formerly a net oil exporter in the Organization of the Petroleum Exporting Countries (OPEC), Indonesia struggles to attract sufficient investment to meet growing domestic energy consumption because of inadequate infrastructure and a complex regulatory environment. Despite their energy struggles, it was the world’s largest exporter of coal by weight in 2012 and the fourth-largest exporter of liquid natural gas (LNG) in 2013. As Indonesia seeks to meet its energy export obligations and earn revenues through international market sales, the country is also trying to meet demand at home.

Indonesia’s total primary energy consumption grew by 44% between 2002 and 2012. The petroleum share, although decreasing, continues to account for the highest portion of Indonesia’s energy mix at 36% in 2012. In the past decade, coal consumption nearly tripled and surpassed natural gas as the second most consumed fuel.

Country Analysis Brief: South Africa

March 3, 2014 Comments off

Country Analysis Brief: South Africa
Source: Energy Information Administration

South Africa’s energy sector is critical to its economy, as the country relies heavily on its large-scale, energy-intensive coal mining industry. South Africa has limited proved reserves of oil and natural gas and uses its large coal deposits to meet most of its energy needs, particularly in the electricity sector. Most of the oil consumed in the country, used mainly in the transportation sector, is imported from Middle East and West African producers in the Organization of the Petroleum Exporting Countries (OPEC) and is locally refined. South Africa also has a sophisticated synthetic fuels industry, producing gasoline and diesel fuels from the Secunda coal-to-liquids (CTL) and Mossel Bay gas-to-liquids (GTL) plants. The synthetic fuels industry accounts for nearly all of the country’s domestically produced petroleum as crude oil production is very small.

Country Analysis Brief: Angola

February 27, 2014 Comments off

Country Analysis Brief: Angola
Source: Energy Information Administration

The first commercial oil discovery in Angola was made in 1955 in the onshore Kwanza (Cuanza) basin. Since that discovery, Angola’s oil industry has grown substantially, despite a civil war that occurred from 1975 to 2002. Currently, oil production comes almost entirely from offshore fields off the coast of Cabinda and deepwater fields in the Lower Congo basin. There is small-scale production from onshore fields, but onshore exploration and production have been limited in the past due to conflict.

Country Analysis Brief: Syria

February 24, 2014 Comments off

Country Analysis Brief: Syria
Source: Energy Information Administration

Syria’s energy sector is in turmoil because of the ongoing hostilities between government and opposition forces. Syria’s oil and natural gas production has declined dramatically since March 2011 because of the conflict and because of the subsequent imposition of sanctions by the United States and European Union in particular. Syria’s energy sector is unlikely to recover in the near term.

Country Analysis Brief: China

February 6, 2014 Comments off

Country Analysis Brief: China
Source: Energy Information Administration

China has quickly risen to the top ranks in global energy demand over the past few years. China is the world’s second-largest oil consumer behind the United States and became the largest global energy consumer in 2010. The country was a net oil exporter until the early 1990s and became the world’s second-largest net importer of crude oil and petroleum products in 2009. The U.S. Energy Information Administration (EIA) projects that China will surpass the United States as the largest net oil importer by 2014, in part due to China’s rising oil consumption. China’s oil consumption growth accounted for one-third of the world’s oil consumption growth in 2013, and EIA projects the same share in 2014.

Natural gas use in China has also increased rapidly in recent years, and China has sought to raise natural gas imports via pipeline and liquefied natural gas (LNG). China is the world’s top coal producer, consumer, and importer and accounted for about half of global coal consumption, an important factor in world energy-related carbon dioxide emissions. China’s rising coal production is the key driver behind the country becoming the world’s largest energy producer in 2007. In line with its sizeable industrialization and swiftly modernizing economy, China also became the world’s largest power generator in 2011.

Country Analysis Brief: Qatar

February 1, 2014 Comments off

Country Analysis Brief: Qatar
Source: Energy Information Administration

Like many of its neighbors, Qatar relies on its energy sector to support its economy. According to the Qatar National Bank (QNB), Qatar’s earnings from its hydrocarbons sector accounted for 60% of the country’s total government revenues over the past five fiscal years (through fiscal year 2012-13). The U.S. Energy Information Administration (EIA) estimates that Qatar earned $55 billion from net oil exports in 2012, and QNB estimates that the oil and natural gas sector of Qatar accounted for 57.8% of the country’s gross domestic product in 2012.

