One of the most affected segments of the oil and gas industry in the lower-for-longer price environment has been offshore EOR. In the early 2010s with the price of oil sitting comfortably in the $90-plus range research institutes and federal agencies like the National Energy Technology Laboratory (NETL) and the U.K.’s Oil and Gas Authority (OGA) were touting the potential recoveries and economic value that EOR afforded.
For example, in June 2014—when oil was trading for more than $108/bbl—NETL published a study into offshore CO2 EOR that reported more than 4.3 Bbbl of oil were recoverable with “next-generation” CO2technology. The report promoted a sense of urgency in recovering oil from mature Gulf of Mexico (GoM) fields but also made the push based on the assumption of $90/bbl oil. And although the potential recoveries and need to optimize production in offshore reservoirs may still be accurate and relevant, the reality is that few companies are willing to spend the millions of dollars it takes to implement widespread EOR efforts offshore in an environment in which companies are looking for ways to curb spending.
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The Global Small-Scale LNG Market is projected to grow from 30.8 MTPA in 2016 to 48.3 MTPA by 2022, at a CAGR of 6.7% between 2017 and 2022. The small-scale LNG market across the globe is driven by their increasing LNG demand from remote locations by applications, such as industrial & power, and the ability to transport LNG over long distances without the need for heavy investment such as pipelines. By terminal type, regasification terminal is expected to grow at a highest CAGR between 2017 and 2022. The increasing demand for LNG from the remote locations and global commoditization of LNG are some of the major factors that are driving the demand for small-scale LNG in this segment.
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The Linde Group (Germany), Wärtsilä (Finland), Honeywell International Inc. (U.S.), General Electric (U.S.), and Engie (France), among others are the leading companies operating in the small-scale LNG market. These companies are expected to account for significant shares of the small-scale LNG market in the near future.
Critical questions the report answers:
Growth Drivers are :
Energy cost advantage of LNG over alternate energy sources for end-users
Heavy duty transport companies save approximately 30% on fuel costs on LNG-fueled trucks, compared to diesel fueled trucks, and produce 30% lower emissions. Air pollution from diesel engines is one of the biggest concerns, especially in areas that struggle to meet air-quality standards. On the other hand, natural gas causes complete combustion and fewer emissions than diesel. It is estimated that increasing environmental concerns from the utilization of diesel vehicles is likely to increase the adoption of green fuel technologies such as natural gas. In the case of electric power generation, natural gas engines below 150 KW are more cost effective than oil fueled engines. Fuel cost is one of the major cost for road transportation, which is strongly subject to excise taxation. Typically, an LNG-fueled Volvo FM truck can travel up to 600 km with LNG. With an additional 150 litres of diesel, it can travel up to 1,000 km without refuelling. Thus, reducing the cost of travel. With additional LNG liquefaction capacity expected to come online in the next few years, an oversupply of LNG is expected, which will drive the price of LNG further lower. Considering all these factors, both developed and developing countries are undertaking feasibility studies to recognize the techno-economics of shifting their economies from diesel to natural gas. Therefore, the cheap price of small-scla LNG over others alterantive fuels will drive the growth during the forecast period.
Small-scale LNG terminals are regarded as facilities, including liquefaction and regasification terminals, with a capacity of less than 1 million tons per annum (MTPA) within the scope of this study. It includes the LNG produced from small-scale liquefaction terminals and regasified at small-scale regasification terminals for catering to applications such as LNG-fueled heavy-duty transport, LNG-fueled ships, and industrial & power generation.
North America small-scale LNG market is projected to grow at the highest CAGR during the forecast period.
The North America small-scale LNG market is projected to grow at the highest CAGR during the forecast period. In North America, most of the small-scale LNG demand in industrial & power applications is met through peak shaving facilities. The peak shaving facilities are used to meet adequate supply of LNG to address the peak demand. In 2015, there were more than 100 peak shaving facilities in the U.S., among which one-half of the peak shaving facilities were located in the Northeast, while a quarter of them were located in the Midwest. Currently, the U.S. has among the highest number of peak shaving plants. However, less than 10% of them are available for any other use due to the current electricity demand. The commissioning of small-scale liquefaction plants can expand the peak shaving capacities in the region.
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The report "Cryogenic Tanks Market by Raw Material (Steel, Nickel Alloy), Cryogenic Liquid (Liquid Nitrogen, LNG), Application (Storage, Transportation), End-use Industry (Metal Processing, Energy Generation, Electronics), and Region - Global Forecast to 2024" The global cryogenic tanks market size is projected to grow from USD 6.2 billion in 2019 and expected to reach USD 8.1 billion by 2024, at a CAGR of 5.5%.
