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Today in Houston CERAWeek by S&P.

Updated: Apr 12, 2023

Kicking off today is S&P's annual CERAWeek event, which will take place in Houston, Texas from March 6-10 and includes a broad energy industry-themed agenda.

This year, the event will focus on the "trilemma" facing energy in the world with important topics such as guaranteeing the security of supply in the midst of war and political tensions, the transition towards a zero-carbon emission system and keeping energy affordable.

These are some points that the first exhibitors touched on in their presentations:

Torbjorn Tornqvist, Co-Founder & Chairman of Gunvor Group Ltd.

  • About 75% of the growth in global oil demand this year will come from China.

  • Between 300 and 400 ghost tanker ships seek to transport Russian oil despite international sanctions.

  • Competition for liquefied natural gas cargoes will intensify between Asia and Europe this summer.

Alex Pourbaix, CEO of Cenovus Energy, told Bloomberg in an interview that Canada needs its own Inflation Reduction Act (IRA) so the country can meet its climate targets and remain competitive.

The CEO of one of Canada's largest oil sands companies explained that an investment tax credit in last year's Canadian budget is welcome, but it would only cover about 15% of the oil industry's carbon capture costs until 2050, whereas the IRA would cover two thirds of the costs.

“If we don’t, we’re just going to see that capital flee the country and go to the US where they have such an attractive process and mechanism for companies to reduce their emissions”, he told Bloomberg.

Oliver Le Peuch, chief executive of SLB, one of the world's largest oil companies, told Bloomberg in an interview that one of the biggest growths in oil activity this year occurred in the Middle East, where record spending by customers address global supply needs.

“There is an uptick that has materialized in the last six months in the Middle East that is here to stay, and that will support the new engine of growth in the industry”, said during the interview.

Mike Wirth, Chairman of the Board & Chief Executive Officer, Chevron Corporation.

The company is eyeing the Mediterranean to bring natural gas to Europe from its Leviathan field off the coast of Israel, he said the company is working this year on options for doing this.

He discusses Chevron the options of a multi-billion dollar pipeline, exporting through existing facilities near Egypt and floating liquefied natural gas.

Gas markets have “structurally changed” since the Ukraine war, meaning Europe will need non-Russian sources for the long term, Wirth said.

CERAWeek 2023 it had the presence of CEOs international companies in the energy sector
CERAWeek 2023

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