The Energy Years Leading Trinidad and Tobago s energy sector in a time of global change
|
|
- Everett Elliott
- 6 years ago
- Views:
Transcription
1 The Energy Years Leading Trinidad and Tobago s energy sector in a time of global change By Kevin C. Ramnarine KBH Center, University of Texas at Austin January
2 Structure of Lecture The global energy context and megatrends in present Trinidad and Tobago energy sector overview Major policy decisions 2011 to 2015 High points 2011 to 2015 Low points 2011 to 2015 Lessons Learnt / Conclusion
3 What s the big idea? Oil and gas producing countries must have a competitive investment environment that attracts capital and strikes a balance between fair returns to the State for extraction of its resources and fair returns to the company for risks it has taken.
4 The global energy context and megatrends in present
5 Major energy trends driven by. Technology ( 3D seismic, microprocessing, fracking) Globalization ( access to acreage) Climate Change debate ( decarbonization) Geopolitics Increased energy demand driven by Asia (China & India, population and economic growth) Texan George Mitchell Father of Fracking
6 The Climate Change debate has dominated the global policy agenda for this decade and impacted on energy policy in most countries. There are persons who question that the burning fossil fuels has caused climate change ( anthropogenic climate change)
7 Key oil supply trends 2010 to present Supply Growth in supply outstrips growth in demand in Increased American and Iraqi production of shale oil. Oil prices collapse. Same trend for natural gas Country 2010 production / bopd 2015 production/ bpod United States % Iraq % Colombia % Saudi Arabia % OECD % OPEC % World % % change
8 Barrels of Oil per day Oil Production in USA, Russia and Saudi Arabia 1996 to Saudi Arabia Russia USA
9 BCFD 80.0 Natural Gas Production 1996 to Axis Title Russia Iran Qatar USA
10 MTOE Primary Energy Consumption Millions of Tonnes of Oil Equivalent (MTOE) Total North America Total S. & Cent. America Total Europe & Eurasia Total Middle East Total Africa Total Asia Pacific
11 MTOE 1000 United States' Oil, Gas and Coal Consumption 1965 to Oil Gas Coal
12 MTOE Oil remains king of the world Gas Coal Oil
13 In 2011, the IEA asked Are we entering a Golden Age of Gas?
14 Millions of Tonnes of Carbon Dioxide Carbon Dioxide Emissions / millions of tonnes 1965 to Japan USA Germany China
15 MTOE 250 Global Wind and Solar Capacity 1995 to OECD Solar Non OECD Solar OECD Wind Non OECD Wind
16
17 Trinidad and Tobago energy sector overview
18 Trinidad and Tobago Overview Commercial Oil production started in 1908 Currently producing 71,000 bopd ( peak 1978) One Refinery capacity 165,000 bopd Currently producing 3.3 billion cubic feet of gas per day ( similar to UK and Argentina and West Virgina) Most gas produced from offshore / continental shelf by multi-nationals
19 T&T Overview continued Eleven Ammonia plants ( first 1959) Seven Methanol plants ( first 1984) One Natural Gas processing plant. Four LNG Trains ( first export 1999) Five Gas Fired power plants ( 2 GW) Main State players: Petrotrin, NGC Main MNC s: BP, Shell, BHP Billiton, EOG Resources and Repsol LNG exported mainly to South America Ammonia, methanol exported mainly to the USA Refined petroleum products exported mainly to Caribbean and USA. Kevin C. Ramnarine Trinidad s Point Lisas industrial estate at night 1/24/2017
20 BOED 107 years of oil and gas production Trinidad and Tobago 800, , , , , ,000 Nat Gas 200, ,000 0 Land Oil Marine Oil
21 Barrels of Oil Per day mmcfd of natural gas 160,000 Oil and Gas Production 2000 to 2015 ( The emergence of the gas economy of Trinidad and Tobago) 5, , , ,000 4,500 4,000 3,500 3,000 80,000 2,500 60,000 40,000 20,000 2,000 1,500 1, Oil Prod Natural Gas Prod
22 With the Amoco deal we got Trinidad and Tobago which turned out to be one of the combined group s crown jewels Lord John Browne former CEO of BP plc, Beyond Business
23 GDP Per capita US$ current prices 1960 to 2015 ( Trinidad and Tobago vs LATAM and Caribbean)
24 3/1/1995 8/1/1995 1/1/1996 6/1/ /1/1996 4/1/1997 9/1/1997 2/1/1998 7/1/ /1/1998 5/1/ /1/1999 3/1/2000 8/1/2000 1/1/2001 6/1/ /1/2001 4/1/2002 9/1/2002 2/1/2003 7/1/ /1/2003 5/1/ /1/2004 3/1/2005 8/1/2005 1/1/2006 6/1/ /1/2006 4/1/2007 9/1/2007 2/1/2008 7/1/ /1/2008 5/1/ /1/2009 3/1/2010 8/1/2010 1/1/2011 6/1/ /1/2011 4/1/2012 9/1/2012 2/1/2013 7/1/ /1/2013 5/1/ /1/2014 3/1/2015 8/1/2015 1/1/2016 6/1/2016 Millions of USD 3500 Current Account of Trinidad and Tobago 1995 to 2016 / US$ Mn Series1,
25 Millions of Tonnes Per Annum REAL GDP ($TT Billions) LNG Production vs Real GDP 2000 to
26 Trillion Cubic Feet PROVEN RESERVES OF NATURAL GAS TRINIDAD AND TOBAGO 2002 TO Proven Natural Gas Reserves are in decline
27 Guiding Philosophy and Policy Framework
28 My Guiding Philosophy 1. Maintain the integrity of the Ministry of Energy ( respect is earned). 2. Appreciated that the oil and gas business is high risk and capital intensive. 3. Never compromise safety for production or results. 4. Companies will invest if they think they can get the minimum return that satisfies their shareholders. 5. Capital is mobile, it does not have to come to Trinidad goes where it is treated the best.
