Displaying items by tag: globaldata

Hydropower in New Zealand held a share of 55.6% in 2020 in its total annual power generation. However, this share is expected to marginally decline to 51.1% in 2030. Still, the hydropower generation in the country will continue to hold the dominant share in its generation mix till 2030, forecasts GlobalData, a leading data and analytics company.

GlobalData’s report, ‘New Zealand Power Market Outlook to 2030, Update 2021 – Market Trends, Regulations, and Competitive Landscape’, reveals that the installed hydropower capacity increased marginally from 5.2 GW in 2000 to 5.43 GW in 2020, growing at a compound annual growth rate (CAGR) of 0.2%. By 2030, the installed hydropower capacity will witness negligible growth to reach 5.44 GW, growing at a CAGR of 0.01% from 2020 to 2030. Even though the capacity additions are negligible, huge installed hydropower capacity means that hydropower will continue to lead power generation in New Zealand till 2030.

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Rohit Ravetkar, Power Analyst at GlobalData, says: “Hydropower is the major source of power generation in New Zealand. Majority of the hydropower plants are in the South Island of the country. Electricity generated from hydropower sources in the South Island is then transported to the North Island through high voltage transmission lines. The country has already expanded its large conventional hydro capacity and future additions will be minimal and limited to small hydro plants.”

Majority of the hydropower plants in New Zealand are run-of-the-river schemes which can store electricity only for a few hours or days after generation. To enable the storage of this generated electricity, in July 2020, the government earmarked US$30m for the research and development of pumped hydro storage in the country.

Ravetkar concludes: “High dependence on hydropower generation is a major challenge for New Zealand’s supply security. With the country not having nuclear power and it being not keen on expanding its thermal power capacity, the country may look towards the rapid development of renewable sector to reduce its dependence on hydropower.

“For this, the government has rolled out several incentive programs and subsidies in the form of tax reliefs, capital cost grants and favorable power tariffs for renewable power. This is expected to result in rapid growth of the renewable sector with the renewable capacity growing at a CAGR of 5.6% from 2.24 GW in 2020 to 3.88 GW in 2030.”

About GlobalData 

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, technology, energy, financial and professional services sectors.

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Russia has seen the number of new oil and gas discoveries drop to a five-year low, according to GlobalData. The leading data and analytics company notes that Russia discovered only six very small fields in H1 2021, which add a mere 36 million barrels - less than four days of the country’s daily oil production.

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Anna Belova, Oil & Gas Analyst at GlobalData, comments: “To retain its place as one of the top oil and gas producing nations, Russia needs to ensure a steady pace of discoveries to replace produced reserves. Otherwise, the effects of COVID-19 and reduced investments will be felt by the Russian oil and gas sector well after the pandemic subsides.”

The past year and half have been challenging for many resource-exporting countries, however, Russia has been able to weather the pandemic-induced demand shock to oil and gas markets with relative success.

Belova continues: “The country’s operators benefited from a quickly negotiated agreement with OPEC+ members to reduce oil production, which led to price stabilization; sustained oil price growth as economies recovered; and the country’s strong rebound in global gas demand, which led to record-high gas prices.”

However, exploration for new reserves has taken a significant hit, as evidenced by reduced drilling activity and, consequently, the steep decline of new oil and gas discoveries.

Belova adds: “Over the past decade, Russia has not only grown its oil and gas production to post-Soviet records, it also successfully explored for new oil and gas. News-making discoveries were made over the decade in offshore waters and new frontier basins, supplemented by large numbers of smaller discoveries in more mature areas. However, COVID-19 has caused a steep drop in new exploration and discoveries, when most Russian operators significantly cut capital expenditures into exploration.”

  • Comments provided by Anna Belova, Oil & Gas Analyst at GlobalData
  • This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.

About GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis, and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, technology, energy, financial and professional services sectors.

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China is expected to lead the Asia’s LNG regasification capacity additions, contributing 36% of the total LNG regasification capacity additions between 2021 and 2025, forecasts GlobalData, a leading data and analytics company.

