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It is currently predicted that solar and wind energy will not displace oil and gas as the primary sources of energy for several decades to come.
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According to industry reports, the Global Oil & Gas Exploration & Production industry is projected to reach a market size of $4.3 trillion by 2023. This industry has been growing at a faster pace than the overall economy, which is a positive sign for investors. Additionally, when compared to the Global Mining sector, the Oil & Gas Exploration & Production industry has been growing at a faster rate. This could be attributed to various factors such as advancements in technology, an increase in demand for oil and gas, and government policies that support the industry. Overall, the future looks bright for the Oil & Gas Exploration & Production industry and investors should keep a close eye on it.
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LUBRICANTS MARKET OUTLINE
The global lubricants market was valued at USD 130.03 billion in 2021 and is expected to grow at a CAGR of 3.7% from 2022 to 2030. The automotive industry's increasing trade in vehicles and spare parts is driving the demand for lubricants, which are used to reduce friction and wear & tear between moving machinery parts. These essential lubricants come in petroleum-based or water-based forms and are necessary for proper machinery functioning, reducing operational downtime, and increasing overall productivity.
Lubricants are widely used in processing industries and automobile parts, especially in brakes and engines, which require smooth functioning. The market is growing due to increased imports and exports of piston engine lubricants, as well as rising consumer demand for standard and specialized lubricants to enhance vehicle performance and reduce long-term maintenance costs.
Lubricant manufacturing involves using crude oil, tight oil, and other additives to formulate different types of lubricants. These additives include antioxidants, extreme pressure additives, rust- & corrosion-prevention additives, detergents, viscosity index improvers, anti-wear agents, and dispersants, among others. Base oils, such as petrochemical fractions like fluorocarbons, esters, polyolefin, and silicones, make up 90% of lubricants, while additives make up the remaining 10%. Paraffinic and naphthenic are two important base oils used in lubricant formulations.
Full complex of services for oil and gas companies
The quality of our work is ensured by the synthesis of scientific knowledge and hands-on experience along with the implementation of innovative technologies.
The competitiveness and reputation of our company as a reliable partner are ensured by a high level of our professional team, severe conformity to quality and safety standards, and modern management methods. Established in 2003, nowadays it holds a leading position in Ukraine.
Market Growth
The Oil & Gas Exploration & Production industry is projected to reach $4.3 trillion by 2023, growing faster than the overall economy. Compared to the Global Mining sector, this industry has been growing at a faster rate thanks to technology, demand for oil and gas, and government support. Investors should keep an eye on this industry as it looks promising.
The Global Oil & Gas Exploration & Production industry is expected to be worth $4.3 trillion by 2023, growing faster than the economy and the mining sector. This is due to technology advancements, demand for oil and gas, and government support. Investors should pay attention to this promising industry.
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MARKET OUTLINE
The petroleum industry, also known as the oil industry or oil patch, is a vast and complex global enterprise that involves a multitude of processes. These processes include exploration, which refers to the search for new oil and gas reserves, extraction, which involves the removal of crude oil and natural gas from the ground, refining, which is the process of converting crude oil into various types of petroleum products, transportation, which is often done through the use of oil tankers and pipelines, and marketing, which involves the promotion and sale of petroleum products to consumers.
The year 2022 was marked by several significant challenges in the energy sector. One of the biggest obstacles was the Russian invasion of Ukraine, which led to a series of sanctions imposed by the EU on Russia. These sanctions had a profound impact on the energy markets, making it difficult for energy companies to operate and for consumers to access affordable energy sources.
The end of 2021 saw a significant increase in energy, oil, and gas prices, further exacerbating the challenges facing the industry. As a result, people across the world have had to deal with higher energy costs, making it difficult for them to make ends meet.
In just 12 months, Russia's oil exports to the EU significantly decreased from 15,724 thousand tonnes to 6,248 thousand tonnes. This decrease in exports has caused a shift in the EU's import partners, creating opportunities for other countries to increase their supply of oil to the EU. In comparison to 2019, the United States has increased its annual exports to the EU by a staggering 25,813 thousand tonnes, which represents a 63% increase. Norway has also experienced an increase of 16,695 thousand tonnes, or a 37% increase. Brazil's annual exports have grown by 8,711 thousand tonnes, or a massive 194% increase. Angola's exports have also increased by 4,140 thousand tonnes, or 57%. Finally, the United Arab Emirates' exports have seen a 1,435 thousand tonne increase, or a 24% increase, compared to 2019. The shift in the EU's oil import partners has proven to be a great opportunity for these countries to increase their supply of oil to the EU market.
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PRODUCT COMPASS
Petrochemicals have become the driving force behind the global demand for oil. These are components derived from oil and gas, and are used in an array of everyday products including plastics, fertilizers, packaging, clothing, digital devices, medical equipment, detergents, and tires. In fact, petrochemicals have surpassed cars, planes, and trucks as the largest drivers of global oil demand.
Petrochemicals will continue to play a significant role in the growth of world oil demand in the coming years. They are set to account for more than a third of the growth in world oil demand by 2030, and nearly half of the growth by 2050. This means that they will be adding nearly 7 million barrels of oil a day by 2050. In addition, the report shows that the use of petrochemicals will lead to an increase in natural gas consumption. By 2030, they are poised to consume an additional 56 billion cubic metres (bcm) of natural gas, and 83 bcm by 2050.
Considering the increasing demand for petrochemicals, it is important to find ways to reduce their negative impact on the environment. This can be done by exploring alternative materials for products that use petrochemicals, and by investing in research and development of cleaner and more sustainable production methods. Additionally, efforts to increase the efficiency of energy use in industries that rely on petrochemicals can also help reduce the demand for these components.
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OUR VISION
Our aim is to ensure that the UK and Turkey continental shelf remains an attractive place for energy producers to do business with their supply chains.
We are thrilled to announce our scope extension, which is a natural next step in our organisation's journey. Our proud oil and gas heritage has given us the skills and expertise that we can now put to good use. By extending our representation to include renewable and carbon-cutting industries, we can reflect the agile nature of the companies involved in energy production. This will enable us to realise new opportunities for the Capian Sea and beyond. Our new focus on renewable energy will help us to contribute to a more sustainable future by reducing carbon emissions and promoting a cleaner environment. We believe that this is an important step in the right direction and are excited to see what the future holds as we continue to grow and expand our organisation's reach.
Considering the increasing demand for petrochemicals, it is important to find ways to reduce their negative impact on the environment. This can be done by exploring alternative materials for products that use petrochemicals, and by investing in research and development of cleaner and more sustainable production methods. Additionally, efforts to increase the efficiency of energy use in industries that rely on petrochemicals can also help reduce the demand for these components.
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