TURKEY 2005 Review INTERNATIONAL ENERGY AGENCY

Total Page:16

File Type:pdf, Size:1020Kb

TURKEY 2005 Review INTERNATIONAL ENERGY AGENCY INTERNATIONAL ENERGY AGENCY Energy Policies of IEA Countries TURKEY 2005 Review INTERNATIONAL ENERGY AGENCY The International Energy Agency (IEA) is an autonomous body which was established in November 1974 within the framework of the Organisation for Economic Co-operation and Development (OECD) to implement an international energy programme. It carries out a comprehensive programme of energy co-operation among twenty-six of the OECD’s thirty member countries. The basic aims of the IEA are: • to maintain and improve systems for coping with oil supply disruptions; • to promote rational energy policies in a global context through co-operative relations with non-member countries, industry and international organisations; • to operate a permanent information system on the international oil market; • to improve the world’s energy supply and demand structure by developing alternative energy sources and increasing the efficiency of energy use; • to assist in the integration of environmental and energy policies. The IEA member countries are: Australia, Austria, Belgium, Canada, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Japan, the Republic of Korea, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, the United Kingdom, the United States. The European Commission takes part in the work of the IEA. ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT The OECD is a unique forum where the governments of thirty democracies work together to address the economic, social and environmental challenges of globalisation. The OECD is also at the forefront of efforts to understand and to help governments respond to new developments and concerns, such as corporate governance, the information economy and the challenges of an ageing population. The Organisation provides a setting where governments can compare policy experiences, seek answers to common problems, identify good practice and work to co-ordinate domestic and international policies. The OECD member countries are: Australia, Austria, Belgium, Canada, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, the Slovak Republic, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. The European Commission takes part in the work of the OECD. © OECD/IEA, 2005 No reproduction, copy, transmission or translation of this publication may be made without written permission. Applications should be sent to: International Energy Agency (IEA), Head of Publications Service, 9 rue de la Fédération, 75739 Paris Cedex 15, France. TABLE OF CONTENTS 1 ORGANISATION OF THE REVIEW ........................... 7 2 SUMMARY OF CONCLUSIONS AND RECOMMENDATIONS .... 11 3 GENERAL ENERGY POLICY ................................. 21 4 ENERGY AND THE ENVIRONMENT ......................... 37 5 ENERGY DEMAND AND END-USE EFFICIENCY ............... 51 6 OIL ...................................................... 67 7 COAL .................................................... 89 8 NATURAL GAS ............................................ 99 9 RENEWABLES ............................................. 117 10 ELECTRICITY, NUCLEAR POWER AND CO-GENERATION ....... 131 11 ENERGY RESEARCH AND DEVELOPMENT ................... 159 A ANNEX: ENERGY BALANCES AND KEY STATISTICAL DATA ....... 169 B ANNEX: INTERNATIONAL ENERGY AGENCY “SHARED GOALS” . 173 C ANNEX: GLOSSARY AND LIST OF ABBREVIATIONS ............. 175 3 Tables and Figures TABLES 1. Taxes on Oil Products and Natural Gas in Turkey, 30 April 2004 . 30 2. Winter Season Air Pollution Trends in Turkish Cities ............... 41 3. Turkish and WHO Air Quality Standards ........................... 43 4. Emissions Standards for Combustion Plants in Turkey ............. 44 5. Oil Reserves in Turkey, 1 January 2004 ............................ 70 6. Crude Oil Production in Turkey, 2003 .............................. 70 7. Oil Retailers and their Shares in the Turkish Market, 2003 ....... 73 8. Oil Product Import/Export Balance, 2003 ......................... 77 9. Production and Productivity in Hard Coal Mining ................. 90 10. The Workforce in Hard Coal Mining ................................. 90 11. Lignite Production and the Workforce of TKI ...................... 91 12. State Assistance to TTK ............................................. 93 13. TTK’s Hard Coal Sales .............................................. 95 14. Natural Gas Import Contracts ...................................... 101 15. Natural Gas Pipelines in Turkey .................................... 102 16. Renewable Energy Supply in Turkey, 1990 to 2003 ............... 117 17. Hydropower in Turkey, 2004 ....................................... 118 18. The GAP Project, 2004 ............................................. 120 19. Regional Solar Energy Potential of Turkey ......................... 122 20. Renewable Energy Projections in Turkey ........................... 125 21. Renewable Electricity Generation Licences ......................... 125 22. Long-term Sectoral Electricity Demand ............................. 133 23. Government’s Energy R&D Budget, 2002-2003 ................... 