GAS: GROWTH SLOWED
Global natural gas consumption rose by just 1.3% in 2013, down from an average of 2.8%/year in the previous decade, according to a recent report from Cedigaz, the international natural gas association based near Paris. Production growth also slowed, to 0.8%, with the association ascribing the change to supply constraints in a tense geopolitical environment.
Increased pipeline trade led international natural gas trade 2.1% higher year-on-year, overcoming a stagnant, supply-restricted LNG market, Cedigaz said. Interregional pipeline gas exports were strongest from the CIS to Europe (+15%) and China (+36%). Global trade totaled 1,048 billion cu m (bcm).
Cedigaz's report—2013 Natural Gas Year in Review—said the commodity still suffers from severe competition with coal in the power generation sector, with actual European Union consumption down 1.9% to 460 bcm, the lowest level in 15 years. In the US, rising year-on-year gas prices made coal more competitive and penalized gas consumption in power generation, causing it to fall 10.5%.
Gas production totaled 3,377 bcm, with Cedigaz citing declining mature and conventional fields combined with insufficient reserve replacement in describing the slow rate of growth. It said the lack of upstream investment was particularly acute in emerging markets due to their relatively unfavorable regulatory and fiscal climates.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.