Gulf Of Mexico Spill Implications and Analysis
PFC Energy has assembled a multi-disciplinary team which has been working to predict, analyze and quantify the changes going forward, including:
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US and other country regulatory response
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Economic impact on projects and portfolios
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Effect on Gulf of Mexico production
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Identification of Independents at risk
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Identification of Service Companies at risk
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Opportunities and threats for individual companies
Please contact Susan Farrell, Senior Director, PFC Energy in Washington, DC (1 202) 872-1199 for more information.
For press related enquiries please contact Robin Knight, Marketing Manager, in Washington, DC (1 202) 572-0532
RIMS webinar sponsored by PFC Global Risk
Understanding Unique Risks of Oil Producing Countries
May 25, 2010
1:00-2:00pm ET
Sponsored by: PFC Global Risk
Each cross-border investment is unique based on a range of variables, making its risk profile different from other similar investments in a given country. Understanding these variables, and how they impact an investment, is central to understanding how to analyze country risk.
Given that many of the world's most important and complex investment climates are in natural resource producing states, the ability to understand how to analyze country risk in these nations serves as an essential foundation for analyzing country risk in any corner of the world.
In this webinar, Fareed Mohamedi and Raad Alkadiri, both partners in PFC Global Risk, will share their methodology on analyzing country risk in oil and gas producing states, with a special emphasis on the BRINK countries (Brazil, Russia, Iraq, Nigeria, and Kazakhstan).
Click to register Use Promo Code “PFC” for free complimentary registration.
Atlantic Basin Refining- Who is the next to go?
The US and Europe have been the two regions most impacted by excess supply and stagnant demand within the refining sector. Due to the addition of new refining capacity worldwide that began construction during a period of high growth and strong margins, looming carbon legislation, and the growing penetration of biofuels and other alternatives, the Atlantic Basin refining system is heading for a painful correction. In its most recent multi-client study, “Atlantic Basin Refinery Rationalization,” PFC Energy examines not only how much capacity is likely to be at risk in the medium term (through 2013), but also which refineries are the most likely to be rationalized. Nathan Schaffer, Director, Downstream and Petrochemicals Group at PFC Energy, states that “Assessing the most at-risk assets is critical for players across the value chain given the implications on supply/demand dynamics and the competitive landscape.” Read More
Please contact us for additonal information on the Atlantic Basic Refinery Rationalization study.
PFC Energy Launches Global Project Database
The Global Project Database is a unique service, providing PFC Energy's usual attention to detail in terms of projects across the oil and gas value chain. Coverage includes onshore and offshore projects in the upstream sector and refining, upgrading, petrochemicals, fertilizers, CTL and GTL in the downstream sector. The database provides up to date information on the scale, timing, status and cost of projects. Furthermore, PFC Energy identifies the service sector companies involved in projects either as licensors or as EPC contractors.
There has been no lack of change in the oil and gas world in the last 12 months. Crude prices have doubled; new resources have been discovered; refineries have closed. As we publish another PFC Energy 50 list, we see the following key trends:
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The market capitalization of the 50 largest energy companies rose to $3.9 trillion. While this is 35% higher than last year, it remains 26% below the $5.2 trillion peak of two years ago and few companies have regained the values they enjoyed in June 2008;
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After some uncharacteristic reversals last year, we are witnessing a continuing transformation of our industry; NOCs far outperformed IOCs in value growth, values are shifting to emerging markets, refiners in mature markets face strong challenges, rationalization has begun in the independent sector, with companies merging or splitting for scale or focus.
The full report is available at
www.pfcenergy50.com. The web site also provides dynamic charts illustrating key trends, interactive tools for testing market capitalization drivers and tracking 2009 performance as well as the PFC Energy 100 listing, which includes power, coal and nuclear companies.