GlobalData’s report, ‘Asia Capacity and Capital Expenditure Outlook for LNG Regasification Terminals, 2021–2025 –China Dominates LNG Regasification Capacity Additions and Capex Spending in Asia’, reveals that China is expected to add a new- build LNG regasification capacity additions of 4,380 bcf (billion cubic feet) by 2025, while the expansion projects account for the rest with 1,576 bcf.

2017 04 20 114457Bhargavi Gandham, Oil and Gas Analyst at GlobalData, comments: “Among the new build and expansion projects that are likely to start operations in China during the forecast period, Tangshan II is the largest upcoming project with a capacity of 584.4 bcf. Yantai I and Zhoushan III are the other major projects with capacities of 487 bcf and 340.9 bcf, respectively.”

GlobalData identifies India to be the second-highest contributor to the global LNG regasification capacity additions with new build LNG regasification capacity additions of 3,062 bcf by 2025. Expansion projects account for the rest of the capacity additions with 365 bcf by 2025. Kakinada GBS Floating leads LNG regasification capacity additions in the country with a capacity of 350.6 bcf by 2025.

Pakistan is expected to be the third largest contributor to the LNG regasification capacity additions in India with 1,752 bcf. Of these, new build capacity additions account for 1,697 bcf. Among the new build projects in the country, Port Qasim is the largest upcoming project with a capacity of 438 bcf and is expected to start operations in 2023.

  • Comments provided by Bhargavi Gandham, Oil & Gas Analyst at GlobalData
  • Information based on GlobalData’s report: ‘Asia Capacity and Capital Expenditure Outlook for LNG Regasification Terminals, 2021–2025 – China Dominates LNG Regasification Capacity Additions and Capex Spending in Asia
  • Announced/Planned: Denotes only new-build assets that are in different stages of development and have not started commercial operations
  • A new-build project that has not received relevant/ required approvals to develop/build the project is considered as Announced
  • A new build project that has received relevant/ required approvals from the national government/ energy ministry/ regulatory authority/ local environmental authority/ port authority/local government, etc to develop/build the project is considered as Planned
  • Expansion – Denotes capacity expansion of existing/operational terminal
  • This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts

About GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis, and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, technology, energy, financial and professional services sectors.

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The sale of edge computing products, services and solutions will grow to reach US$17.8bn in 2025, up from an estimated US$8bn in 2019, at a compound annual growth (CAGR) rate of 15.6%, according to GlobalData. The leading data and analytics company notes that growth will be driven by the market becoming more diverse and competitive.

In North America, sales of edge computing products, services and solutions will amount to US$6.85bn by 2025, which is equivalent to 38% of the total global market. Sales in Asia Pacific and Western Europe will amount to US$4.65bn and US$3.39bn, respectively, equivalent to 26.4% and 19.3% of the total global market.

2017 04 20 114457Chris Drake, Principal Analyst at GlobalData, comments: “The proliferation of products, services and solutions for edge computing is being driven by an interest in edge computing’s potential to enable a plethora of new applications. These include applications that leverage large amounts of data, and those that depend on real-time data processing capabilities, such as autonomous, driverless vehicles and virtual, augmented and mixed reality (VR, AR, XR) applications.”

The market for edge computing products, services and solutions already includes a diverse range of hardware, software and converged infrastructure offerings. These have been specifically designed to process data collected by different types of edge device. They also include solutions that enable the development, management and delivery of new kinds of digital applications. In addition, IT vendors and service providers offer a wide variety of migration, management, and support services to help enterprise customers deploy, maintain, and capitalise on edge opportunities.

Drake continues: “Edge computing opportunities are being targeted by IT infrastructure vendors, as well as telecoms network operators, cloud service providers, content delivery networks (CDNs), systems integrators and others.

“Some vendors and service providers offer solutions that are designed to support the edge computing requirements of specific verticals, for example manufacturing, energy or healthcare. Others offer generic solutions that are intended for a range of different use cases. Most IT vendors and service providers offer a choice of solutions, targeting different market opportunities.”

  • Quotes provided by Chris Drake, Principal Analyst at GlobalData
  • Information based on GlobalData’s report: GlobalData Market Opportunity Forecasts to 2025: Edge Computing
  • GlobalData’s Edge Computing forecast splits the total market by product and service type, while also providing market size and forecast data for 49 countries and regions and 22 vertical industries. Industries covered include Banking and Financial Markets, Government, Manufacturing, Media, Pharmaceuticals and Transport and Logistics.
  • Edge computing involves the redistribution and deployment of compute and other data processing resources closer to the locations where data is collected and digital applications are developed, hosted, and consumed by end users.

About GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

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The shortage of coal has resulted in higher production costs for manufacturing companies, and the global inflation rate is forecasted to rise from 2.50% in 2020 to 3.23% in 2021 as a result. GlobalData has also upwardly revised its 2021 global inflation rate forecast to 3.23% in October 2021. The leading data and analytics company notes that this is an upward revision of 0.22 percentage points when compared with the June 2021 projections.

Gargi Rao, Economic Research Analyst at GlobalData, comments: “With many countries reopening their economies, manufacturers in China are witnessing a surge in demand for their goods. Rising demand, coupled with soaring costs of raw materials amid production cuts of coal, is driving up global prices of goods. Further, China’s commitment to becoming carbon neutral by 2060 has added pressure on the reduction of coal production, thereby leading to a supply-demand mismatch. As a result, GlobalData has downwardly revised China’s GDP growth by 0.57 bps from its June 2021 forecast to 8.11% in October 2021.”

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Rao continues: “Amid the global energy crunch, India is also facing a power crisis, with the country's power plants running on critically low coal stocks. Meanwhile, the UK witnessed many of its fuel pumps running dry due to poor logistics. Natural gas prices have also risen multifold in Europe.”

With China and India’s growth forecast downwardly revised, the Asia-Pacific (APAC) region’s economic recovery is ambiguous. Global economies are facing a perfect storm ahead of a cold winter, rising energy prices and a spike in commodity prices. In the short term, such a trend might deter consumer spending and impact post-pandemic recovery.

Rao adds: “Despite Asian industries dependence on coal, major countries including China, India and South Korea are focusing more on renewable energy.

“Technology already exists to enable the world to transition away from coal and other fossil fuels to green energy. Germany, which is one of the world’s biggest users of coal, is aiming to phase out coal by 2038. Eight other EU countries have also committed to similar targets. The recent crisis around coal has highlighted that countries have an opportunity to shift to green energy and reduce their dependence on coal.”

  • Quotes provided by Gargi Rao, Economic Research Analyst at GlobalData
  • The information is based on GlobalData’s Macroeconomic database.

About GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

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Peru has signed the Paris Agreement and committed to develop policies to increase the share of renewable energy sources from current 5.5% to at least 20% by 2040. However, the country needs significant capital investments to ramp up its natural gas production and increase the share of low-carbon energy sources in the overall mix, says GlobalData, a leading data and analytics company.

Svetlana Doh, Oil & Gas Analyst at GlobalData, comments: “While electricity generation in the country is considered more or less clean, as it is sourced from natural gas and hydropower primarily, oil consumption by all the sectors altogether is high and roughly accounts for 50%. So, until other renewables sources could contribute the required amount of energy, growing natural gas production still stays very important in this transition period as its consumption could grow and partially replace oil utilization in industrial use, residential sector and power generation.”

2017 04 20 114457The newly elected president of Peru, Pedro Castillo, appears strongly committed to support the involvement of private sector in energy projects. As per Peru’s National Energy Plan 2010-2040, the country has been establishing the legal framework that is aimed to promote and protect private investment in the sector.

Ms. Doh concludes: “When it comes to current projections regarding natural gas production in Peru, it is expected to grow by 3.4% next year from 1.16 billion cubic feet of gas (bcfd) to 1.20 bcfd in 2022. But, in 2023, production is expected to start declining at an average of 2.1% annually and reach 1.16 bcfd in 2025. Based on the National Energy Plan, the demand for natural gas will grow from approximately 1.6 bcfd in 2021  to at least 2.4 bcfd in 2025.

“Currently, gas is used in about 22% of the energy market in the country, and in order to get that share growing, under-explored gas areas in Peru need to be developed sooner rather than later. More aggressive exploration work needs to be conducted as there have been no significant discoveries in Peru since 2014, and offshore blocks are significantly under-explored.”