Browse 121 market data Tables and 36 Figures spread through 147 Pages and in-depth TOC on "Cryogenic Tanks Market by Raw Material (Steel, Nickel Alloy), Cryogenic Liquid (Liquid Nitrogen, LNG), Application (Storage, Transportation), End-use Industry (Metal Processing, Energy Generation, Electronics), and Region - Global Forecast to 2024"
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The global industry for cryogenic tanks is driven primarily by the increasing demand for LNG. An increase in infrastructure spending, space applications for cryogenic technologies, and cryogenic energy storage systems represent promising growth opportunities for the market. Improving healthcare services in the developing economies is boosting the cryogenic tanks market.
The steel segment is estimated to lead the cryogenic tanks market, by raw material, during the forecast period.
Steel is primarily used in the manufacturing of cryogenic tanks. Most of the materials are ductile at room temperature and abruptly lose their ductility when a given threshold is exceeded. They then become brittle even at relatively low temperatures. The austenitic stainless steel is majorly used for working in the low-temperature range. Carbon and alloy grade steels used for low-temperature service are required to provide high strength, ductility, and toughness in vehicles, vessels, and structures that must be used at –49°F and lower. These factors are contributing to the growth in demand for steel for the manufacturing of cryogenic tanks.
Liquid Nitrogen is the fastest-growing cryogenic liquid segment of the cryogenic tanks market.
Liquid nitrogen is primarily used in metal processing, food & beverage, electronics, and healthcare industries. The steel manufacturing industry is one of the major consumers of nitrogen. Nitrogen is used in the food & beverage industry for food preservation and packaging applications. The use of liquid nitrogen in this industry enables cost savings during storage and transportation and improves food quality. Liquid nitrogen is used to cool normally soft or heat-sensitive materials, such as plastics, tires, and certain metals. The increasing demand for liquid nitrogen from metal processing, food, and medical industries is expected to drive the market in this segment.
Metal processing is expected to lead the end-use industry segment for cryogenic tanks market during the forecast period.
Metal-processing industry was the largest end-use industry for the cryogenic tanks industry. Cryogenic tanks are increasingly being used in the metal processing industry, especially steel the industry. Huge quantities of nitrogen and other industrial gases are used during the steel manufacturing process. Nitrogen is also known to be largest consumed gas in the industry. It is used as a high-pressure gas for laser cutting of steel and metal. The inert properties of nitrogen facilitates its use as a blanketing gas. Some gases, including hydrogen and oxygen, are also used in the metal processing industry. Cryogenic tanks are commonly used in the storage and transportation of these gases in manufacturing plants, which drives the market demand.
High economic growth rate and growing metal processing and energy generation industries in China, Australia, and India are projected to lead the cryogenic tanks market in APAC during the forecast period.
APAC is the fastest-growing market, in terms of both production and demand. Higher domestic demand, easy availability of raw materials, and low-cost labor make APAC the most preferred destination for the manufacturers of cryogenic tanks. The cryogenic tanks market in India, China, and Australia is expected to witness significant growth during the forecast period. The market is primarily driven by the demand from the energy & power sector. APAC is emerging as a leading consumer of cryogenic tanks, owing to the increasing demand from domestic as well as international markets.
The key players in cryogenic tanks market are Chart Industries (US), Cryofab (US), INOX India (India), Linde PLC (UK), Air Products (US), Cryolor (France), Air Water (Japan), Wessington Cryogenics (UK), FIBA Technologies (US), and ISISAN (Turkey). These players have established a strong foothold in the market by adopting strategies, such as expansion, new product launch, and merger & acquisition.
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September was the first month the United States recorded exporting more petroleum than it imported
In September 2019, the United States exported 89,000 barrels per day (b/d) more petroleum (crude oil and petroleum products) than it imported, the first month this happened since monthly records began in 1973 (Figure 1).
Net petroleum trade is calculated as total imports of crude oil and petroleum products less total exports of crude oil and petroleum products. The United States currently imports more crude oil than it exports, but it exports more petroleum products than it imports (Figure 2). The balance of this petroleum trade activity has been changing during the past 10 years, from annual net petroleum imports of 9.6 million b/d in 2009 to annual net imports of 2.3 million b/d in 2018. Long-running changes in U.S. trading patterns for both crude oil and petroleum products have resulted in a steady decrease in overall U.S. net petroleum imports.
