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"...you have done a very good job of characterizing the worldwide situation ... it is very complete and very impressive. We are pleased. Your outlook is consistent with other information we have obtained." |
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For more information on this comprehensive outlook, please contact Kristine Klavers at +1.713.993.0032. |
Given the current economic crisis and the recent decline in oil prices, there have been significant changes in the heavy and non-conventional crude oil outlook at least in the near term. Hart’s report, Heavy Crude Oil: A Global Analysis and Outlook has been updated in 2009 to reflect the current economic situation. It includes new forecasts of heavy and non-conventional crude oil production by region with the near term reductions highlighted. Heavy oil refining capacities and crude disposition by region have also been updated. The forecasts have been placed in the context of the latest global oil demand forecasts from the IEA and other agencies, which are also lower than last year.
Costs have fallen with global demand for commodities along with costs for other types of oil development and some projects may take advantage of lower costs and proceed despite lower oil prices. In addition there appears to be increasing pressure on heavy oil producers to reduce greenhouse gas emissions. The effect of near term cost reductions on heavy oil projects due to lower commodities prices and potential increases in costs associated with reducing greenhouse gas emissions will be highlighted.
New technologies also impact the economic viability of heavy and non-conventional crude oil development. The 2009 heavy oil report includes an updated section on technology.
Heavy oil and bitumen are widely distributed around the globe and have been found on every continent except Antarctica. Discovered original oil in place (OOIP) includes 3,366 billion barrels of ‘conventional’ heavy oil with API gravities greater than 10o and less than 20o.
Non-conventional resources include 2,500 billion barrels of bitumen with another billion or so estimated to be undiscovered and 2,000 billion barrels of extra-heavy oil.
Most of the heavy crudes that are produced today come from North and South America, with significant quantities being produced in the United States, Canada, Mexico, Venezuela and Brazil. The Canadian oil sands and the Orinoco Belt extra-heavy oil are the largest sources of non-conventional oil production today and will remain so in the future. Global heavy oil production will increase with new projects in the Middle East, China, Russia, South America and Africa.
For more information, contact Kristine Klavers at +1.713.993.0032.
This comprehensive analysis and report on global heavy oil production and outlook was conducted to provide an in-depth regional analysis of the quantities and characteristics of the various types of heavy crude oils that will be entering the market in the next 20 years. The analysis covers both the upstream and downstream aspects of heavy oil, with summaries of the current and potential future technologies that will allow more of these resources to be produced and refined in the future. Potential constraints are summarized by region, both technological and political constraints and uncertainties. Considerable focus is given to environmental issues and how technology can allow heavy oil developments to proceed without excess damage to the environment.
A single reference source on:• Heavy oil resources • Product quality • Production • Projects • Implications |
Information pertaining to:• North & South America • Europe, Russia & CIS • Middle East • Asia Pacific • Africa |
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Analysis includes:• Production forecasts by country • Detailed analysis of North American PADD regions • Disposition by region - internal market vs. export • Existing heavy oil pipelines • New heavy oil projects and expansions |
HART's Heavy Crude Oil Outlook is a high quality service that involves the culmination of information drawn from around the world by HART's experts. As part of the service, subscribers will be afforded direct access to in-depth Q&A sessions with HART's experts.
The outlook, a forecast through 2025, is available in both electronic and hard-copy formats.
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This service will provide you with all the necessary information on the global heavy crude oil market. Contact us
