Oil Mining And Regional Development

Oil Mining And Regional Development – Over the past three years, the COVID-19 pandemic and geopolitical instability from the conflict between Russia and Ukraine, power outages and price fluctuations have led to an unpredictable macroeconomic situation. Uncertainty has highlighted the “energy trilemma” of competing interests such as power supply, affordability and environmental sustainability, forcing energy companies and governments around the world to rethink their net zero strategies. In light of the uncertainty, the investment climate for oil and gas is even more important as countries strive to meet their energy needs sustainably. In Indonesia, while we await the planned revision of the 2001 Oil and Gas Law, the debate surrounding the need to increase oil and gas production to meet a growing economy with Indonesia’s net-zero target by 2060 is fueling the debate on carbon sequestration and -storage (CCS), hydrogen and other new technologies. It will be the next set of tasks for the development of new large oil and gas fields in the country.

Indonesia’s gas industry is under pressure from intense competition in the LNG markets and rising domestic gas “liabilities”. Indonesia’s natural gas production market share has actually declined in recent years. Along with Indonesia’s efforts to adapt natural gas to domestic needs (according to the country’s 2006 policy), Indonesia will maintain its position as the seventh largest exporter of LNG in 2021 and 2022 after Qatar, Australia, the United States, Russia, Malaysia and Nigeria. holds As Indonesia tries to take advantage of higher global oil and gas prices while reducing import needs, the 2022 natural gas production target has been set higher.

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Oil and gas production in Indonesia has a long history, and Indonesia has been an international pioneer in many fields, developing a model production sharing agreement and commercialization of liquefied natural gas.

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Indonesia’s oil production cannot cover the consumption of crude oil, which will increase from 1,400 MBOPD in 2020 to 1,585 MBOPD in 2022. So to meet the consumption demand, crude oil must be imported. to the Directorate-General for Oil and Gas Performance Report in 2022.

Energy is a critical contributor to all economic activity, and the secure and affordable supply of electricity has been a key factor in Indonesia’s economic growth, lifting millions of people out of poverty. Between 2000 and 2020, Indonesia’s gross domestic product (GDP) per population almost doubled. USD 1,868 to approx. USD 3,757 and Indonesia has become a trillion dollar economy.

But income inequality worsened during this period, with the Gini coefficient rising from 24.1 to 37.6. It is expected that population growth and the Indonesian government’s continued implementation of the development agenda will lead to economic growth, resulting in increased incomes, stabilization and reduction of income inequality in line with global experience. Both affect total energy demand and per capita energy demand.

This publication explains the latest tax and regulatory changes that have occurred in the oil and gas industry in recent years.

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This publication outlines the latest tax and regulatory changes that have taken place in the oil and gas industry in recent years, including our thoughts on the latest regulatory developments around the new gross split PSCs introduced in 2017. Oil Market Report (OMR) is one of the most authoritative and timely global sources of information, forecasts and analysis on the global oil market, including statistics and detailed commentary on supply, demand, reserves, prices and refining activity, as well as oil trading for non-government and elected officials.

Rising geopolitical tensions in the Middle East, which accounts for a third of global seaborne oil trade, have markets on edge in early 2024. US and British airstrikes on Houthi targets in Yemen in response to an attack on tankers in the Red Sea by the Iran-backed group have raised concerns that an escalation of the conflict could further disrupt the flow of oil through key trading points. While oil and LNG production has not been affected, an increasing number of shipowners are diverting cargo from the Red Sea. At the time of writing, Brent futures were just over $77/barrel and WTI around $72/barrel.

Barring significant disruptions to oil flows, the market is well-supplied in 2024, and higher-than-expected growth in non-OPEC+ production will outpace oil demand growth by a healthy margin. While OPEC+’s supply management policies may put the oil market in a small deficit at the start of the year, strong growth from non-OPEC+ producers could lead to a significant surplus if OPEC+’s further voluntary cuts in 2Q24 are lifted.

