international oil companies (IOCs)
As every quarter, we propose you a review of the energies market. But at that period of the year, our review covers a recapitulation of 2021 and perspectives for 2022. By energies market, we refer to the Oil & Gas, Petrochemical and Energy Transition sectors.
The Oil & Gas and Petrochemical market is surging on Q2 2021.
Along that year, the Covid and the mass communication about energy transition affected heavily projects investment decisions. So, that 2021 started in great uncertainty. But the demand was there. Therefore, we could observe a well loaded funnel of projects for sanction in 2021 and 2022.
Oil & Gas and Petrochemical Resilient in 2020. The Oil & Gas and Petrochemical market has proven to be more resilient in 2020 than feared or expected. The national oil companies and the independents took a leading role turning the market reality far above the market perception left by the international oil companies.
The Texas Railroad Commission (RRC) finds itself at the center of the global policy for balancing the oil production with the current consumption as the only legal authority in US having the power to regulate Texas production. Without an agreement among the US producers in Texas, the global price war with Saudi Arabia and Russia will continue until one of the player is giving up the game. But can the RRC really do it?
On Friday April 10th, the OPEC members and the non-OPEC oil producing countries, the so-called OPEC+, signed an agreement to cut the crude oil production by 9.7 million barrels per day (b/d).
In 2018, twice more, in volume of capital expenditure, EPC contracts were awarded than in 2017. This step change is not related to some barrel price speculations bu to the new business models developed by the game changers, mostly the Independent companies taking now the lead of the market.
