Date post: | 25-Dec-2015 |
Category: |
Documents |
Upload: | douglas-harper |
View: | 215 times |
Download: | 0 times |
E&P Venture ManagementShort Course
Energy Industry Trends
E&P Venture ManagementShort Course
Energy Industry Trends
Renato T BertaniTel 713 653 8747 Cel 713.962.1699
Renato T BertaniTel 713 653 8747 Cel 713.962.1699
Pennsylvania, 1859
Where it all started...Where it all started...
21.2m or 69ft TOTAL DEPTH
Introduction
The energy industry short and long term scenarios
− Past and presente energy scenario
− Energy supply and demand drivers
− Energy future perspectives
− Latin American Perspectives
− Biofuels
− Environmental constraints
− Kyoto protocol, carbon trade market
PAST AND PRESENT ENERGY SCENARIOPAST AND PRESENT ENERGY SCENARIO
USEFUL LINKS:USA Energy Information Administrationhttp://www.eia.doe.gov/
International Energy Agencyhttp://www.iea.org/
International Emissions Trading Associationhttp://www.ieta.org/ieta/www/pages/index.php
BP Statistical Reviewhttp://www.bp.com/productlanding.do?categoryId=6842&contentId=7021390
BP Carbon Footprint Calculatorhttp://www.bp.com/extendedsectiongenericarticle.do?categoryId=9008204&contentId=7015209
PAST AND PRESENT ENERGY SCENARIOPAST AND PRESENT ENERGY SCENARIO
The IEA is a multilateral organism that congregates 26 of the 30 OECD countries. Its goal is to promote policies and best practices to ensure affordable and sustainable availability of energy for the world.IEA Member Countries: Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Japan, Korea, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom, Unites States.
CHALLENGES:
OPPORTUNITIES:
CHALLENGES:
OPPORTUNITIES:
“The energy future that we are creating is unsustainable”Claude Mandil, Executive Director International Energy Agency World Energy Outlook 2006
“The energy future that we are creating is unsustainable”Claude Mandil, Executive Director International Energy Agency World Energy Outlook 2006
“The main petroleum supply challenge is deliverability, not availability”Ali Al Naimi, Minister of Petroleum, Saudi ArabiaWorld Petroleum Congress, South Africa, 2005
“The main petroleum supply challenge is deliverability, not availability”Ali Al Naimi, Minister of Petroleum, Saudi ArabiaWorld Petroleum Congress, South Africa, 2005
OPEC Members FOUNDERS: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela JOINED: Indonesia, Qatar, Libya, United Arab Emirates, Nigeria, Algeria, Angola, Ecuador (returned 2007), Gabon (left in 1994)
CHALLENGES:
OPPORTUNITIES:
CHALLENGES:
OPPORTUNITIES:
PAST AND PRESENT ENERGY SCENARIOSPAST AND PRESENT ENERGY SCENARIOS
PAST AND PRESENT ENERGY SCENARIOPAST AND PRESENT ENERGY SCENARIO
Energy Sources Energy Sources?
BONUS!!1 mcfg = 1 mm BTU 1 boe = 6 mcfg 1 boe = 6 mm BTU 1 mm boe/d = 2.2 to 2.4 quadrillion BTU/yr
BONUS!!1 mcfg = 1 mm BTU 1 boe = 6 mcfg 1 boe = 6 mm BTU 1 mm boe/d = 2.2 to 2.4 quadrillion BTU/yr
PAST AND PRESENT ENERGY SCENARIOPAST AND PRESENT ENERGY SCENARIO
Nominal
2006 USD
$20
$40
$60
$80
StableAffordable
DisruptionsUnaffordable
What isnext??
