Oil & Gas Industry Update Q4, 2014
On-going innovation and technological advancements in drilling have made it possible to produce increased yields in oil and natural gas. Worldwide, the oil and gas sector needs to recruit 120,000 new employees in 2014. Employment of petroleum engineers alone is set to increase by 17% between 2010 and 2020.
Market research report for Q4 indicates that the future success within the UAE’s oil and gas industry will be inextricably linked to the country’s short term economic diversification efforts, primarily investment and growth in the nonhydrocarbon sectors.
The year as a whole has seen a positive trend as the UAE near the target of 3.6 Million barrels per day by 2019 but continues to be affected by the investments on non-hydrocarbon, critical to their short term growth during Q4. Looking at the non-oil foreign trade for the UAE, the country’s efforts are starting to pay off, as non-oil trade reached Dh256 billion in Q3, 2014 (69.7billion USD).
In Saudi Arabia an attempt to maintain crude oil export shares in Asia with increasing use of domestic crude for its refineries, Saudi’s output is expected to remain stable over the coming months should oil prices remain above the USD90/bbl level. This will see average production of about 9.73mn b/d for 2014, a small increase from 2013 production of 9.68mn b/d.
Egypt has made some interesting moves looking into Q4, indicating it will buy 65% of its total crude oil from the UAE and Kuwait agreeing to increase its current crude oil exports to Egypt by 65,000 to 100,000 barrels per day.
Elsewhere in the emerging markets, Mexico should see a shift for the better as the mexican senate has approved a number of laws opening up the sector and away from the monopoly held by PEMEX. This should help see a huge rise in the country’s hydrocarbon sector. Expect to see more major oil and gas companies to show interest in Mexico as the country finalises the secondary legislation of its energy sector.
Singapore will remain a key oil hub with its large refining sector keeping its crude oil import requirements high. Expect to see a rise in gas trade in Q4 as it is forecasted to become the regions leading gas trading centre.
Iran can expect to experience difficulties if sanctions aren’t lifted as the trade gap vacated by them and their restrictions have been filled by other countries, namely Angola and Russia.
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