Opinion

National Oil Companies Forecast to Spend Over US$116bn in New Petrochemicals Projects, Says GlobalData

Posted by OilVoice Press - OilVoice

23-Oct-2018


National Oil Companies (NOCs) are diversifying beyond their upstream oil and gas core, with major NOCs forecast to spend over US$116 billion in new petrochemicals projects, according to GlobalData, a leading data and analytics company.

The company's analysis of NOCs' portfolios shows that while many NOCs have historically diversified internationally, this strategy was generally not adopted by the most resource-rich. However, as the energy market transitions, even NOCs from OPEC countries are putting a greater emphasis on areas outside exploration and production.

PR2857

IMAGE FOR PUBLICATION: ‘Levels of International and Vertical Diversification for Selected NOCs'

Will Scargill, Senior Oil and Gas Analyst for GlobalData commented: “The growing importance of petrochemicals is highlighted by the strategy of NOCs such as Saudi Aramco. Its upcoming projects represent over US$16 billion in capital expenditure and it has announced plans to acquire a 70% in Saudi Basic Industries Corp, which has a market capitalization of around US$100 billion.”

As the global economy turns to new sources of energy other than oil and gas, petrochemicals are seen as a crucial sector, with demand for high-value hydrocarbon-derived products expected to continue to grow strongly. In addition to this, some NOCs are also investing in renewables such as wind and solar.

Scargill adds: “Renewables are a good way for many NOCs to both meet their domestic energy supply mandates while freeing up oil and gas production for supply to higher value markets. However, the leader in renewables is Norway's Equinor, leveraging its offshore expertise to develop wind assets internationally, with 3,685MW of generation capacity in the pipeline.”



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

NOCsGlobalDataPetrochemicalupstreamrenewables

More items from oilvoice


Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 3 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 7 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 7 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 7 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11

Total Announces the Distribution of its Second 2018 Interim Dividend

The Board of Directors met on December 12, 2018 and declared  the distribution of a second interim dividend for the 2018 fiscal year of €0.64 per share, in accordance with the Board's decision of July 25, 2018, an amount equal to the first 2018 interim dividend and an increase of 3.2% compared to t ...

OilVoice Press - OilVoice


Posted 8 months agoPress > TotalDividend
All posts from oilvoice