Global oil supply is expected to increase by 1.5 b/d to a peak of 103.5 b/d in 2024. The Americas, led by the US, Brazil, Guyana and Canada, will dominate in 2024, as will the region. last year. After a sharp rise in production in 4Q23, global oil supplies are expected to fall this month as a flurry of cold weather in the US and Canada continues to hit oil operations.

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Global oil demand growth will halve from 2.3 b/d in 2023 to 1.2 b/d this year, with a full post-Covid recovery, below-trend GDP growth in major economies and improvements in energy efficiency and fleet electrification curbing use of oil. During 2023, the growth rate of non-China demand has slowed significantly, averaging around 300 kb/d in 2H23. China will continue to increase its demand for oil in 2024, and its expanding petrochemical sector will gain a increasingly large share.

At the beginning of 2024, the risk of disruption of the global oil supply due to the conflict in the Middle East, especially for the flow of oil through the Red Sea and initially the Suez Canal, remains high. By 2023, about 10% of the world’s seaborne oil trade, or about 7.2 mb/d of crude oil and oil products, and 8% of the world’s LNG trade will pass through this major trade route. A key alternative shipping route around Africa’s Cape of Good Hope would extend journeys by up to two weeks – increasing pressure on global supply chains and rising shipping and insurance costs.

As always, the parties are ready to respond decisively in the event of a supply disruption, and the global oil market demands additional barrels. The member countries together have about 4 billion barrels of reserves, including 1.2 billion barrels of government-controlled reserves held in case of an emergency. This buffer should help calm the anger and market anxiety among governments, industries and energy consumers.

1. Optional additional liquidations in which notice. 2. Capacity levels can be achieved within 90 days and maintained for a long time. 3. Exception in crude oil from Iran, Russia. 4. Angola left OPEC on January 1, 2024. 5. Iran, Libya and Venezuela were exempted from cuts. 6. Mexico was excluded from OPEC+ compliance. 7. Bahrain, Brunei, Malaysia, Sudan and South Sudan.

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This service includes PDF reports (providing information on demand, supply, reserves, prices and refining activity) and reporting tables. Subscriptions last for more than 1 or 2 years (10% discount applies to 2-year subscriptions), from date to date.

Thank you for subscribing. You can unsubscribe at any time by clicking on the link at the bottom of each newsletter. Global E&P spending will grow by 5% in 2024, down from 11% in 2023, and the global increase will continue for a third year. Spending growth in North America should moderate to 2.2% in 2024 after rising 19% in 2023. Most of the growth in spending has gone to international and offshore markets.

Despite a 4.6% decline in average U.S. drilling activity in 2023, U.S. oil production hit a record high of 12.93 million barrels in 2023, up from 11.88 million barrels in 2022, up 8.8 percent. US operators have a large backlog of DUC in the three major oil shale plays.

The American industry is facing great difficulties. In November 2024, presidential, senate and house elections could change the political landscape to something more favorable. Either way, the Biden administration will be in office until at least January 2025, and the next 11 months will be a trial period.

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Look for US spending to grow just 2.2% in 2024 and drilling should be flat. There are many factors that contribute to this result.

Active natural gas wells in the US increased slightly to 496,756 wells in 2023, up 0.9% from 492,197 in 2022. Similarly, total marketable gas production in the US also increased.

Despite rising tensions in the Middle East, significant OPEC+ production cuts and the war in Ukraine, oil prices fell in 2023, with WTI down 17.7% to average $77.60/bbl, $16.73/bbl less than $94.33/bbl in 2022.

In one fell swoop, 2024 has become Canada’s big oil comeback year. But price volatility and the federal government tying fossil fuels in its climate crosshairs have thrown the industry into greater uncertainty and dampened hopes that Canada can rejoin the international hydrocarbon ranks.

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When the operator costs away from the United States, six

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