PAST AND PRESENT ENERGY SCENARIOPAST AND PRESENT ENERGY SCENARIO
WORLD PRIMARY ENERGY PRODUCTION – BY SOURCE
PAST AND PRESENT ENERGY SCENARIOPAST AND PRESENT ENERGY SCENARIO
WORLD PRIMARY ENERGY PRODUCTION – REGION
PAST AND PRESENT ENERGY SCENARIOPAST AND PRESENT ENERGY SCENARIO
WORLD OIL AND GAS RESERVES, 2005
The Price Factor and the Uncoventional Oil Resources
How much oil can be added to the reserves
The Price Factor and the Uncoventional Oil Resources
How much oil can be added to the reserves
PAST AND PRESENT ENERGY SCENARIOPAST AND PRESENT ENERGY SCENARIO
WORLD OIL AND GAS RESERVES, 2005
PAST AND PRESENT ENERGY SCENARIOPAST AND PRESENT ENERGY SCENARIO
WORLD OIL PRODUCTION – BY COUNTRY
WORLD OIL PRODUCTION kb/day
PAST AND PRESENT ENERGY SCENARIOPAST AND PRESENT ENERGY SCENARIO
MarketDestruction!
Crude Oil Production
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
P2006
Th
ou
san
d b
/da
y
USA
Middle East
WORLD
PAST AND PRESENT ENERGY SCENARIOPAST AND PRESENT ENERGY SCENARIO
Source: Energy Information Administration
(including liquids)
PAST AND PRESENT ENERGY SCENARIOPAST AND PRESENT ENERGY SCENARIO
Source: Energy Information Administration
Source: Energy Information Administration
PAST AND PRESENT ENERGY SCENARIOPAST AND PRESENT ENERGY SCENARIO
Producer/Consumer UNmatchProducer/Consumer UNmatch
PAST AND PRESENT ENERGY SCENARIOPAST AND PRESENT ENERGY SCENARIO
PAST AND PRESENT ENERGY SCENARIOPAST AND PRESENT ENERGY SCENARIO
WORLD GAS PRODUCTION
NATURAL GAS PRODUCTION
0.0
20.0
40.0
60.0
80.0
100.0
120.0
19801984
19881992
19962000
2004
TC
F/y
ear
USA
Eurasia
WORLD
Source: Energy Information Administration
PAST AND PRESENT ENERGY SCENARIOPAST AND PRESENT ENERGY SCENARIO
Past and Present Energy ScenarioPast and Present Energy Scenario
PAST AND PRESENT ENERGY SCENARIOPAST AND PRESENT ENERGY SCENARIO
WORLD GAS CONSUMPTION
Producer/Consumer dynamic: Long term connectionLNG & GTL future perspectives
Producer/Consumer dynamic: Long term connectionLNG & GTL future perspectives
Country Population Consump/Capita Average Consump million b/capita/yr mmb/dayWORLD 6,581 4.15 75USA 301 25.1 20.7CHINA 1,316 1,77 6.4 12 43
ENERGY SUPPLY & DEMAND DRIVERSENERGY SUPPLY & DEMAND DRIVERS
ENERGY SUPPLY & DEMAND DRIVERSENERGY SUPPLY & DEMAND DRIVERS
ENERGY SUPPLY & DEMAND DRIVERSENERGY SUPPLY & DEMAND DRIVERS
ENERGY SUPPLY & DEMAND DRIVERSENERGY SUPPLY & DEMAND DRIVERS
OPEC Spare Capacity Is Extremely Tight Right Now
0
5
10
15
20
25
30
35J
an
-90
Ja
n-9
1
Ja
n-9
2
Ja
n-9
3
Ja
n-9
4
Ja
n-9
5
Ja
n-9
6
Ja
n-9
7
Ja
n-9
8
Ja
n-9
9
Ja
n-0
0
Ja
n-0
1
Ja
n-0
2
Ja
n-0
3
Ja
n-0
4
Mil
lio
n B
arr
els
pe
r D
ay
OPEC Crude Oil Production
Spare Capacity
UNITED STATES PRODUCTION/CONSUMPTION (MMB/DAY) 2006 2030PRODUCTION 5.10 4.7CONSUMPTION 20.7 26.8
UNITED STATES PRODUCTION/CONSUMPTION (MMB/DAY) 2006 2030PRODUCTION 5.10 4.7CONSUMPTION 20.7 26.8
Source: U.S. Energy Information Administration estimates.
ENERGY SUPPLY & DEMAND DRIVERSENERGY SUPPLY & DEMAND DRIVERS
ENERGY SUPPLY & DEMAND DRIVERSENERGY SUPPLY & DEMAND DRIVERS
UNITED STATES PRODUCTION/CONSUMPTION (TCF/YEAR) 2006 2025PRODUCTION 18.5 21.8CONSUMPTION 21.8 30.5
UNITED STATES PRODUCTION/CONSUMPTION (TCF/YEAR) 2006 2025PRODUCTION 18.5 21.8CONSUMPTION 21.8 30.5
Source: U.S. Energy Information Administration.