29 My Guiding Philosophy 6. We should be doing business with the best companies in the world. 7. Recognize the companies that have demonstrated long term commitment to Trinidad. 8. The Government is in a partnership with the companies we are not adversaries. 9. The public directly should own part of the energy sector.
30 Policy Direction Simplify petroleum taxation regime Reduction in levels of taxation. Increase cost recovery rates in PSC s. Restructure capital allowances to improve project economics. Simplify bidding process ( only 2 biddable items) Get ride of taxable PSC Vertical integration of the National Gas Company Initial Public Offerings are great vehicles to transfer wealth Empowerment of private sector partners of Petrotrin. Communicate effectively with the public and stakeholders.
31 Govt Revenue Reserves & Production Drilling Investment Correct Incentives
32 High Points 2011 to 2015
33 Govt Revenue Reserves & Production Drilling Investment Correct Incentives
34 FDI 2000 to 2015 / Petroleum Related ( TT Central Bank Data)
35 Upstream Activity on Steroids Signed twenty one (21) production sharing contracts and/ licenses for exploration and production. This is the largest number ever signed by any Minister of Energy and Energy Affairs. These agreements constitute an investment of up to $US 2.0 billion and creates an active upstream programme for the remainder of the current decade.
36 Rig Days Took initiatives that led to a significant turnaround in upstream activity as evidenced by an increase in rig days from 1132 rig days in 2010 to 2443 rig days in In addition, there was a significant increase in acquisition of 2D/3D seismic data during the aforementioned period. 4,000 3,500 3,000 2,500 2,000 1,500 1, ,600 3,331 2,472 Rig Days ( Trinidad and Tobago) 2000 to ,369 2,501 2,214 3,274 3,409 2, ,132 2,189 2,788 2,486 2,443 2,
37 BP Rig Days BP s Rig Days
38 August 2014 January 2017
39 Initial Public Offering (IPO) of Phoenix Park Phoenix Park Gas Processors Limited Initial Public Offering (IPO) or TTNGL IPO (August 2015). This was the first time an energy company was listed on the Trinidad and Tobago Stock Exchange. This IPO was successful and was oversubscribed by 1.5 times.
40
41 PDVSA Head Office, Caracas - July 2013 Between 2012 and 2015 three agreements were negotiated and signed with the Venezuelan Government on the development of cross border natural gas reserves.
42 Port of Spain, Trinidad February 2015
43 Mitsubishi of Japan invest in methanol plant Presided over the progress to Final Investment Decision (FID) of a Methanol to Di- Methyl Ether petrochemical complex by a consortium led by Mitsubishi Gas Chemical of Japan and including the Trinidad based conglomerate Massy. This investment is valued at $US 987 million and will create 2000 construction jobs and 200 permanent jobs in a depressed community in south Trinidad.
44 Low Points 2011 to 2015
45 Kevin C. Ramnarine 1/24/2017 1/24/2017
46
47
48
49 Looking forward and Conclusions
50 mmcfd 4500 T&T supply demand balance 2016 to DCQ Total Sales
51 Deepwater Exploration Opened up Trinidad and Tobago s deepwater acreage to exploration. In total nine production sharing contracts were signed with BHP Billiton and its partners. Arising out of these nine contracts, in 2014/2015, BHP Billiton conducted the largest 3D seismic survey ever conducted by an International Oil Company (20,199 square kilometers).
52 Estimates of the Ministry Of Energy of the potential of the deepwater for oil resources range from 2.2 billion to 8.2 billion barrels of oil initially in place. Deepwater Area
53 Conclusion.the bad news Trinidad is past its peak gas production of 4.3 billion cubic feet per day in The industry will struggle to keep production above 3.5 billion cubic feet per day beyond Oil production is in continual decline due to issues around the no longer relevant business model of Petrotrin. There will be a need to rationalize Point Lisas and / or Atlantic LNG ( shut down plants). New natural gas projects beyond 2017 will not produce enough gas to offset the decline of mature gas reservoirs.
54 Areas of potential..a leader is a dealer in hope Potential for big deepwater discoveries ( BHP s drilling campaign in progress technical and geological risk) Potential for Venezuelan gas to come to T&T ( political risk). Potential to apply technology to increase oil production. ( commercial risk). There is an urgent need to privatize Petrotrin ( political risk). Partnerships with Guyana and Suriname ( political risk).