Increasing U.S. crude oil production, which rose from an average of 5.3 million b/d in 2009 to 12.1 million b/d in 2019 through September, has resulted in a decrease in U.S. crude oil imports from an average of 9.0 million b/d in 2009 to 7.0 million b/d through September 2019. The decrease in U.S. crude oil imports also corresponded with a decrease in the number of sources the United States imported crude oil from.
In December 2015, the United States lifted restrictions on exporting domestically produced crude oil. Since then, U.S. crude oil exports have been the largest contributor to U.S. petroleum export growth; U.S. crude oil exports have grown from 591,000 b/d in 2016 to 2.8 million b/d in 2019 through September. Despite increasing exports of crude oil, however, the United States remains a net importer of crude oil. The United States continues importing primarily heavy high-sulfur crude oils that most U.S. refineries are configured to process, and more than 60% of U.S. crude oil imports come from Canada and Mexico.
At the same time, U.S. refineries responded to increasing domestic and international demand for petroleum products (such as distillate fuel, motor gasoline, and jet fuel) by increasing throughput. Gross inputs into U.S. refineries rose from an annual average of 14.6 million b/d in 2009 to 17.0 million b/d through the third quarter 2019, and they have regularly set new monthly record highs.
The increase in refinery production of petroleum products has outpaced the increase in U.S. consumption, contributing to an increase in petroleum product exports. The United States has gone from net petroleum product imports of 698,000 b/d in 2009 to net petroleum product exports of 3.2 million b/d so far in 2019. In the first nine months of 2019, the United States exported 1.4 million b/d of distillate, 1.1 million b/d of propane, and 864,000 b/d of motor gasoline, the three largest petroleum product exports.
Although seasonal monthly import and export patterns may result in month-to-month back and forth changes between net imports and net exports for some products such as motor gasoline, the United States has been a net exporter of several products on an annual basis (Figure 3). The United States has been an annual net exporter of distillate and residual fuel since 2008, a net exporter of hydrocarbon gas liquids and jet fuel since 2011, and a net exporter of motor gasoline since 2016.
The U.S. Energy Information Administration’s (EIA) Short-Term Energy Outlook (STEO) had forecast that the United States would transition to net petroleum exports in September 2019. In the November STEO, EIA forecasts that U.S. net petroleum exports will continue to increase, averaging 751,000 b/d in 2020, the first time that the United States is expected to be a net petroleum exporter on an annual basis.
U.S. average regular gasoline price falls, diesel price increases
The U.S. average regular gasoline retail price fell less than 1 cent from the previous week to remain at $2.58 per gallon on December 2, 12 cents higher than the same time last year. The West Coast price fell more than 6 cents to $3.41 per gallon, the Gulf Coast price fell more than 1 cent to $2.23 per gallon, and the Rocky Mountain price fell nearly 1 cent to $2.82 per gallon. The Midwest price increased by more than 2 cents to $2.42 per gallon, and East Coast price increased by nearly 2 cents to $2.48 per gallon.
The U.S. average diesel fuel price rose less than 1 cent, remaining at $3.07 per gallon on December 2, 14 cents lower than a year ago. The Midwest price rose by more than 1 cent to $2.98 per gallon, the East Coast price rose by nearly 1 cent to $3.06 per gallon, and the Gulf Coast price rose by less than 1 cent to remain at $2.78 per gallon. The West Coast price fell by nearly 2 cents to $3.70 per gallon, and the Rocky Mountain price fell by nearly 1 cent to $3.24 per gallon.
Propane/propylene inventories decline
U.S. propane/propylene stocks decreased by 1.7 million barrels last week to 91.8 million barrels as of November 29, 2019, 4.1 million barrels (4.6%) greater than the five-year (2014-18) average inventory levels for this same time of year. Midwest, East Coast, and Gulf Coast inventories decreased by 0.8 million barrels, 0.7 million barrels, and 0.4 million barrels, respectively. Rocky Mountain/West Coast inventories increased by 0.2 million barrels. Propylene non-fuel-use inventories represented 5.8% of total propane/propylene inventories.
Residential heating fuel prices increase
As of December 2, 2019, residential heating oil prices averaged nearly $3.01 per gallon, almost 2 cents per gallon above last week’s price but more than 19 cents per gallon below last year’s price at this time. Wholesale heating oil prices averaged almost $2.05 per gallon, less than 1 cent per gallon more than last week’s price and nearly 8 cents per gallon more than a year ago.
Residential propane prices averaged nearly $2.04 per gallon, almost 4 cents per gallon higher than last week’s price but more than 39 cents per gallon lower than a year ago. Wholesale propane prices averaged almost $0.91 per gallon, nearly 1 cent per gallon higher than last week’s price and more than 6 cents per gallon above last year’s price.