Although new petrochemical project announcements have fallen over the past 3 yr, the global petrochemical sector will continue to see strong growth through the end of the decade.
HOUSTON -- No matter what industry you work in, improving and instituting automation efficiency can lead to operational excellence. This idea was the theme of Wednesday morning’s keynote presentation “Next level operational excellence: Efficiency in automation” at ABB Customer World 2017.
HOUSTON -- Oil and gas projects have been conducted the same way for decades. According to ABB, 64% of projects face cost overruns and over 70% are reporting a schedule delay. This has inevitably led to the pursuit of rethinking the way oil and gas companies conduct projects. This idea was the main topic of Tuesday’s plenary session “Innovation in project execution is causing the chemical, oil and gas industry to think differently” at ABB Customer World 2017.
According to Hydrocarbon Processing’s Construction Boxscore Database, more than $400 B is being invested in active petrochemical projects around the world.
Over the past decade, Africa’s oil demand has increased by more than 1 MMbpd, to nearly 3.9 MMbpd. Africa’s oil production is more than double the amount it consumes, but lack of investment, failing infrastructure and inadequate refining capacity force the continent to rely on imports to satisfy increasing fuel demand.
The global petrochemical sector will continue to see strong growth through the end of the decade, despite a decrease in new project announcements. The crash in energy markets has shifted the industry’s mindset from bullish to optimistic.
According to Hydrocarbon Processing’s Construction Boxscore Database, new project announcements have averaged 11 per month since mid-2016.
According to OPEC’s World Oil Outlook 2016, desulfurization capacity additions represent the largest capacity increases among all process units to 2040. This trend is due to increased regulations on the amount of sulfur allowed in transportation fuels.
Each year, Hydrocarbon Processing devotes an issue to the topic of clean fuels—and rightly so. As the world continues to welcome more vehicles on the road, and as emerging economies invest in civil, industrial and energy projects, global fuels demand is forecast to increase through the end of the decade.
India is emerging as the world’s new oil demand center. Complementing its thirst for crude oil, the country has the potential to become a hotbed for natural gas consumption over the next few years.