55 The world is what it is The world is what it is; men who are nothing, who allow themselves to become nothing, have no place in it. From A Bend in the River by Sir V.S Naipaul ( Nobel Prize, Literature 2001)
MIDDLE EAST ENERGY SITUATION AND OUTLOOK IRAQ ENERGY FORUM 2017
MIDDLE EAST ENERGY SITUATION AND OUTLOOK IRAQ ENERGY FORUM 2017 2017 1 OVERVIEW OF GLOBAL ENERGY MARKETS 2 Energy exports/imports (million tonnes) 1990 1995 2000 2005 2010 2014 2015 2020 2025 2030 2035
More informationBuilding on Kyoto: Towards a Realistic Global Climate Change Agreement and What Australia Should Do
Building on Kyoto: Towards a Realistic Global Climate Change Agreement and What Australia Should Do Warwick J. McKibbin & Peter J. Wilcoxen ANU Public Lecture, 3 July 2008 Overview Climate Science Lessons
More informationOpening address for dinner-debate
Opening address for dinner-debate Mohammed Barkindo Acting for the OPEC Secretary General European Parliament Strasbourg, France 4 July 2006 1 Outline Importance of EU-OPEC Energy Dialogue Current oil
More informationMarket Report Series Oil 2017
Market Report Series Oil 2017 Neil Atkinson, Head Oil Industry & Markets Division, IEA International Institute for Strategic Studies, Bahrain, 17 September 2017 Oil demand continues to grow but at a slower
More informationUnited Nations Conference on Trade and Development
United Nations Conference on Trade and Development 11 th MULTI-YEAR EXPERT MEETING ON COMMODITIES AND DEVELOPMENT 15-16 April 2019, Geneva Saudi economic growth strategy on the face of oil price uncertainty
More informationThe transition to sustainable energy
ATSE Symposium The transition to sustainable energy Peter Littlewood 8 Nov 2016 The changing world economy Index 180 170 160 150 140 130 120 110 100 90 Economies less energy intensive Electricity less
More informationEnergy Trends and Emissions in the Former Soviet Union
Energy Trends and Emissions in the Former Soviet Union GTSP Annual Meeting May 29, 2008 Presented by M. Evans Looking back Overview Economic and demographic trends Energy trends and energy intensity Toward
More informationMarket Report Series Oil SIEW 2017 launch - 28 March 2017
Market Report Series Oil 2017 SIEW 2017 launch - 28 March 2017 Oil demand continues to grow but at a slower pace 2.0 Global oil demand growth 2014-2022 1.5 1.0 0.5 0.0 2014 2015 2016 2017 2018 2019 2020
More informationAlaska s Natural Resource Commodities: A 10-Year Outlook
Alaska Resources Development Council November 14-15, 2018 Alaska s Natural Resource Commodities: A 10-Year Outlook David R. Hammond, Ph.D. Principal Mineral Economist Hammond International Group Commodities
More informationSchool of international and Public Affairs. Columbia University Manuel Pinho
School of international and Public Affairs Columbia University Manuel Pinho SPHERE WITH CORE What matters to China matters to the world Do not give lessons to China: Europe and the US The challenges: Growth
More informationEnergy Outlook Global and Domestic Trends and Challenges. Dr. John Caldwell Director of Economics, EEI 1
Energy Outlook Global and Domestic Trends and Challenges Dr. John Caldwell Director of Economics, EEI 1 World GDP Growth Other Economies are Outpacing the U.S. Other, 7996.16, 11% Africa, 3962.51, 6% Latin
More informationImpact of the Global Economic Crisis on the Energy Industries and Economy
ILO Tripartite Caribbean Conference Promoting Human Prosperity beyond the Global Financial Crisis Kingston Jamaica 1-2 April 2009 Impact of the Global Economic Crisis on the Energy Industries and Economy
More informationThe Urgent Need for Unconventional Gas to sustain Canada s Natural Gas Production. Dave Russum, P.Geol. AJM Petroleum Consultants and Geo-Help Inc
The Urgent Need for Unconventional Gas to sustain Canada s Natural Gas Production Dave Russum, P.Geol. AJM Petroleum Consultants and Geo-Help Inc CSUG/PTAC Presentation, 18 th November 2004 The Reality
More informationPercent
Outline Outline Growth is picking up Percent 6 Advanced economies Emerging and developing economies 5 4 4.9 5.0 4.3 4.4 4.6 4.7 4.7 3.7 3.7 3 2 2.0 2.3 1.6 2.2 2.3 1.9 1.7 1 1.1 1.3 0 2012 2013 2014 2015
More informationLiving with limits: growth, resources and climate change Martin Wolf, Associate Editor & Chief Economics Commentator, Financial Times
Living with limits: growth, resources and climate change Martin Wolf, Associate Editor & Chief Economics Commentator, Financial Times Grantham Institute for Climate Change Annual Lecture 2011 3 rd November
More informationOil Prices: Past, Present, & Future
Oil Prices: Past, Present, & Future Gulf Research Center November 23, 2005 A. F. Alhajji*, PhD Gulf Energy Program - Moderator Gulf Research Center Dubai, UAE *A. F. Alhajji, PhD is also George Patten
More informationMarket Report Series. Spanish Energy Club, Madrid, 3 May 2018
Market Report Series Oil 2018 Spanish Energy Club, Madrid, 3 May 2018 Neil Atkinson, Head of Oil Industry and Markets Division Toril Bosoni, Senior Oil Market Analyst, Oil Industry and Markets Division
More informationSession 4. Growth. The World Economy Share of Global GDP Year 2011 (PPP)
Session 4. Growth Stylized Facts on Standards of Living across Countries Characterizing Growth over 1 Years: The US Economy Growth Dynamics of the G7 Countries and the OECD Economies Characterizing Growth
More informationGlobal Oil Supplies: Is Supply Constrained? Kevin Lindemer
Global Oil Supplies: Is Supply Constrained? Kevin Lindemer Is Supply Constrained? Signposts continue to indicate a supply constrained world is possible and could emerge, not-with-standing short-term easing.
