Implications of a proposed border tax could create higher crude and product prices, inflated margins and increased operating costs for the US refining industry, Dan Romasko, president and CEO of Motiva Enterprises said during a panel discussion at CERAWeek Tuesday, March 7.
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.
One of the primary means for refiners to boost profitability is to improve crude diet flexibility. Many refiners are challenged with increasing their margins while the quality of the global crude oil supply declines.
One of the major challenges in the oil and gas processing industry is to strike a balance among handling the changing qualities of petroleum products and byproducts, increasing the productivity and service life of critical components and reducing environmental hazards. As an example, new refineries are moving to applying conversion methods, such as hydrocracking, to increase yields, while also utilizing conventional distillation. This juxtaposition translates into a higher Nelson Index rating. Greater refinery complexity makes processing low-quality crude oil difficult, if not impossible, thereby precluding bottom-of-the-barrel products.
With job cuts numbering in the hundreds of thousands, the oil and gas industry has been hard-hit by the massive drop in prices. While no immediate end to the crisis is in sight, there are signs that prices—and hiring—may pick up again later this year.
When you are involved with a major failure and find yourself staring at pieces of debris scattered all over the area, it can be easy to become overwhelmed.
LONDON -- During a presentation in London, BP updated the financial community on details of its strategy and, in particular, medium-term plans for the next five years, based on oil prices similar to where they are today.