Upstream In Perspective

Led most recently by Guyana, and Brazil before it, Latin America has been a remarkable success story for global oil exploration over the last 25 years. Flavio Fernandez and Jaka Hardiwinangun join EnergyCents with hosts Hill Vaden and Sam Humphreys to review Latin American exploration activity in 2023, and highlight the region’s high impact wells to watch in 2024.   Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en

As measured by discovered volumes, Africa finished one of its worst exploration years on record in 2023. However, two of the wells being drilled in December  – both in Namibia – came in successful in January 2024 and signal an auspicious start to the new year.  Justin Cochrane returns to EnergyCents with hosts Hill Vaden and Sam Humphreys to review African exploration activity in 2023, and highlight the continent’s high impact wells to watch in 2024. Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en

Sales of electric vehicles continued to rise in the United States in 2023, though the rate of adoption has been slower than many planners envisioned. Devin Lindsay joins EnergyCents with hosts Hill Vaden and Sam Humphreys to discuss the status of EV adoption in the US after a bumpy 2023, and flag trends to watch in 2024 as automakers transition their fleets away from internal combustion engines.  Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en

Led by the Americas, supply growth from non-OPEC countries fully met the growth in global oil demand in 2023. This balance, along with wars in the Middle East and Ukraine, U.S. elections in November, and changing shipping patterns weigh on the minds of oil strategists in 2024. Aaron Brady and Ha Nguyen join EnergyCents with hosts Hill Vaden and Sam Humphreys to share their thoughts on the biggest events that will shape oil markets in 2024.  Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en

At completion, Nigeria’s Dangote Petroleum Refinery will process 650,000 barrels per day and be the largest single-train facility in the world.  The much-delayed refinery began accepting test deliveries recently as it moves closer to commercialization. Dan Evans joins EnergyCents with hosts Hill Vaden and Sam Humphreys to discuss the uniqueness of the massive Dangote project, and consider the post-commercialization implications for the Atlantic Basin and downstream markets more broadly.   Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en

Coal is widely considered a ‘dirty’ fossil fuel due to its high carbon intensity. The fuel is also relatively abundant and has enabled resilience within in an expanding, and transforming, energy sector. Dan Klein joins EnergyCents with hosts Hill Vaden and Sam Humphreys to review coal’s record-setting 2023, and consider outlooks for the fuel as energy planners embrace lower-carbon fuels and technologies. Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en Join the conversation at energycents@spglobal.com

The United States emerged as the largest LNG exporter in the world in 2023, and begins 2024 with the White House delaying decision on a new export facility. This, and other uncertainties, promise an interesting year for global LNG trade. Michael Stoppard joins EnergyCents with hosts Hill Vaden and Sam Humphreys to review big events to hit the LNG market in 2023, and consider the biggest trends to watch in 2024. Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en Join the conversation at energycents@spglobal.com

Geothermal energy uses heat from the earth to, among other things, generate electricity and heat or cool buildings. S&P Global Commodity Insights experts Travis Hagler and Matthew Turner join EnergyCents with hosts Hill Vaden and Sam Humphreys to discuss the opportunity for geothermal technology to generate continuous, low-carbon power, and outline some of the challenges that need to be overcome before the technology reaches commercial scale.   Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en   Join the conversation at energycents@spglobal.com

Global Clean Energy Technology Investment is expected to reach US$750-800 billion in 2024, and continue to grow to nearly US$1 trillion by 2030. Sam Wilkinson and Francesco d’Avack join EnergyCents with hosts Hill Vaden and Sam Humphreys to discuss this prediction on spend, and nine other Clean Energy trends to watch in 2024.   Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en   Join the conversation at energycents@spglobal.com

In what has become an annual EnergyCents tradition, we welcome back experts Reed Olmstead and David Vaucher for our 5th annual year-in-review and resolutions episode. Hosts Sam Humphries and Hill Vaden check in to see how well we performed against 2023 expectations, consider some of the year’s biggest surprises, and share market predictions and personal resolutions for the coming year.   Access prior year-end conversations with Reed and David here: 2022: A year-in-review: Energy markets, Taylor Swift, and ESG 2021: Review and resolution: Shale sector activity in 2021 and 2022 2020: Mirror, mirror on the wall: Reflections on 2020 and predictions for 2021 2019: Would you rather: 2020 upstream predictions   Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en   Join the conversation at energycents@spglobal.com   EnergyCents team and S&P Global Commodity Insights wish you all a Merry Christmas and Happy Holidays! 