More informationOPEC. Annual Statistical Bulletin Fuad Al Zayer Head, Data Services Department OPEC September
OPEC Annual Statistical Bulletin 2006 Fuad Al Zayer Head, Data Services Department OPEC 1 13 September 2007 http://www.opec.org 2006, OUTLINE Present the 2006 edition of the OPEC ASB Show examples of topics
More informationMarket Outlook January,
Market Outlook 2004 January, 2004 www.teekay.com Forward Looking Statements This document contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended)
More information4 th IEA-IEF-OPEC Symposium on Energy Outlooks. Riyadh, 22 January 2014
4 th IEA-IEF-OPEC Symposium on Energy Outlooks Riyadh, 22 January 2014 Spare or stranded?* mb/d 7.0 Medium-Term Oil Market Balance 6.0 5.0 4.0 3.0 2.0 1.0 0.0-1.0 2004 2005 2006 2007 2008 2009 2010 2011
More informationClimate Change & India
Climate Change & India New Delhi How has India warmed over the past 117 years? How the temperatures have increased seasonally? How far away we are from 1.5 degree C target? Methodology 117 years (1901-1916)
More informationDECLINE IN COMMODITY PRICES GCC OUTLOOK NOVEMBER 22 ND, 2015
DECLINE IN COMMODITY PRICES GCC OUTLOOK NOVEMBER 22 ND, 2015 1 EVERYONE HAS A PLAN UNTIL THEY GET PUNCHED IN THE FACE 2 HE WHO IS NOT COURAGEOUS ENOUGH TO TAKE RISKS WILL ACCOMPLISH NOTHING IN LIFE 3 IT
More informationOPEC MARKET SHARE 60% 50% 40% 30% 20% 10% ACTUAL DOE IEA PEL PIRA DBAB DRI-WEFA
2025 2030 OPEC MARKET SHARE 60% 50% 40% 30% 20% 10% 0% 22 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 ACTUAL DOE IEA PEL PIRA DBAB DRI-WEFA PRICE OUTLOOK $60 $50 $40 1999$/BBL $30 $20 $10 $0
More informationSUMMARY. Natural Gas In The World 2017 Edition
CEDIGAZ, the International Association for Natural Gas SUMMARY Natural Gas In The World 217 Edition CEDIGAZ, October 217 NATURAL GAS IN THE WORLD 217 SUMMARY Worldwide proven natural gas reserves grew
More informationMajor Issues and Trends Facing the Port and Marine Transportation Industry
Major Issues and Trends Facing the Port and Marine Transportation Industry Presented to: AAPA Marine Terminal Management Training Program April 24, 2006 Charleston Riverview Hotel Charleston, SC - USA
More informationINVESTMENT OPPORTUNITIES AND FUTURE BIDDING ROUNDS IN PERU
INVESTMENT OPPORTUNITIES AND FUTURE BIDDING ROUNDS IN PERU Dr. Daniel Saba De Andrea Chairman of the Board 17th Latin Oil Week RIO DE JANEIRO 2011 PERÚ An attractive country to invest in E&P activities
More informationProducer - Consumer Dialogue - Rising to New Challenges -
Producer - Consumer Dialogue - Rising to New Challenges - Klaus Rehaag Head, Oil Industry & Markets Division Editor, Oil Market Report International Energy Agency Paris, France klaus.rehaag@iea.org Asia
More informationThe Changing Global Economy Impacts on Seaports and Trade Dr. Walter Kemmsies
The Changing Global Economy Impacts on Seaports and Trade Dr. Walter Kemmsies Chief Economist, PAGI Group, JLL (Port, Airport & Global Infrastructure) Agenda Where are we in the cycle? What are the barriers
More informationENERGY TRANSITION PATHWAYS FOR THE 2030 AGENDA IN ASIA AND THE PACIFIC
ENERGY TRANSITION PATHWAYS FOR THE 2030 AGENDA IN ASIA AND THE PACIFIC Hongpeng Liu Director, Energy Division, UNESCAP Objectives and progress of Energy Transition Asia-Pacific policy-makers face three
More informationOIL MARKET OUTLOOK, MAIN UNCERTAINTY FACTORS & PRICE INDICATIONS TO Symposium Energieinnovation
OIL MARKET OUTLOOK, MAIN UNCERTAINTY FACTORS & PRICE INDICATIONS TO 2020 11. Symposium Energieinnovation 23 February 2010 Johannes Benigni JBC Energy GmbH 10. Februar 2010 Research Energy Studies Consulting
More informationGlobal Construction Outlook: Laura Hanlon Product Manager, Global Construction Outlook May 21, 2009
Global Construction Outlook: Short-term term Pain, Long-term Gain Laura Hanlon Product Manager, Global Construction Outlook May 21, 2009 What This Means for You The world is set to be hit this year with
More informationU.S. and Ohio Midstream Infrastructure Development