  • Quotes provided by Svetlana Doh, Oil & Gas Analyst at GlobalData
  • This press release was written using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts

About GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

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Rig count in the Powder River basin, situated in Wyoming and Montana, has increased almost four-fold from four in April 2021 to 17 in August 2021, according to GlobalData. The leading data and analytics company notes, considering the recent sustained upswing in US crude prices, production of both crude oil and natural gas in the basin is expected to grow by a respective 28% and 13% by December 2022*.

Svetlana Doh, Oil & Gas Analyst at GlobalData, comments: “Unlike other basins in the area, Powder River’s production nearly rebounded to pre-pandemic levels only four months after the onset of the pandemic. Production then kept a downward trend, at an average of -1% a month, but June 2021 saw an uptick in the number of rigs. This could signify a mitigation or even reversal of the trend.”

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According to GlobalData’s latest report, ‘Powder River Basin Shale in the US, 2021 – Oil and Gas Shale Market Analysis and Outlook to 2025’, production in the Powder River basin somewhat recovered in June 2020 to 182 mbd of crude oil and 957 mmcfd of natural gas. However, levels stayed below this throughout H1 2021.

Doh continued: “Drilling activity in the region was very slow. Even when WTI price rose to $52 per bbl in January 2021, rig count was still only around four - 83% less than the number of rigs observed in February 2020 before the COVID-19 pandemic hit the US.”

The Powder River basin accounts for less than 5% of the country’s overall crude oil production in the country.

Doh adds: “Most players in the region have acreages elsewhere. For example, Occidental Petroleum, which holds the highest leaseholds of 400,000 net acres in Powder River, also owns significant positions across the Denver-Julesburg and Permian basins. The slow growth of drilling activities in Powder River could be because operators instead focused on high-return assets such as the Permian basin.

“Once oil price stabilized to over $70 per bbl in June 2021, there was a rapid boost in the number of rigs, with an average 50% increase in rig count each month - until August, when the total rig count reached 17 for the whole basin.”

Looking forward, production of both crude oil and natural gas in Powder River is projected to see an upward trend to 2025. Indeed, natural gas production in the basin is expected to grow by 4% during 2021-25 to reach 1,026 mmcfd in 2025. On the other hand, crude oil production is expected to see steeper growth, at a compound annual growth rate (CAGR) of 7%.

Doh commented: “Both crude oil and natural gas are expected to exceed pre-pandemic production levels by 2022.”

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* Compared to August 2021 levels

  • Quotes provided by Svetlana Doh, Oil & Gas Analyst at GlobalData
  • Data taken from GlobalData’s report: Permian Basin in the US, 2021 – Oil and Gas Shale Market Analysis and Outlook to 2025
  • The report provides a comprehensive review of the DJ Basin shale play, comprising the effects of COVID -19 outbreak on operations in the Basin. The report also forecasts the future trend of oil and gas production supported by investment plans by major operators in the Basin.

About GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

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China is likely to start the operations of 42 crude oil refinery projects or 26% of the total crude oil refinery projects in Asia between 2021 to 2025 to meet the growing demand for plastics and petroleum products, says GlobalData, a leading data and analytics company.

GlobalData’s latest report, ‘Global Crude Oil Refinery Projects Outlook, 2021-2025’, reveals that out of the 42 projects, six projects are new-build and 36 represent expansions of existing projects.

In China, 22 upcoming refinery projects are in the construction stage and likely to start operations between 2021 and 2025. Feasibility and approval are the other major project stages with 12 and six projects, respectively.

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Bhargavi Gandham, Oil & Gas Analyst at GlobalData, comments: “China, the world’s largest oil and gas importer, and a leading consumer, continues to witness strong growth in the refinery sector. Growing demand, especially from petrochemicals and transportation sectors, will boost the refining activity in the country.”

During 2021-2025, Yulong and Jieyang are expected to be the leading projects in terms of refining capacity in the country with 400 thousand barrels per day of capacity, each. Shandong Yulong Petrochemical Ltd is the operator as well as 100% equity holder of the Yulong project, which is expected to start operations in 2023.

The Jieyang project is expected to start operations in 2022. Petrochina Pdvsa Guandong Petrochemical Co Ltd is the operator while China National Petroleum Corp and Petroleos de Venezuela SA hold 60% and 40% of equity in the project, respectively.