Valero Announces Closure of Delaware City Refinery
In September 2009 Valero announced two unit shutdowns at the Delaware City refinery, citing significant disruption related in part to the difficult operating environment in 2009 as well as operational reliability. While both shutdowns were driven by management's desire to stem refinery losses over the near-term, the decision to permanently shut down the gasification unit drove an asset impairment loss of US$ 340 m (pre-tax) in 3Q09. Valero announced plans to evaluate potential strategic alternatives, including a possible sale. However, instead of moving forward with finding a buyer for the refinery, on November 20, 2009, the company announced that it intends to permanently shut down the refinery due to financial losses and cash flow constraints. "The announcement appears favorable. We estimate a combination of both the tax benefit associated with the announced accounting charges and the strategic benefits that may accompany this reduction in unprofitable refining capacity," said Alexandra Kirk, Manager, Downstream & Petrochemicals Group at PFC Energy.
PFC Energy Abu Dhabi Client Seminar
PFC Energy held its client seminar, Brave New World: The Energy Industry is Changing Dramatically—What Opportunities does this Create? at the Emirates Palace Hotel in Abu Dhabi. PFC Energy presented its views on all aspects of the energy industry. Topics included; exploration and production, natural gas and LNG, downstream, petrochemicals and the geopolitical and economic view of the Gulf.
Please contact us for access to the presentations.
Frontier Africa
PFC Energy is currently offering a customizable study that will assist clients in understanding the key opportunities and challenges in Frontier African countries by outlining the competitive landscape and above-ground risks. Utilizing PFC Energy's above-ground risk methodology from the Petroleum Risk Manager (PRM) service, the study includes a PRM risk profile, peer group risk benchmark, contract term information, licensing status, competitive environment and other entry factors for more than 20 Frontier African countries.
Long-Term Oil Scenarios
PFC Energy's long-term scenarios describe three alternative pathways through 2030 for the global oil industry. The scenarios include the supply of crude oil, the demand for a wide range of oil products, production capacities in OPEC and non-OPEC countries, crude prices, product prices, refining margins and crude flows.
PFC Energy is pleased to offer a new feature to the Upstream Competition Service (UCS) and Petroleum Risk Manager (PRM). The Bid Round Monitoring Service will track upcoming licensing rounds around the world and will provide clients with a summary of relevant details, including the type and number of blocks on offer (if available), the opening and closing dates, and information about roadshows, and government agencies involved in the bid round. The list of current and upcoming licensing rounds will be updated every two weeks and posted to the UCS and PRM sites. The Bid Round Monitoring Service will also publish more detailed alerts on selected licensing rounds, including a summary of above-ground risk and regulations.
If you would like additional information on PFC Energy services please contact
Erika Smakula.
Nigeria: Implications of New Petroleum Industry Bill
After years of debate and drafting, Nigeria is moving towards passage of a new hydrocarbon bill that will restructure the sector, with the objective of improving efficiency for its national oil company, raising government take and increasing natural gas utilization. The draft bill has been under congressional review since last September, and various stakeholders have sought to influence provisions of the text. Indeed, the draft law has a number of implications for operators throughout Nigeria—both in the onshore and deepwater—that will impact the pace of project development and overall investment attractiveness. Congress remains in session for only a few more weeks before a summer recess, which may delay passage until the fall, yet the Executive continues to actively push for a quick approval. The key challenge after passage will be to manage an aggressive transition process while maintaining investor confidence for planned and future projects.
Please
click here to view the full memo. If you would like additional information on this report please contact
Erika Smakula.
New Fuel Efficiency Standards Ambitious but Attainable
A new study from PFC Energy finds that meeting the accelerated 2016 Corporate Average Fuel Economy (CAFE) standards announced by President Barack Obama will reduce US gasoline consumption by 1.1 million barrels per day compared to 2008 and by 120,000 barrels per day compared with the goals set by the 2007 Energy Independence and Security Act (EISA).
Are Latin American Locally-Owned Oil Service Companies Being Overlooked?
While much attention has been focused on the revival of the National Oil Companies (NOCs) in Latin America over the last few years, less attention has been given to another burgeoning actor in the region's oil and gas industry—the Locally-owned Oil Service Companies (LOSCs). Growing domestic entrepreneurship coupled with public policy favoring local content is contributing to a more dynamic oil services environment. Still, the strength of the LOSC segment varies widely in the region and could provide additional opportunities for international service companies (ISCs) and oil companies alike.
New Downstream Monitoring Service- Middle East
PFC Energy is pleased to announce the release of a new Membership Service focusing on the downstream industry in the Middle East.