U.S. and Ohio Midstream Infrastructure Development Findings and Results from ICF s Study for American Petroleum Institute, April 2017, U.S. Oil and Gas Infrastructure Investment through 2035 An Engine
More informationRebalancing Global Crude Flows
Rebalancing Global Crude Flows John R. Auers Executive Vice President AIChE Dallas Chapter April Section Meeting April 28, 2015 Page 1 TM&C North American Crude & Condensate Outlook TM&C began publishing
More informationRebalancing Global Crude Flows
Rebalancing Global Crude Flows John Mayes Director of Special Studies AFPM Annual Meeting San Antonio, Texas March 24, 2015 TM&C North American Crude & Condensate Outlook TM&C publishes North American
More informationMarket Opportunities for Irish Dairy 2025
Market Opportunities for Irish Dairy 2025 National Dairy Conference 2014 Red Cow Moran Hotel, Dublin Aidan Cotter Chief Executive Wednesday, 19 th November, 2014 AIDAN COTTER BORD BIA CHIEF EXECUTIVE 28
More informationU.S. Overview. Gathering Steam? Tuesday, October 1, 2013
U.S. Overview Gathering Steam? Tuesday, October 1, 2013 Uneven global economic recovery Annual real GDP growth projections (%) Projections 2013 2014 World 3.1 3.1 3.8 United States 2.2 1.7 2.7 Euro Area
More informationDownstream. Mike Wirth Executive Vice President Chevron Corporation
Downstream Mike Wirth Executive Vice President 2 Strategy Focused on Improving Returns Improve returns and grow earnings across the value chain Operational Excellence Focused refining and marketing portfolio
More informationIndia: Can the Tiger Economy Continue to Run?
India: Can the Tiger Economy Continue to Run? India s GDP is on the rise US$ trillions Nominal GDP (left axis) GDP growth (right axis) 3.0 2.5 2.0 1.5 1.0 0.5 0.0 1990 1992 1994 1996 1998 2000 2002 2004
More informationIran Unrivalled Market in the Middle East
ITALY-IRAN COOPERATION Through ICC-ISCE Iran Unrivalled Market in the Middle East an Overview Table of Contents An Introduction to ISCE Iran s Economy at a Glance Construction Market Table of Contents
More informationOrganized Session 3: Protectionism and BRICS economies
ASIA-PACIFIC RESEARCH AND TRAINING NETWORK ON TRADE ARTNeT CONFERENCE ARTNeT Trade Economists Conference Trade in the Asian century - delivering on the promise of economic prosperity 22-23 rd September
More informationGeopolitics of Natural Gas
Geopolitics of Natural Gas A joint study: Energy Forum of the Baker Institute Rice University Program on Energy and Sustainable Development Stanford University Amy M. Jaffe and David G. Victor Study Conference
More informationPetrochemical Industry in China
Petrochemical Industry in China - Growing Demand and Supply in the Future by Qu Guangdong Director, SRI Consulting Beijing Office 1 Chemical Industry In China Contents Macro Economic Situation in China
More information1. Electricity demand was higher than expected
South Africa s Power Crisis: understanding its root causes and assessing efforts to restore supply security Centre for Development and Enterprise Round Table 5 May 2008 Prof Anton Eberhard Management Program
More informationPromoting Competitiveness in Latin America and the Caribbean. Panel: International Trade and. Gabriel Duque Deputy Foreign Trade Minister
Promoting Competitiveness in Latin America and the Caribbean Panel: International Trade and Global Integration Ministry of Trade, Industry and Tourism Gabriel Duque Deputy Foreign Trade Minister Mexico
More informationGlobal SURF (Subsea Umbilicals, Risers and Flowlines) Market: 2018 World Market Review and Forecast to 2023
Global SURF (Subsea Umbilicals, Risers and Flowlines) Market: 2018 World Market Review and Forecast to 2023 By Water Depth Shallow Water and Deep Water By Type- Umbilical, Riser and Flowlines By Umbilical
More informationMaximizing the Value Chain
Trinidad and Tobago Energy Conference 2018 The Trini Potential Pat Bishop 2010 Transforming the T&T Natural Gas Industry: Maximizing the Value Chain Mark Loquan, President The National Gas Company of Trinidad
More informationThe best design acknowledges that you can't disconnect the form from the material.