USA NATURAL GAS PRODUCTIONBCF/DAY
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
1960
1963
1966
1969
1972
1975
1978
1981
1984
1987
1990
1993
1996
1999
2002
ENERGY SUPPLY & DEMAND DRIVERSENERGY SUPPLY & DEMAND DRIVERS
KATRINA EFFECTS - 2005PLATFORM EVACUATED 645RIGS EVACUATED 90OIL SHUT-IN (MBD) 1,427GAS SHUT-IN (MMCFD) 8,798
ENERGY SUPPLY & DEMAND DRIVERSENERGY SUPPLY & DEMAND DRIVERS
ENERGY FUTURE PERSPECTIVESENERGY FUTURE PERSPECTIVES
ENERGY FUTURE PERSPECTIVESENERGY FUTURE PERSPECTIVES
ENERGY FUTURE PERSPECTIVESENERGY FUTURE PERSPECTIVES
ENERGY FUTURE PERSPECTIVESENERGY FUTURE PERSPECTIVES
ENERGY FUTURE PERSPECTIVESENERGY FUTURE PERSPECTIVES
ENERGY FUTURE PERSPECTIVESENERGY FUTURE PERSPECTIVES
ENERGY FUTURE PERSPECTIVESENERGY FUTURE PERSPECTIVES
ENERGY FUTURE PERSPECTIVESENERGY FUTURE PERSPECTIVES
BALANCING THE SUPPLY AND DEMAND DRIVERS
BALANCING THE SUPPLY AND DEMAND DRIVERS
Perspectives for the Oil and Gas Industry
SUPPLY DRIVERS DEMAND DRIVERS
1) Fossil fuel addiction 6) Enormous demand growth potential in developing countries
2) Steady growth of global oil and gas production, demand always met (with few disruptions)
7) World economic growth resilient while prices increased from $20 to $80/b, but higher prices harming economic growth
3) Spare production capacity marginally higher than demand
8) Energy efficiency high in OECD countries, potential gains in developing countries
4) Potential for sudden significant disruptions
9) The world economic growth will demand increasing amounts of energy
5) Plentiful of oil and gas resources still available, alternative sources of energy will have increasing, but limited, contribution to the supply
10) CO2 emissions will have to be drastically reduced
BALANCING THE SUPPLY AND DEMAND DRIVERS
BALANCING THE SUPPLY AND DEMAND DRIVERS
$80
$160??
STABILITY
VOLATILITY
GAS PRICE
$/BOEGAS PRICE
$/BOE
OIL PRICE$/BO
$40
Long Term Price Scenarios Long Term Price Scenarios
Supply, Demand & Price Trends
Supply, Demand & Price Trends
Gulf of MexicoUltradeep WaterGulf of Mexico
Ultradeep Water
Recent major discoveries in the US Gulf of MexicoSame geologic trends continue into Mexican deep watersRecent major discoveries in the US Gulf of MexicoSame geologic trends continue into Mexican deep waters
??
Source: Caribbean has overlooked hydrocarbon potential on North America’s doorstep; Keith James, Oil and Gas Journal, May 2008
Underexplored Caribbean BasinsUnderexplored
Caribbean Basins
ORINOCOBELT
ORINOCOBELT
Extra Heavy Oil ResourcesExtra Heavy
Oil Resources
Oil and Gas Resources in Subandean ProvincesOil and Gas Resources
in Subandean Provinces
Proved Gas in Situ: 8 TCF 400 mmblTotal Potential: 11 TCF
Camisea Gas FieldBlock 67 heavy oil fields
Fields: Paiche, Pirana, DoradoPeak Production: 100,000 b/dOil Density: 12-16 API
Lower Aptian reconstitution (122 m.y.)
