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Nearly 20% of intact tropical forest landscapes overlap with extractive industries

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A new study from WCS (Wildlife Conservation Society) and WWF finds that nearly 20% of tropical Intact Forest Landscapes (IFLs) overlap with concessions for extractive industries such as mining, oil and gas. The total area of overlap is 376,449 square miles (975,000 square kilometers), about the size of Egypt. Grantham et al.

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EY: oil & gas megaproject overruns to cost industry more than $500B

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A new report by EY finds that 64% of multibillion-dollar, technically and operationally demanding oil & gas megaprojects continue to exceed budgets, with 73% missing project schedule deadlines. Source: EY Megaprojects oil and gas report. —Axel Preiss, EY’s Global Oil & Gas Advisory Leader. Click to enlarge.

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IEA forecasts global oil demand to reach 101.6 mb/d in 2023; non-OECD countries lead expansion

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The IEA June 2022 Oil Market Report (OMR) forecasts world oil demand to reach 101.6 As for OPEC+, total oil output in 2023 may fall as embargoes and sanctions shut in Russian volumes and producers outside the Middle East suffer further declines. OECD industry stocks also rose, by 42.5 mb/d in 2022 to 2.2 mb/d to 101.6

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EIA projects nearly 50% increase in world energy usage by 2050, led by growth in Asia

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EIA projects most of this growth will come from regions where the consumption of energy is driven by strong economic growth, particularly in non-OECD Asia. This long-term trend of Asian energy consumption to support growing economies strongly influences the extraction, refining, and transport of oil, natural gas, and other fuels.

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Eni report: global oil reserves and oil production up in 2018 due to US

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Eni has released the 18 th edition of the World Oil, Gas and Renewables Review , the annual statistics report on oil, natural gas and renewables sources. The first volume of the report, the World Oil Review, is devoted to oil reserves, supply, demand, trade and prices with a special focus on crude oil quality and on refining industry.

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Tamarind Energy and Blackstone Energy Partners to form $800M partnership with a focus on SE Asia oil and gas development

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The Tamarind team comprises senior executives with experience across a range of basins in South East Asia. Tamarind will focus on growing production and reserves from producing oil and gas fields; efficiently developing discoveries; and capturing exploration potential in and around proven plays to build a high-quality portfolio.

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GlobalData: China to account for 44% of Asia’s crude oil refining capacity in 2023

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China will drive the majority of growth in the crude oil refining industry in Asia between 2018 and 2023, contributing 44% of Asia’s crude oil refining capacity in 2023, according to GlobalData. China is expanding its refinery capacity due to its industrial growth, and growing demand from the transportation sector.

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