Sir Jonathan Ive Senior Vice President of Design, Apple Inc. The best design acknowledges that you can't disconnect the form from the material. The material informs the form. The only way to make the MacBook
More informationIt s time to sober up!
It s time to sober up! Uppsala University, Sweden Pisa, July 2006 Kjell [ ] A World Addicted to Oil "We have a serious problem. America is addicted to oil, which is often imported from unstable parts of
More informationENERGY TRANSITION PATHWAYS FOR THE 2030 AGENDA IN ASIA AND THE PACIFIC
ENERGY TRANSITION PATHWAYS FOR THE 2030 AGENDA IN ASIA AND THE PACIFIC Mr Hongpeng Liu Director, Energy Division, Economic and Social Commission for Asia and the Pacific Objectives and progress of the
More informationOil Markets. Kevin Lindemer Executive Managing Director, Energy Markets Group
Oil Markets Kevin Lindemer Executive Managing Director, Energy Markets Group 2008 Outlook Downside risks in demand are increasing due to weaker economic outlook Upside supply risks still present but balance
More informationLawrence J. Lau 刘遵义. CSIS Forum Washington, D.C., 22nd May 2013
U.S.-China Economic Relations in the Next Ten Years: Towards Deeper Engagement and Mutual Benefit Lawrence J. Lau 刘遵义 Ralph and Claire Landau Professor of Economics, The Chinese Univ. of Hong Kong and
More informationU.S. Oil & Gas Industry Chartbook
U.S. Oil & Gas Industry Chartbook BBVA Research USA Houston, TX July 2015 DISCLAIMER This document was prepared by Banco Bilbao Vizcaya Argentaria s (BBVA) BBVA Research U.S. on behalf of itself and its
More informationShort and Medium-Term Oil Market Outlook. 13 th Shanghai Derivatives Market Forum - 25 May 2016
Short and Medium-Term Oil Market Outlook 13 th Shanghai Derivatives Market Forum - 25 May 2016 Oil world changed on Nov. 27 th 2014 $/bbl 120 Brent crude oil 100 80 60 40 Copyright 2016 Argus Media 20
More informationCheese (American, Italian, Hard, Soft, Fresh and Others) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast,
Cheese (American, Italian, Hard, Soft, Fresh and Others) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019 ResearchMoz include new market research report" Cheese (American,
More informationThe World Picture A View for Sea Trade
The World Picture A View for Sea Trade Presented to: AAPA Marine Terminal Management October 20, 2008 Baltimore, MD Presented by: Scott Sigman Principal, Global Trade & Transportation IHS Global Insight
More informationWhat can we expect from the energy markets in 2017?
What can we expect from the energy markets in 2017? Luc De Leersnyder & Jens Lievens E&C Consultants 23/11/2016 What do we do? ENERGY PROCUREMENT CONSULTANCY Gas & electricity Focused on price, not on
More informationPacific Rim Coal Marketing
Wyoming Infrastructure Authority Spring Energy Conference June 11-12, 2015 Cheyanne Pacific Rim Coal Marketing Michael Mewing MC2 Company Pty Limited Pacific Rim Coal Marketing * Asia s reliance on coal
More informationGlobal growth prospects
Global growth prospects Percent 6 Advanced Economies Emerging Markets and Developing Economies 5 4.9 5.0 4.7 4.7 4.5 4 4.3 4.3 3.7 3.7 3 2 2.3 2.3 2.2 2.0 2.0 1.7 1.7 1 1.1 1.3 0 2012 2013 2014 2015 2016
More informationEnergy Security: Markets and Policy
Energy Security: Markets and Policy Pierre Noël EPRG, University of Cambridge Critical Infrastructure Conference, London, 20 April 2011 Contents Global Oil and the Middle East European Gas and Russia Japan
More informationA New Dawn? Mike Beveridge - Managing Director
A New Dawn? Mike Beveridge - Managing Director January 2017 Fit at 50? 2 January 2018 Life Begins At 70? 3 What A Difference A Year Makes: From $55/bbl to $70/bbl $US 75 LTM Max: $70 70 65 60 55 LTM Avg:
More informationNITC Outlook On Middle East Oil Movement & Tanker Shipping
NITC Outlook On Middle East Oil Movement & Tanker Shipping Presented by: Mohammad Souri Chairman & CEO, NITC Intertanko s Annual Event Istanbul, 20-23 April 2008 1 Country Oil Proven Reserve Billion Barrel
More informationComparison of urban energy use and carbon emission in Tokyo, Beijing, Seoul and Shanghai
International Workshop on Urban Energy and Carbon Modeling, February 5-6, 28, AIT Centre, Asian Institute of Technology, Pathumthani, Thailand Comparison of urban energy use and carbon emission in Tokyo,
More information2019 Global Travel Forecast: Air, Hotel and Ground Prices
2019 Global Travel Forecast: Air, Hotel and Ground Prices Methodology 28 countries and 10 US cities Airlines, Hotel, Rental Car Forecast in USD, guidelines on currency exchange forecast Forecast projections
More informationHow is Natural Gas Availability Curtailing the growth of DRI production in the MENA region?