Giant oil and gas fields• Rift phase lacustrine source rocks• Pre and Post salt worlclass reservoirs
New ExplorationFrontiers
New ExplorationFrontiers
LATIN AMERICA PERSPECTIVES
OPPORTUNITIES• HUGE UNDEVELOPED RESOURCE BASE • INCREASING MARKET DEMAND (domestic and exports)• HIGH ENERGY PRICES
CHALLENGES• FINANCIAL RESOURCES• TECHNOLOGICAL REQUIREMENTS• ENVIRONMENTAL PROTECTION• HUMAN RESOURCES• CONTRACTUAL STABILITY
LATIN AMERICA PERSPECTIVES
OPPORTUNITIES• HUGE UNDEVELOPED RESOURCE BASE • INCREASING MARKET DEMAND (domestic and exports)• HIGH ENERGY PRICES
CHALLENGES• FINANCIAL RESOURCES• TECHNOLOGICAL REQUIREMENTS• ENVIRONMENTAL PROTECTION• HUMAN RESOURCES• CONTRACTUAL STABILITY
Challenges and OpportunitiesChallenges and Opportunities
• ETHANOL
sugarcane
switchgrass
Ethanol TrendsEthanol Trends
SUGAR CANE
JUICESTALK
WINE
ETHANOL
CR
US
HIN
G
ENERGY
ENERGYPO
WE
R P
LA
NT
ENERGY
FERMENTATION
DISTILLATION
Harvesting EnergyHarvesting Energy
● DRIVERS TO DEMAND● Oil and gasoline prices● Energy security and supply diversification● Legislation and policies● Environmental requirements (MTBE phase out)
● DRIVERS TO SUPPLY● Increasing competitiveness● Production incentives (and protectionism)● Land and labor availability● Sugar market
Supply & Demand PerspectivesSupply & Demand Perspectives
● CLEAN AIR ACT AMMENDMENT 1990● Required gasoline for big cities to be oxygenated to reduce CO
and other smog forming emissions (Reformulated Gasoline – RFG)
● 33 cities targeted● 2.7% oxygen content by weight required● RFG orignally used MTBE● Later on found that MTBE contaminated water supplies● Some states switched to ethanol in 2005
● ENERGY BILL 2005● Denied liability exemptions to MTBE refiners/distributors● Double ethanol consumption (to 8 bn g/yr) by 2012● In Jan07 US ethanol production reached 5.7 bn g/yr ● Market, rather than legislation, drove fast production growth
● ENERGY BILL 2007● Mandates 36 billion gallons by 2022● Of which 21 billion gallons from cellulosic ethanol
Supply & Demand PerspectivesSupply & Demand Perspectives
THE FLEX FUEL CAR ERATHE FLEX FUEL CAR ERA
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
110,000
120,000
130,000
140,000
150,000
units
Jan
-03
Feb
-03
Mar
-03
Ap
r-03
May
-03
Jun
-03
Jul-
03
Au
g-0
3
Sep
-03
Oct
-03
No
v-03
Dec
-03
Jan
-04
Feb
-04
Mar
-04
Ap
r-04
May
-04
Jun
-04
Jul-
04
Au
g-0
4
Sep
-04
Oct
-04
No
v-04
Dec
-04
Jan
-05
Feb
-05
Mar
-05
Ap
r-05
May
-05
Jun
-05
Jul-
05
Au
g-0
5
Sep
-05
Oct
-05
No
v-05
Dec
-05
Jan
-06
Feb
-06
Mar
-06
LIGHT VEHICLES TOTAL SALES
Ethanol Gasoline FFV
FUEL ETHANOL MARKET SHAREAccording to policies and regulations
0
10
20
30
40
50
60
70
Brazil USA China India Japan EU
%
Current Target
Supply & Demand PerspectivesSupply & Demand Perspectives
Supply & Demand PerspectivesSupply & Demand Perspectives
FUEL ETHANOL AND GASOLINE CONSUMPTION (Kb/day)
Year Ethanol Gasoline
Brazil 2007 286 345
USA 2007 456 9500
World 2005 579 20500
FUEL ETHANOL AND GASOLINE CONSUMPTION (bn gallon/year)
Year Ethanol Gasoline
Brazil 2007 4.38 5.3
USA 2007 7 145
World 2005 8.9 315
Fuel Ethanol and Gasoline ConsumptionK bbl/day
286 456 579345
9500
20500
0
5000
10000
15000
20000
25000
Brazil USA World
Fuel Ethanol
Gasoline
Fuel Ethanol % Market Share
46
4.6 3
0
10
20
30
40
50
Brazil USA World
