Monday, April 11, 2011

oil and natural gas sector in the world

Crude oil that has become an important energy resource since the first commercial production in
early 20th century and has the first place among primary energy resources, keeps its strategic position for a long time. After the global economic crisis, World energy demand increased 2% in 2010.
In 2010, crude oil accounts for 34.6% and natural gas accounts for 23.5% of global energy demand. Within the framework of meeting the energy demand, proportional amount of consumption of liquids (includes crude oil, condensate, ethanol, bio-diesel etc.), coal, natural gas, renewable energy and nuclear energy are in Figure 1. Positions in the list/Rankings of the resources may not be changed in long term, however it is expected that especially coal and natural gas demand will increase in large scale.







Oil Consumption

Oil consumption in 2010 recorded as 85.4 million b/d with an increase of 1.3 million b/d in comparison with 2009. In addition to Middle East Chinese and Indian oil demands continued to rise in 2010.

It is anticipated that the rise in oil consumption in 2011 is lower than 2010. Although the impacts of earthquake and tsunami in Japan may cause a lower expectation of increase in oil and gas demand, it is possible for oil and gas demand to increase especially in energy production sector because of the nuclear threat-pollution.






Oil Reserve

World oil reserves recorded 1.33 trillion barrels in 2009 increased to 10% and became 1.47 trillion barrels. Although it was expected to increase in upstream investments at the beginning of 2010, the recent developments in Middle East and North Africa caused ambiguity in investments.






Oil R/P Ratio

Global oil P/R ratio recorded as 45.7 years increased to 7.7% and became 49.2 years in 2010.

Oil Production

Oil production averaged 79.95 million b/d in 2009 recorded as 81.75 million b/d with a rise of 2.3%. While decreasing 2% in Europe and Eurasia, oil production increased to 4% in Central and South America and Africa.




Refinery



In the first quarter of 2010 the amount of crude oil refined averaged 72.9 million b/d and exceeded expectations. In this period the amount of refined products was higher than expectations in OECD countries. In contrary the amount remained below lower than expectations in non-OECD countries. The increase in the amount of products in USA and European countries brought up the refinery production interruptions. USA, China, Russia, Brazil and Saudi Arabia can be listed as the major countries with a considerable increase in the amount of distillation in 2010.








In recent years investment increase in refinery and cost advantages in other countries, the European refinery sector, caused decline in demand of European refinery sector and many refineries to be closed or changed hands. However Chinese and Russian companies are still interest in European refinery sector. PetroChina Refining and Oil Trading and UK-based Ineos founded a joint venture. Russian oil giant Rosneft bought a portion of the shares of PDSVA, also went into joint venture with BP for 4 German refineries. In addition to these Rosneft is interested in 13 European refineries.

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