How is Natural Gas Availability Curtailing the growth of DRI production in the MENA region? 29 April 2014 World DRI & Pellet Congress Abu Dhabi Robert Smith 1 The Issues Natural gas availability in the
More informationGlobal Outlook for Agriculture Trend versus Cycle
Global Outlook for Agriculture Trend versus Cycle Michael Swanson Ph.D. Wells Fargo October 2017 Everything is connected we just don t see how. Connection corollary: Nothing natural moves in a straight
More informationROLE OF COPPER IN CHILEAN ECONOMY
ROLE OF COPPER IN CHILEAN ECONOMY Patricio Meller, Bernardo Lara & Gonzalo Valdés January 2010 1 Basic Data: Chile 2009 Population (millions) 17 Yn/cap (US$ PPP) 14,299 GDP (billions US$) 243 Territory
More informationThe Future of the World s International Education
The Future of the World s International Education long-term driving forces or trends that influence almost everything at all levels of societal development. They have great importance now, and we are relatively
More informationSUSTAINABILITY CRITERIA FOR FISHERIES SUBSIDIES: THE LATIN AMERICAN CONTEXT
SUSTAINABILITY CRITERIA FOR FISHERIES SUBSIDIES: THE LATIN AMERICAN CONTEXT 29-30 July 2009, Guayaquil, Ecuador The Sunken Billions Kieran Kelleher Fisheries Team Leader The World Bank The Economic Justification
More informationTrade Growth - Fundamental Driver of Port Operations and Development Strategies
Trade Growth - Fundamental Driver of Port Operations and Development Strategies Marine Terminal Management Training Program October 15, 2007 Long Beach, CA Paul Bingham Global Insight, Inc. 1 Agenda Economic
More informationIN THE MIDST OF A PHASE CHANGE
IN THE MIDST OF A PHASE CHANGE NEW ZEALAND WIND ENERGY ASSOCIATION CONFERENCE, WELLINGTON 2014 KOBAD BHAVNAGRI TWITTER: @KOBADB / / // / Kobad Bhavnagri NZ Wind Energy Association Conference, April 2014
More informationOutline. Overview of globalization. Global outlook for real economic activity & inflation. Risks to the outlook
2017 International Economic Outlook Everett Grant Research Economist Globalization & Monetary Policy Institute Federal Reserve Bank of Dallas October 2017 The views expressed are those of the author and
More informationShifts in the Geopolitical Landscape and Their Impact on Petroleum Sector Capex Strategies
Shifts in the Geopolitical Landscape and Their Impact on Petroleum Sector Capex Strategies Golden, CO April 14, 2016 Thomas A. Petrie, CFA Chairman, Petrie Partners Figure 1 Chaos Prevails Russia Wins
More informationSouth Asia. Economy and trade. Shailesh Garg Director General Manager Drewry Maritime Services Pvt. Ltd
South Asia Economy and trade 10 October 2018 Shailesh Garg Director General Manager Drewry Maritime Services Pvt. Ltd. +91 124 497 4950 shailesh@drewry.co.uk Agenda Global & regional overview Country overview
More informationIndex, nominal terms, 2010 = Energy. Agriculture Metals
Outline Broad commodity price trends Index, nominal terms, 2010 = 100 180 150 Energy 120 90 60 Agriculture Metals 30 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Source:
More informationChina s energy insecurity: strategies and future prospects
China s energy insecurity: strategies and future prospects Philip Andrews-Speed Centre for Energy, Petroleum and Mineral Law and Policy, University of Dundee Andrews-Speed 1 Energy supply & demand 1,800.00
More informationThe outlook: what we know, the known unknowns and the unknown unknowns
The outlook: what we know, the known unknowns and the unknown unknowns 24 April 2017 Seoul Brian Pearce, Chief Economist, IATA www.iata.org/economics Airline Industry Economics Advisory Workshop 2016 1
More informationAn update on Grid parity
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 market volume [TWh] 35.000 30.000 25.000 20.000 15.000 10.000 5.000 - RES COM IND An update on Grid
More informationEnergy, Economy and Policy: A Glimpse at the 21 st Century
Gas Well Deliquification Workshop Denver, Colorado February, 2009 Energy, Economy and Policy: A Glimpse at the 21 st Century Scott W. Tinker Bureau of Economic Geology Jackson School of Geosciences The
More informationUS-China Trade Conflict: Dejavu or New One
US-China Trade Conflict: Dejavu or New One Lessons From US-Japan Trade Conflict in 1980s and 1990s Tamotsu Nakamura & Yoichi Matsubayashi Plan of Talk 1. US-Japan Trade Conflict in Retrospect 2. Similarities
More informationPEMEX PETROQUIMICA 2013 ANNUAL CONFERENCE. PCI Xylenes & Polyester Doug Rightler
PEMEX PETROQUIMICA 2013 ANNUAL CONFERENCE PCI Xylenes & Polyester Doug Rightler Discussion Points» MEG demand growth by region.» MEG supply - China is in control or is it?» Price drivers - the Chinese
More informationEconomic Outlook March Economic Policy Division
Economic Outlook March 212 Economic Policy Division Real GDP Outlook Percent Change, Annual Rate 2 1 1 - -1 197 197 198 198 199 199 2 2 21 U.S. GDP Actual and Potential Quarterly, Q1 197 to Q4 211 Real
More information2016 Grains & Oilseeds Outlook. The global outlook remains positive. 12/7/2015. Matthew C. Roberts
12/7/215 216 Grains & Oilseeds Outlook Matthew C. Roberts Roberts.628@osu.edu The global outlook remains positive. www.matthewcroberts.com 2 www.matthewcroberts.com 3 www.matthewcroberts.com 4 www.matthewcroberts.com
More informationAgricultural Outlook: Rebalancing U.S. Agriculture
Agricultural Outlook: Rebalancing U.S. Agriculture Michael J. Swanson Ph.D. Agricultural Economist January 2018 2018 Wells Fargo Bank, N.A. All rights reserved. For public use. The U.S. Ag Sector renormalizes!