Global oil traded within a price band in 2023 that largely supported both consumer mobility, and producer economics. Recent weeks have seen steady price declines as market participants consider outlooks for activity in 2024. Karim Fawaz joins EnergyCents with hosts Hill Vaden and Sam Humphreys to recap 2023, and flag the events and trends that will shape oil markets in the year ahead as market participants question the sustainability of $80+/bbl oil amid resurgent supply growth and repeat OPEC+ cuts.   Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en   Join the conversation at energycents@spglobal.com

The North Sea is one of the greatest tangible examples of a transitioning, or evolving, global energy sector. The offshore play is historically recognized for its prolific oil and gas production.  Those projects continue today alongside large-scale investments in wind and carbon capture, each with varying levels of government support. North Sea expert Rebecca Vyse joins EnergyCents with hosts Hill Vaden and Sam Humphreys to discuss the emergence of carbon capture investment in the North Sea, with particular focus on the Equinor-led Northern Lights project in Norway.  The episode is the third in a three-part series.   Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en   Join the conversation at energycents@spglobal.com

The North Sea is one of the greatest tangible examples of a transitioning, or evolving, global energy sector. The offshore play is historically recognized for its prolific oil and gas production.  Those projects continue today alongside large-scale investments in wind and carbon capture, each with varying levels of government support. Offshore wind expert Andrei Utkin joins EnergyCents with hosts Hill Vaden and Sam Humphreys to discuss the rise of offshore wind in the North Sea, and some of the challenges emerging for the low-carbon technology.  The episode is the second in a three-part series.   Episode 1 can be accessed here: Ep 121: North Sea Transition Series: Offshore E&P (Episode 1)   Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en  

The North Sea is one of the greatest tangible examples of a transitioning, or evolving, global energy sector. The offshore play is historically recognized for its prolific oil and gas production.  Those projects continue today alongside large-scale investments in wind and carbon capture, each with varying levels of government support. Sam Humphries transitions from co-host to guest expert on this week’s EnergyCents as she speaks with host Hill Vaden about recent E&P activity and the implications of related government policy on energy development in the North Sea. The episode is the first in a three-part series. Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en   Join the conversation at energycents@spglobal.com

After initial enthusiasm, Eni and TotalEnergies announced unsuccessful results in October from the Qana-1 prospect in offshore Lebanon. Attention in the play shifts in the short-term to Cyprus, where Eni plans an appraisal well at its Cronos discovery. Upstream expert Sarah Haggas joins EnergyCents with hosts Hill Vaden and Sam Humphreys to discuss E&P opportunities in the gas-rich Eastern Mediterranean, and describe reasons behind the initial optimism in extending the deepwater play to Lebanese waters.    Learn more about S&P Global Commodity Insights upstream coverage at: https://www.spglobal.com/commodityinsights/en/ci/products/upstream-intelligence.html   Join the conversation at energycents@spglobal.com

More than $40 billion of North America pipeline deals were announced earlier this year as infrastructure owners reposition themselves for success in an evolving energy landscape. Infrastructure investment expert Greg Garneau joins EnergyCents with hosts Hill Vaden and Sam Humphreys to describe the evolution of North America infrastructure since 2016, and consider some of the drivers behind recent deal flow.    Learn more about S&P Global Market Intelligence Issuer Solutions coverage at: https://www.spglobal.com/marketintelligence/en/campaigns/issuer-solutions   Join the conversation at energycents@spglobal.com

Oil and gas exploration activity in the Asia Pacific region is increasingly focused on mature basins as energy security concerns motivate regional operators. Upstream expert Tony Dimabuyu joins EnergyCents with hosts Hill Vaden and Sam Humphreys the provide an overview of recent E&P activity in the Asia Pacific region, and identify some of the more compelling projects to watch.    Learn more about S&P Global Commodity Insights coverage at: https://www.spglobal.com/commodityinsights/en/ci/products/upstream-intelligence.html   Join the conversation at energycents@spglobal.com

Vietnam released its long-awaited Power Development Plan VIII (PDP8) in May 2023 outlining power-sector priorities to 2030, which includes a transition away from coal-fired generation. Vietnam energy expert Zhi Xin Chong joins EnergyCents with hosts Hill Vaden and Sam Humphreys the discuss what PDP8 means to the country’s natural gas sector, and implications for the development of domestic resources as well as LNG imports.  Learn more about S&P Global Commodity Insights coverage at: https://www.spglobal.com/commodityinsights/en/ci/products/asia-pacific-regional-integrated.html Join the conversation at energycents@spglobal.com

Spending on US transmission projects is increasing quickly, but still represents the smallest allocation of capital investment within North America’s power sector. Doug Giuffre and Chris DeLucia join EnergyCents with hosts Hill Vaden and Sam Humphreys to consider trends in transmission investment, and what to watch for as the North American power industry prepares for its low-carbon transition.    Learn more about S&P Global Commodity Insights coverage at: https://www.spglobal.com/commodityinsights/en/ci/products/power-renewables-energy-markets.html   Join the conversation at energycents@spglobal.com

Strategies to manage global climate and energy concerns are known to intersect, occasionally in conflict and often in alignment. Energy production will again be a focus of the upcoming climate-change conferences: Climate Week in New York City (17-24 Sept 2023) and COP28 in Dubai (30 Nov 2023-12 Dec 2023). Peter Gardett joins EnergyCents with hosts Hill Vaden and Sam Humphreys ahead of his upcoming participation in Climate Week to discuss the conferences’ respective places in influencing global energy and climate initiatives, and why hydrogen will be a major focus at Climate Week. Learn more about S&P Global Commodity Insights Upstream coverage at: www.spglobal.com/commodityinsight…g-in-energy.html Join the conversation at energycents@spglobal.com