Supply & Demand PerspectivesSupply & Demand Perspectives
347
424
42
BRAZIL 07 USA 07 REST of WORLD06
FUEL ETHANOL PRODUCTION Thousand barrels/day
FUEL ETHANOL PRODUCTION
Yearbn
gal/yr k
b/day
Brazil 2007 5.31 347
USA 2007 6.5 424
Ethanol plants in the USA•114 in operation•78 under construction
Ethanol plants in the USA•114 in operation•78 under construction
FUEL ETHANOL PRODUCTION/CONSUMPTION TARGETS
Thousand barrels/day
2280 2350
190456414
28661
0
500
1000
1500
2000
2500
Brazil07
Brazil13
USA 07 USA 17 USA 22
Consump Exports
ENERGY BALANCE FOR ETHANOL PRODUCTION
ENERGY DELIVERED/ENERGY USED
BIOMASS BALANCE
Wheat 1.2
Corn 1.3 –1.8
Sugarcane 8.9
Ethanol cost in Brazil is about 0.87 USD/gallon, against 1.1 to 1.8 USD/ gallon in other countries
HOWEVER:• ENERGY TAX ACT 78: 0.51 US$/b Excise Tax Exemption >>> US$ 1.4 bn/year in subsidies• TARIFF BARRIER: 0.54 US$/g
Productivity Sugarcane Corn
ton/ha 85 10
g/ha
g/acre
1576
640
926
375
g/ton
b/ton
20.9
0.48
105
2.5
$/ton 13- 15 143
3.63/bushel
$ of raw/b 27-31 57
Economic ConsiderationsEconomic Considerations
Economic ConsiderationsEconomic Considerations
MEETING THE USA TARGET• At today’s sugarcane productivity• 22 MMha of arable land• Not feasible in the USA
• Crop displacement• Increase cost of corn flour
CURRENT AGRICULTURE USE: 62 MM ha SUGARCANE: 5.5 MM ha SUGARCANE FOR ETHANOL: 2.6 MM haPASTURE: 220 MM haIDLE 101 MM ha
PLANNED INVESTMENTS: US$ 7.2 bn in agriculture (duplicate current sugarcane production of 385 mmton by 2013) US$ 12 bn in industrial facilities (91 new plants planned/implemented)
Land IssuesLand Issues
FUEL ETHANOL PRODUCTION/CONSUMPTION TARGETS
Thousand barrels/day
2280 2350
190456414
28661
0
500
1000
1500
2000
2500
Brazil07
Brazil13
USA 07 USA 17 USA 22
Consump Exports
Environmental ImpactsEnvironmental Impacts
THE ENVIRONMENTAL ISSUETHE ENVIRONMENTAL ISSUE
ENVIRONMENTAL CONSTRAINTSENVIRONMENTAL CONSTRAINTS
ENVIRONMENTAL CONSTRAINTSENVIRONMENTAL CONSTRAINTS
CO2 Emissions (bn ton of C eq)
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
China USA EU-15 FSU India Brazil
2000 2025 proj
Source: The Economis, Sept06
CO2 emissions by origin2000, %
Trans, 13.5
Electricity, 24.5
Other, 12.9Industrial, 13.8
Deforestation, 18.2
Agriculture, 13.5
Waste, 3.6
Source: The Economis, Sept06
ENVIRONMENTAL CONSTRAINTSENVIRONMENTAL CONSTRAINTS
WORLD CO2 EMISSSIONS FROM ENERGY CONSUMPTION
The latest Intergovernmental Panel on Climate Change (IPCC) report concluded that,
"Most of the observed increase in globally averaged temperatures since the mid-20th century is very likely due to the observed increase in anthropogenic greenhouse gas concentrations."
The latest Intergovernmental Panel on Climate Change (IPCC) report concluded that,
"Most of the observed increase in globally averaged temperatures since the mid-20th century is very likely due to the observed increase in anthropogenic greenhouse gas concentrations."
ENVIRONMENTAL CONSTRAINTSENVIRONMENTAL CONSTRAINTS
ENVIRONMENTAL CONSTRAINTSENVIRONMENTAL CONSTRAINTS
THE KYOTO PROTOCOLThe Kyoto Protocol to the United Nations Framework Convention on Climate Change is an amendment to the international treaty on climate change, assigning mandatory emission limitations for the reduction of greenhouse gas emissions to the signatory nations.