More informationShifting International Trade Routes A National Economic Outlook. February 1, 2011
Shifting International Trade Routes A National Economic Outlook February 1, 2011 Today s Objectives Endeavor to provide a broad context for today s program by briefly touching on: Some good news Some not
More informationChallenges, Prospects & Opportunities. Seychelles Fisheries Sector
Challenges, Prospects & Opportunities Seychelles Fisheries Sector Geographical Location General information Total population: 94,000 people Total territory: 1,374,000 km 2 Land/Ocean territory:459 km 2
More informationChina at a glance 2011
China at a glance 2011 GDP PPP Growth rate Per capita Value US$11.29 trillion 9.2% US$8,400 Ranking 3 7 119 Labor force Imports Exports Value 816.2 million US$1.74 trillion US$1.90 trillion Ranking 1 3
More informationAirlines, the economy and air transport demand
Airlines, the economy and air transport demand Brian Pearce, Chief Economist, IATA www.iata.org/economics Airline Industry Economics Advisory Workshop 2016 1 Returns for airlines investors lower this year;
More informationAirline industry outlook 2019
Airline industry outlook 2019 Brian Pearce Chief Economist 12 December 2018 Million barrels a day US$ per barrel Are the markets signalling recession ahead? 60 55 Business confidence (left scale) FTSE
More informationCar Production. Brazil Mexico. Production in thousands. Source: AMIA Asociacion Mexicana de la industria automotriz.
Car Production Production in thousands 4000 3000 2000 1000 Brazil Mexico 0 2013 2014 2015 Source: AMIA Asociacion Mexicana de la industria automotriz. Mexico s Expanding Middle Class Percent of population
More informationMultidimensional Analysis
Multidimensional Analysis of Macro Sustainability of Russia: New Methods for Measuring Progress Dr Stanislav Shmelev, Senior Research Fellow, Oxford University, UK E-mail: s.shmelev@ouce.ox.ac.uk Tel:
More information2017 Major Projects Pipeline Report Adrian Hart, Senior Manager Infrastructure & Mining
2017 Major Projects Pipeline Report Adrian Hart, Senior Manager Infrastructure & Mining Major Projects Pipeline Report - 2017 Presentation Outline Key findings of the 2017 Pipeline Report The outlook for
More informationChina and Latin America: Opportunities and Challenges
China and Latin America: Opportunities and Challenges Alicia García-Herrero - Chief Economist Emerging Markets Economic Research Department BBVA Medellin, IADB Annual Meetings, March 2009 1 Contents China
More informationThe Mystery of Growing Foreign Exchange Reserve
The Mystery of Growing Foreign Exchange Reserve January - March 2007 Total increase = $136 Billion Trade surplus 34% To be explained 54% Net FDI inflow 12% Source: PBoC Renminbi Pressure Indicator Initial
More informationKey Humanitarian and Development Trends
Key Humanitarian and Development Trends Mikaela Gavas Centre for Aid and Public Expenditure Christina Bennett Humanitarian Policy Group Overseas Development Institute The new global context for development
More informationYour Texas Economy. Current through: Tuesday, Nov 20, 2018
Your Texas Economy Current through: Tuesday, Nov 20, 2018 Overview of Texas Economy The Texas economy is growing robustly in 2018 2018 job growth through October is 2.9 percent annualized compared to 2.1
More informationEnergy Reform in Mexico: Secondary Legislation
Energy Reform in Mexico: Secondary Legislation Dr. Guillermo C. Domínguez Vargas Comisionado Laredo, Tx., May 22, 2014. www.cnh.gob.mx guillermo.dominguez@cnh.gob.mx @DrGCDV Nine Bills 1. Hydrocarbons
More informationInternational Trade Economic Forecasts An Overview of Orange County and Southern California Exports
International Trade Economic Forecasts An Overview of Orange County and Southern California Exports Mira Farka Adrian R. Fleissig Institute for Economic and Environmental Studies Orange County / Inland
More informationCXC geo Question 6 Economic Development
CXC geo 2015 Question 6 Economic Development Define the term secondary industry and give one example of a secondary industry that you have studied. 3marks Secondary industries are those industries which
More information