Qatar was the world’s fourth largest dry natural gas producer in 2012 (behind the United States, Russia, and Iran), and has been the world’s leading liquefied natural gas (LNG) exporter since 2006. Qatar is also at the forefront of gas-to-liquids (GTL) production, and the country is home to the world’s largest GTL facility. The growth in Qatar’s natural gas production, particularly since 2000, has also increased Qatar’s total liquids production, as lease condensates, natural gas plant liquids, and other petroleum liquids are a significant (and valuable) byproduct of natural gas production.

Qatar produced nearly 1.6 million barrels per day (bbl/d) of liquid fuels (crude oil, condensates, natural gas plant liquids, gas-to-liquids, and other liquids) in 2013, of which 730,000 bbl/d was crude oil and the remainder was non-crude liquids. While Qatar is a member of the Organization of the Petroleum Exporting Countries (OPEC), the country is the second-smallest crude oil producer among the 12-member group. Natural gas meets the vast majority of Qatar’s domestic energy demand, so the country is able to export most of its liquid fuels production. Given its small population, Qatar’s energy needs are met almost entirely by domestic sources.

Liquid Fuels and Natural Gas in the Americas

January 31, 2014 Comments off

Liquid Fuels and Natural Gas in the Americas
Source: Energy Information Administration

This report examines the major energy trends and developments of the past decade in the Americas, focusing on liquid fuels and natural gas—particularly, reserves and resources, production, consumption, trade, and investment. The Americas, which include North America, Central America, the Caribbean, and South America, account for a significant portion of global supply, demand, and trade of both liquid fuels and natural gas. Liquid fuels include all petroleum and petroleum products, natural gas liquids, biofuels, and liquids derived from other hydrocarbon sources.

Country Analysis Brief: Congo (Brazzaville)

January 30, 2014 Comments off

Congo (Brazzaville)
Source: Energy Information Administration

Congo (Brazzaville), formerly known as the Republic of the Congo, is a mature oil producer with declining output at most of its fields. Congo’s economy is heavily dependent on its oil production as it accounted for almost 87% of the country’s export revenues and almost 80% of the government’s total revenue in 2011, according to the International Monetary Fund (IMF). A vast majority of oil and natural gas exploration and production activities in Congo are conducted offshore.

Congo holds sizable proved natural gas reserves, but only small amounts are commercialized because of the lack of infrastructure. Congo also may hold large oil sands deposits (petroleum deposits of bitumen also known as tar sands) and Eni, an Italian oil company, recently launched a feasibility study. If the project is undertaken, it would be the first tar sands project in Africa.

Congo also has extensive hydropower potential, but most of it remains untapped. Despite Congo’s rich energy resources, the electrification rate is low, especially in rural areas, mainly because of a lack of electricity infrastructure. According to the latest (2010) estimate from the World Bank, 37% of the country has access to electricity, leaving more than 2.5 million people without access.

Country Analysis Brief: Ecuador

January 20, 2014 Comments off

Country Analysis Brief: Ecuador
Source: Energy Information Administration

In Ecuador, the oil sector accounts for a sizeable portion of all export earnings and represents one-third of all tax revenues. Resource nationalism and debates about the economic, strategic, and environmental implications of oil sector development are prominent issues in the politics of Ecuador and the policies of its government. The smallest producer in the Organization of the Petroleum Exporting Countries (OPEC), Ecuador produced 505,000 barrels per day (bbl/d) of crude oil in 2012 and exported more than one-third of it to the United States. A lack of sufficient domestic refining capacity to meet local demand has forced Ecuador to import refined products, limiting net oil revenue.

Ecuador rejoined OPEC in 2007 following a near 15-year hiatus from the organization. Despite a challenging investment environment prompted by government initiatives to increase the share of oil revenue for the state, 2012 oil production in Ecuador returned to the 2008 annual level.

Ecuador’s energy mix is largely dependent on oil, which represented 76% of the country’s total energy consumption in 2012, according to the British Petroleum’s Statistical Review of World Energy 2013. Hydroelectric power was the second largest energy source. Natural gas and non-hydro renewable fuels are also important to Ecuador’s energy mix.

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