It is no secret that capital costs of major projects have skyrocketed over the past decade. A July 2015 industry report noted that the average megaproject’s cost increase is 80% of its original value, with an average schedule slippage of 20 months.
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.
According to Hydrocarbon Processing’s Construction Boxscore Database, over 1,000 new projects have been announced since 2014. Nearly half of these projects were announced in 2014, and the trend shows a steady decline in new project announcements since that time.
OTTAWA -- Phase one of the Sturgeon Refinery, which will process bitumen and produce primarily diesel fuel in Alberta, is nearing completion. The project shows that additional economic value can be generated within the province, according to a Conference Board of Canada report, “Is There Value in Adding Value?” an assessment of the Sturgeon Refinery.
Throughout its overview series of the global refining industry, Hydrocarbon Processing has provided a look at the state of the refining industry, new project developments, demand outlooks for the refining sector and the move to low-sulfur fuels. The previous sections have taken a detailed look at the refining sectors of Asia-Pacific, North America and South America. This fourth and final installment analyzes major trends in Africa, Europe and the Middle East, and offers data on planned refinery capacity additions, upgrades and grassroots facilities.
According to Hydrocarbon Processing’s Construction Boxscore Database, nearly 470 new projects have been announced in the downstream hydrocarbon processing industry over the past two years. New project announcements have fallen from 285 in 2015 to 185 in 2016. This trend analysis represents a year-over-year decrease of approximately 35%.
The drop in oil prices has changed the overall dynamics of the hydrocarbon processing industry (HPI), as well as reduced prices for petrochemical products. Approximately $150 B of oil and gas projects have been canceled or put on hold.
Owner-operators across the hydrocarbon processing industry (HPI) strive to gain maximum business value from their process plant assets. Here, automation assets and other operational technology (OT) typically play a major role.
What is the state of the global hydrocarbon processing industry (HPI)? Which regions and sectors are seeing growth, and which are stagnant, or possibly shrinking? These were some of the questions that Hydrocarbon Processing editors tackled at the 43rd Annual Hydrocarbon Processing Forecast Breakfast.
The world economic order is rapidly changing. A transition is underway, led by the sudden collapse of crude oil and natural gas prices. Here, the pros and cons of modularization vs. field construction are outlined.