Wednesday, 26 June, 2024 / Edition 13

I am a lifetime soccer fan and have been enjoying watching Euro 2024 and Copa America. I’m rooting for Team USA and the Netherlands, where my family lived for more than 12 years.

Now, let’s kick off this week’s energy news updates.

Shangyou Nie

Editor, Well Read

73rd Annual Statistical Review of World Energy Released

Pixels Hunter/Shutterstock.com

Last week, the Energy Insitute published the 73rd annual Statistical Review of World Energy, a key data source for energy professionals worldwide. The Review highlighted three new records set in 2023:

1. Record consumption of fossil fuels

2. Record generation of power by renewable energy

3. Record emissions from energy use

Global energy use findings:

• For the second consecutive year, global primary energy consumption hit a record high, reaching 620 exajoules—a 2 percent increase over 2022.

• 81.5 percent of world’s primary energy consumption is still using fossil fuels, a 0.4 percent drop from 2022.

• Global average energy consumption per person was 1.1 petajoules in 2023, led by North America with 2.2—more than 7 times the average in Africa, South Asia, and Southern and Central America.

Oil, gas, and coal findings for 2023:

• Oil consumption exceeded 100 million b/d for the first time ever, with an average Brent price of $83/barrel.

• Russian oil production only dropped 1 percent, despite a full year of sanctions.

• Global consumption of coal set a new record of 164 exajoules, partly because coal prices fell 46 percent.

• Gas consumption stayed flat at 4 trillion cubic meters, or 142 tcf. European demand fell 7 percent to 383 bcm, the lowest level since 1994. The average gas price in Europe and Asia was $13/mmBtu.

Renewable findings:

• Renewable energy generated a record amount of electricity—especially in China—led by solar and wind.

About the report:

• This is the second year that the Energy Institute has published the Review. It was previously published by BP from 1952–2021.

• “We are committed to be full, first, and free” in providing the world with unbiased energy data for 2023, said Juliet Davenport, the outgoing Energy Institute president, during the report’s official release webcast.

• Andy Brown, former upstream director for Shell, will become the next Energy Institute president.

Webcast insights:

• “Europe and the USA have probably seen peak fossil fuel use. China might be the next”—Nick Wayth, CEO, Energy Insitute

• “We are on pace to triple the renewable energy growth target by 2030”—Rachel Morison, Team Lead for power, gas, and renewables coverage in Europe, Bloomberg

• “In the U.S., gas is replacing coal; but renewables are replacing gas, like a waterfall effect”—Wayth

Go deeper: Read the full review and access its full data set.

A message from TGS

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3D Geologic Volumes: These volumes are utilized for well planning, geosteering, detailed reservoir studies, and simulations.

The NextDecade News Continues…

Esfera/Shutterstock.com

LNG developer NextDecade continues to attract international investors, as Korean conglomerate Hanwha recently purchased an additional 6.8 percent of NextDecade shares. Hanwha will now own 22.7 percent of NextDecade, making it the company’s largest shareholder.

Catch up fast:

• Hanwha said in a SEC filing on 13 June that it would buy 17,536,368 shares of NextDecade stock for $130 million.

• Hanwha previously owned 15.9 percent of NextDecade shares through its subsidiaries Hanwha Ocean and Hanwha Impact.

• TotalEnergies was previously the largest shareholder of NextDecade with 17.5 percent.

About NextDecade:

• Previous editions of Well Read reported that ADNOC and Aramco have signed deals to join NextDecade’s Rio Grande LNG project.

• NextDecade is constructing Phase 1 of Rio Grande LNG (capacity 17.6 mtpa) with the first gas expected between 2027 and 2029 for Trains 1, 2, and 3.

• Joint Venture Partners for NextDecade include Global Infrastructure Partners, TotalEnergies, GIC, a Singapore state investor, and Mubadala, an ADNOC subsidiary.

• Committed LNG customers for Rio Grande LNG include: TotalEnergies, Shell, ExxonMobil, Galp, Engie, Itochu, ENN, ChinaGas, Guangdong Energy Group.

What to watch:

• Who will become additional partners/investors in NextDecade or its Rio Grande LNG project?

• Will Korean companies secure additional gas offtake rights to help enable NextDecade FID for Train 4 later this year?

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✉️ To get in touch with Shangyou, send an email to editorial@aapg.org.