The DMS–ME encompasses profiles on refining and marketing operations in Middle Eastern countries. The profiles provide detailed analysis regarding refinery complexes, feedstock inputs, logistics, demand drivers, and the regulatory environment, along with analysis of the financial downturn's impact on large-scale refinery projects in the region.
Please contact PFC Energy if you are interested in learning more about this service.
Dynamic Implications for Oil Sands Developments
The retreat of global crude prices, the ongoing economic crisis, and potential restrictions on carbon have cast uncertainty on future investments across the oil value chain, from upstream production through logistics infrastructure and into downstream refining. The implications are dynamically linked, possibly nowhere more notably than in North America where Canadian oil sands production has become increasingly integrated with US refineries. In play are billions of dollars in investments for heavy oil extraction and upgrading, new pipelines spanning thousands of miles, and additional conversion and desulfurization capacity within refineries. Having a solid grasp on the potential outcomes is thus imperative for companies involved in these sectors.
PFC Energy's team of experts, comprised of upstream and downstream specialists, has developed in-depth analysis focusing on these issues within the context of a fully integrated outlook for global supply demand. These assessments form the foundation for helping our clients develop strategies that best position them for what the future might bring. Should your company have an interest in learning more about PFC Energy's capabilities or approach to assisting clients understand the changing landscape associated with Canadian crude integration, please contact
Lauren Heller.
Celebrating PFC Energy's 25th Anniversary
In 2009, PFC Energy celebrates 25 years of providing valued energy insight since our founding in 1984.
Click here to visit our 25th Anniversary page and see a timeline of PFC over the years.
Can You Afford Not To Know Energy?
If your industry is highly dependent on global energy costs, or demand implications, can your business afford not to know energy? For more than 25 years, PFC Energy's economic and political risk experts have woven their deep understanding of the energy sector into a keen understanding of geopolitics.
Click here to read more.
PFC Energy Releases New Forward-Looking Downstream Mediterranean Study
PFC Energy is pleased to announce the release of its study of the downstream oil industry in the Mediterranean, encompassing a forward-looking regional overview through 2030. This study includes a set of some 20 country profiles along with European trade flows, price forecasts, maps and data sets.
The coverage for each country includes the political economy, operating environment, logistics, oil products demand, refining, Supply/Demand balance and competition (both refining and retail). The study can also be purchased with a customized workshop to allow deeper analysis and to assist your company in its development of a comprehensive strategy in the region.
Read more
PFC Energy Press Release: Carbon Liability: How Prepared Are the Global Competitors?
With leading scientists from the Intergovernmental Panel on Climate Change now saying that earlier predictions of the pace and impact of climate change were significant underestimates and the Obama Administration programming major initiatives on cap-and-trade into the 2010 budget proposal, ‘carbon liability' is an increasingly concrete prospect for oil and gas companies. Click
here to read more.
PFC Energy announces expanded Global LNG Service
For companies seeking a competitive edge in the fast-changing LNG industry, PFC Energy's completely rebuilt Global LNG Service (GLNG) provides the most timely and relevant information and analysis. The service uses an integrated array of inputs, including market fundamentals, global and local politics, detailed project analysis and corporate strategies to provide unique and actionable insights.
The expanded service comprises three core modules:
- LNG Value Chain: Supply, liquefaction, shipping and regasification
- Markets and Trade: LNG market fundamentals, prices and trade analysis
- Competitors: Strategies and competitive positions of key LNG players
Each module combines highly visual, Flash-based web content, detailed databases and charting tools driven by continuously updated core data. These tools allow users to view all LNG data in a format that is clear, graphic, intuitive, easy to use and easily incorporated into presentations and analysis. The service also includes a series of detailed reports and memos that provide PFC Energy's forward-thinking analysis on all aspects of the LNG business.
The PFC Energy GLNG service is an essential tool for:
- Understanding macro trends
- Developing and executing LNG strategy
- Evaluating and planning new gas and LNG projects
- Commercial teams marketing or purchasing LNG.
To find out more about the GLNG service, request sample documents or arrange an on-line introductory presentation, please write to glng@pfcenergy.com
