Upstream by S&P Global Commodity Insights

#UpstreamIntel: Shell's recent Final Investment Decision for the Bonga North deepwater #oil project in #Nigeria appears contradictory amid a series of onshore divestments, but reflects a clear distinction in production forecasts, emission levels, and security risks between onshore and offshore operations.   Here's why. According to our researchers: • Shell's Nigerian assets account for 8% of global production but 38% of flaring emissions • Bonga North project, delayed since 2007, revived in 2021, aims for 110,000 barrels per day by 2030 • Offshore focus aligns with emission reduction and operational efficiency goals in Nigeria   Take a look at how important Bonga North is compared to Shell's other offshore assets.  

#UpstreamIntel: #Geothermal energy is on the rise! A recent International Energy Agency (IEA) report highlights its potential to significantly meet the world's increasing electricity demands. At Upstream by S&P Global Commodity Insights we see great promise in geothermal energy. Our extensive global subsurface temperature datasets, supported by our upstream E&P Database, allow us to identify 'sweetspots' for various applications, including heating and electricity generation. Geothermal energy offers clean and reliable power, complementing other renewable sources such as wind and solar. The IEA notes the oil and gas industry can utilize its #horizontaldrilling expertise to access this vast resource, potentially attracting $1 trillion in investments by 2035. To unlock this potential, we must tackle challenges like permitting delays and administrative obstacles. Streamlining these processes is essential for accelerating geothermal project development. Join Upstream researchers in early 2025 for a webinar where we will explore our geothermal datasets further. Together, we can advance a sustainable energy future.

#IntelfromUpstream: Bashar al-Assad's 24-year rule in #Syria has ended, but what’s the status of the #upstream E&P sector? According to our researchers, onshore exploration drilling is expected to remain low until field rehabilitations are complete, but appraisal drilling at Syrian Petroleum Company’s (SPC) fields in the Palmyra Fold Belt will continue. Activity levels are anticipated to remain low into 2025. The return of international companies currently in force majeure is uncertain, and development will be slow until conditions improve. Rehabilitation of key fields, like those operated by Al Furat Petroleum Company, is underway but progress is slow. Cooperation agreements with #Russia and #Iran may have provided support under Bashar al-Assad's rule, but the current conflict complicates this into 2025. Additionally, GULFSANDS Petroleum's proposed oil-for-aid initiative (Project Hope) seeks to engage international oil companies back to northeast Syria, directing revenue into an internationally administered fund, but this proposal may also be affected by recent events.

If you're attending the Offshore Support Journal Conference Middle East conference between December 11-12, then make sure to check out S&P Global Commodity Insights #upstream Associate Director Catherine MacFarlane's talk on the overview, outlook and availability of offshore #jackups in the #MiddleEast. Catherine will be diving into: - Status of the market: importance of jack-ups in the region - Trends and drivers - Rates in the region - Renewal of the Middle East jack-up fleet: how far do we still have to go, and is there a future for older tonnage? - What does the future look like? So if you're around drop by and say hello.

Join S&P Global Commodity Insights Director of #upstream and #lowcarbon, Kallol Saha at the International Conference on Petroleum, Hydrogen and Decarbonisation (#ICPHD ) on Dec. 12-14 in GJLT, IIT(ISM) Dhanbad Kallol will be delivering a keynote address on "Upstream Markets in #Transition: Strategies for Sustainable Growth and Financing Challenges" Be sure to drop by and say hello.

Azerbaijan is at the forefront of the global #methane intensity challenge, especially following the recent EU Methane Regulation. With #COP29 highlighting the importance of reducing methane #emissions, Azerbaijan's proactive measures in its oil and gas sector are crucial. Azerbaijan's national oil company, SOCAR, and BP are taking significant steps to align with international standards, including the Oil and Gas Decarbonization Charter. However, compliance with the new EU regulations will be vital for maintaining access to a market that accounts for 72% of Azerbaijan's crude and 70% of its gas export revenues. Discover how Azerbaijan is preparing for these changes and what it means for the future of its energy sector. Read the full blog by #Upstream experts Max Mucenic and Evgenia Maiburova for insights, linked in the comments below.

The reelection of #DonaldTrump marks a significant shift in the US #energy landscape, with S&P Global Commodity Insights upgrading the country’s above-ground #Oil & #Gas Risk score. The US now ranks third globally in attractiveness for investment and operations, behind only Norway and the UAE. 🌟 Highlights: o Reviving Leasing Activity: Trump’s policies are expected to reverse the leasing slowdown seen during the Biden administration, creating more opportunities for exploration and production. o Streamlining Regulations: With Republican control of both houses of Congress, a deregulatory push—including reducing EPA oversight—is likely to ease operational hurdles. o Boosting Exports: The pause on LNG export permits for non-FTA countries is set to be lifted, with strong support anticipated for expanding export infrastructure. o Policy Volatility Persists: However, the dramatic policy swings between administrations highlight ongoing risks from regulatory unpredictability in the US energy sector.. As the industry adapts to this changing environment, market forces will remain a critical driver of the sector’s long-term trajectory. Check out the full report linked in the comments below. #uselection

The latest episode of Upstream Unlocked is out now. This week, #upstream expert Isaac Nuti explores new #oil and #gas development trends in the US deepwater Gulf of Mexico. To see the latest research from Upstream Solutions you can check out the link in the comments below.

Saudi Arabia and other #OPEC+ members have postponed plans to increase #oil production until year-end to support declining crude prices amid ongoing Middle East turmoil. According to an OPEC statement on Nov. 3, the alliance will maintain current output cuts until December. Initially, the countries planned to start easing voluntary cuts in November. The proposed production increases would have added 180,000 b/d by December, part of a gradual reduction of 2.2 million b/d in cuts over the next year. #Upstream Libya expert Cristina Tome noted that Libyan production has been in monthly decline due to oil field closures, however, due to the lifting of force majure status on Oct. 3, production has increased, rapidly returning to previous levels, which currently sits at around 1.3 MMb/d. The following infographic explores the role of both OPEC & Non-OPEC #African oil producers. For more information email [email protected]

Great success at APGCE 2024! We're thrilled to have been part of the #Geoscience community event. Our experts, Bob fryklund, Clare Barker-White, and Koey Mei Ching had the opportunity to share their insights during various sessions on Day 1. The S&P Global Commodity Insights booth was buzzing with energy as we connected with so many passionate attendees. We had a blast hosting a fun trivia quiz with exciting giveaways and showcasing our innovative software solutions—#Kingdom, #EDIN, and #Vantage—through live demos and insightful presentations. Lastly, we were honoured to have Mr. Ahmad Faisal Bakar, the chairman of #APGCE 2024, visit our booth. A big thank you to everyone who stopped by! We look forward to connecting with you again soon. #APGCE2024 #SPGCI #UpstreamSolutions