  • Comments provided by Bhargavi Gandham – Oil & Gas Analyst at GlobalData
  • Information based on GlobalData’s report: Global Crude Oil Refinery Projects Outlook, 2021-2025
  • This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts

About GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

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Mexico was among the first countries globally to announce the phase out of coal power by 2030. However, the country has retracted from the plan and does not have any phase out policy presently. As a result, the coal power capacity in Mexico is likely to marginally decrease from 6.02 GW in 2020 to 5.67 GW in 2030. Despite this minor dip, the thermal power generation will continue to dominate till 2030, says GlobalData, a leading data and analytics company. 

GlobalData’s report, ‘Mexico Power Market Outlook to 2030, Update 2021 – Market Trends, Regulations, and Competitive Landscape’, reveals that thermal power was the major source of power generation in Mexico in 2020 as well. Here on, the thermal power capacity is expected to rise at a compound annual growth rate (CAGR) of 2% from 55.3 GW in 2020 to 67.2 GW in 2030 and thermal power generation is projected to increase at a CAGR of 0.9% from 251.7 TWh in 2020 to 274 TWh in 2030. 

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Rohit Ravetkar, Power Analyst at GlobalData, says: “In 2020, thermal power generation held a share of 76.9% in Mexico’s total generation. Although this share is expected to decline to 63.3% in 2030, thermal power will continue to dominate Mexico’s generation mix. In 2017, the country became a member of the Powering Past Coal Alliance, a group of numerous countries, cities, regions, and organizations that aim to accelerate the phase out of coal power. Mexico committed to phase out coal power generation by 2030, however, the new government that came into power in 2018y, has promoted the use of thermal power generation. This has led to the slow growth of the renewable sector in Mexico.” 

In March 2021, the Mexican Government passed an energy bill that favors government-owned generating plants that majorly run-on fossil fuels. Under this new bill, electricity will be bought first from state-owned hydroelectric plants and those that run on coal and oil. 

Mr. Ravetkar concludes: “Steps taken by the Mexican Government such as not raising their targets for reducing CO2 emissions under the Paris Agreement, passing an energy bill that favors electricity generation from fossil fuels and the purchase of two million tons of coal for power generation shows that power generation from fossil fuels is there to stay in the country for a long period of time. The government’s lack of support for renewable technologies is expected to reduce the interest and investment of foreign companies in the country’s renewable sector.” 

About GlobalData 

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, technology, energy, financial and professional services sectors.                                                                                                  

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Angola’s crude oil production has seen a drastic decline of almost 30% in just six years, from 1.7 million barrels per day (mmbd) in 2015 to just shy of 1.2mmbd in 2021, according to GlobalData. The leading data and analytics company now expects further decline for the country through to 2025, which is forecast to see approximately 1.1mmbd - despite the multiple expansion projects that are due to come online in the near future. However, Angola may see a bit of relief in that marketed gas is at a record high.

Conor Ward, Oil and Gas Analyst at GlobalData, comments: “Angola has been unable to replicate the level of investment experienced in the early 2010s. While the multiple expansion projects due to come online within the next few years - including Lifua A, B, and C; CLOV phase 2; and Dalia Phase 3 - will have the capacity to bring an additional 89,000 barrels of crude per day to Angola, they will only be able to temper the decline of the country’s ageing fields for a short period.”

On the other hand, production has been growing at Angola’s liquefied natural gas (LNG) plant, which came online in 2013 and is supplied by associated gas. In 2021, marketed gas in Angola reached a new high of 720mmcfd.

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Ward continues: “ENI’s Northern Gas Complex, which will be the country’s first non-associated gas field, is a pioneering project. Its performance will be observed closely by other companies that are considering developing gas fields in Angola.”

One concern is whether European majors, who are currently responsible for over a third of Angola’s production, will continue to revise their positions based on emerging emissions goals.

Ward adds: “A positive signal is the potential merger between BP and ENI, which will likely enable the companies to streamline operations in Angola and make further investments to grow production. Should this deal go ahead, it is possible that more mergers could occur to unlock stranded resources in the country irrespective of what other European companies may decide to do.”

About GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors. GlobalData

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