Open for signing: Dec 11, 1997Parties: 169Entered into force: Feb 15, 2005Conditions to enter into force: 55 parties and at least 55% of Annex I countries emissions
THE KYOTO PROTOCOLTHE KYOTO PROTOCOL
GLOBAL WARMING POTENTIAL OF GHG REGULATED BYTHE KYOTO PROTOCOLCarbon dioxide has a Global Warming Potential of 1 Methane has a GWP of 21 Nitrous oxide has a GWP of 310 Halocarbons (HFC) has a GWP of 140 to 11,700 Sulphur Hexafluoride has a GWP of 23,90
THE KYOTO PROTOCOLTHE KYOTO PROTOCOL
KYOTO PROTOCOL PRINCIPLES• Underwritten by governments and governed by enacted legislation by the UN• Two groups of countries:
Developed (Annex I) countries commit to GHG reductions Developing (Non-Annex I) countries do not have GHG reduction obligations
•Annex I countries commit to reduce emissions to 5.2% below 1990 level, by 2008-2012, which is around 29% if the emissions projected for 2010 without any emission reduction initiatives.
• Clean Development Mechanism – CDM: Annex I countries can meet their targets by buying credits from Non-Annex I countries which invested in GHG emission reduction projects;
• Credits must be certified by the CDM Executive Board.
THE KYOTO PROTOCOLTHE KYOTO PROTOCOL
KYOTO PROTOCOL PRINCIPLES• Flexibility Mechanism - Annex I countries can also obtain credits through trading of carbon credits among themselves; or• Joint Implementation projects: joint investments in reductions with other developed countries
• The European Union Emissions Trading Scheme: became effective in 2005• Established national caps
• Allowances and caps handed out to companies with largest emissions• Companies can buy allowances from other companies• Companies can by credits from Non Annex 1 countries
• Established a trading market• In 2005 362mmton of CO2 were traded for 7.2bn euros.• Market priced peaked at 30E/ton, came down to below 10E/ton, but is expected to rise again after 2008 (first year for Annex I countries to reach their targets).
THE KYOTO PROTOCOLTHE KYOTO PROTOCOL
KYOTO PROTOCOL PRINCIPLES• Canada: signed up for 6% reduction, is 23% higher than 1990 level• Japan: signed up for 6% reduction, is 24% higher than 1990 level• UK, Germany, France: on or near target
• Annex 1 Countries will be about 3.5 bn tonnes above target• Huge potential for Carbon credit sellers • HFC, an industrial gas, offer huge opportunities (reductions cost $1 per ton of Ceq)• European companies are passing costs on to consumers
THE KYOTO PROTOCOLTHE KYOTO PROTOCOL
THE KYOTO PROTOCOLTHE KYOTO PROTOCOL
Long Haul Flight: 3650kg CO2Cost: 60 poundsCarbon Sequestration: 5 broad leaf trees
THE KYOTO PROTOCOLTHE KYOTO PROTOCOL
THE KYOTO PROTOCOLTHE KYOTO PROTOCOL
ALTERNATIVES FOR REDUCTION OF EMISSIONS
Energy Efficiency Biofuels
Sequestration Go nuclear
New technologies
ALTERNATIVES FOR REDUCTION OF EMISSIONS
Energy Efficiency Biofuels
Sequestration Go nuclear
New technologies
KEY MESSAGESKEY MESSAGES
Energy demand will increase about 50 – 60% by 2030
Fossil fuel will remain as main sources of energy
Renewable sources becoming more important, still limited
Massive investments will be required
New technologies essential
Human resources one of the key factors for the industry
Energy and Environment: key issues for manking
Energy demand will increase about 50 – 60% by 2030
Fossil fuel will remain as main sources of energy
Renewable sources becoming more important, still limited
Massive investments will be required
New technologies essential
Human resources one of the key factors for the industry
Energy and Environment: key issues for manking
OIL PRICE IN 2012OIL PRICE IN 2012
Your view: _______$/b
NYMEX: ________$/b
Your view: _______$/b
NYMEX: ________$/b
http://www.nymex.com/lsco_pre_agree.aspx