163 FIGURES 1. Map of Turkey ....................................................... 22 2. Total Primary Energy Supply, 1973 to 2020........................ 25 3. Energy Production by Source, 1973 to 2020 ....................... 25 4. CO2 Emissions by Fuel, 1973 to 2002 .............................. 37 5. CO2 Emissions by Sector, 1973 to 2002 ............................ 38 6. Energy-related CO2 Emissions per GDP in Turkey and in Other Selected IEA Countries, 1973 to 2010 ............................. 39 7. Energy Intensity in Turkey and in Other Selected IEA Countries, 1973 to 2010........................................................ 51 8. Total Final Consumption by Source, 1973 to 2020 ................ 53 9. Total Final Consumption by Sector, 1973 to 2020 ................. 53 10. Total Final Consumption by Sector and by Source, 1973 to 2020. 54 4 11. Petroleum Industry Structure ........................................ 68 12. Petroleum Reserves and Infrastructure in Turkey, 2003 ............ 69 13. Final Consumption of Oil by Sector, 1973 to 2020 ................ 74 14. OECD Unleaded Gasoline Prices and Taxes, Third Quarter 2004 . 80 15. OECD Automotive Diesel Prices and Taxes, Third Quarter 2004. 81 16. Fuel Prices, 2003 .................................................... 82 17. Coal Deposits in Turkey, 2004 ...................................... 92 18. Final Consumption of Coal by Sector, 1973 to 2020 .............. 95 19. Natural Gas Infrastructure........................................... 103 20. Final Consumption of Natural Gas by Sector, 1973 to 2020 ...... 106 21. Gas Prices in Turkey and in Other Selected IEA Countries, 1980 to 2003.............................................................. 108 22. Gas Prices in IEA Countries, 2003 .................................. 109 23. Hydropower Capacity and Electricity Production, 1990 to 2002 . 119 24. Final Consumption of Electricity by Sector, 1973 to 2020 ......... 133 25. Electricity Generation by Source, 1973 to 2020.................... 134 26. Electricity Prices in IEA Countries, 2003............................ 140 27. Electricity Prices in Turkey and in Other Selected IEA Countries, 1980 to 2003 ....................................................... 141 28. IEA Government Budgets on Energy R&D per GDP, 2003 ......... 164 5 ORGANISATION OF THE REVIEW 01 REVIEW TEAM The IEA 2005 in-depth review of the energy policies in Turkey was undertaken by a team of energy policy specialists drawn from IEA member countries. The IEA review team visited Turkey from 27 September to 1 October 2004 for discussions with the Energy Administration, energy industries and non- governmental organisations. The members of the team were: Mr Hartmut Schneider Mr Bob Pegler (Team Leader) Minister-Counsellor, Deputy Director-General, Industry, Tourism and Resources Directorate-General for Energy Australian Delegation to the OECD Federal Ministry of Economics and Labour Mr Jun Arima Germany Head, Country Studies Division International Energy Agency Mr Philippe Guillard Head, Department of Refining Mr Nicolas Lefèvre-Marton and Petroleum Logistic Administrator, Energy Efficiency Ministry of Economy, and Environment Division Finance and Industry International Energy Agency France Ms Lea Gynther (Desk Officer for Turkey) Ms Päivi Janka Administrator, Chief Councellor, Energy Department Country Studies Division Ministry of Trade and Industry International Energy Agency Finland Mr Kohei Miwa Officer, Economic Security Division Ministry of Foreign Affairs Japan Lea Gynther managed the review and drafted most of the report. Nicolas Lefèvre-Marton drafted the chapter on Energy and the Environment. Sandra Martin edited the text. Monica Petit and Bertrand Sadin prepared the figures. 7 ORGANISATIONS VISITED The team consulted with the following organisations: G Adgas (a private gas distribution company) G Association of Electricity Distributors and Retailers (ELDER) G Association of Oil Distribution Companies (ADER) . G Association of Electricity Industrialists and Businessmen (ELSIAD) G Autoproducers and Electricity Generation Association (EÜD) G CorumGas (a private gas distribution company) G Electricity Producers Association G Energy Market Regulatory Authority (EMRA)
Recommended publications
  • New Economics of Oil Spencer Dale British Petroleum
    Oil and Gas, Natural Resources, and Energy Journal Volume 1 | Number 5 January 2016 New Economics of Oil Spencer Dale British Petroleum Follow this and additional works at: http://digitalcommons.law.ou.edu/onej Part of the Energy and Utilities Law Commons, Natural Resources Law Commons, and the Oil, Gas, and Mineral Law Commons Recommended Citation Spencer Dale, New Economics of Oil, 1 Oil & Gas, Nat. Resources & Energy J. 365 (2016), http://digitalcommons.law.ou.edu/onej/vol1/iss5/3 This Article is brought to you for free and open access by University of Oklahoma College of Law Digital Commons. It has been accepted for inclusion in Oil and Gas, Natural Resources, and Energy Journal by an authorized administrator of University of Oklahoma College of Law Digital Commons. For more information, please contact [email protected]. ONE J Oil and Gas, Natural Resources, and Energy Journal VOLUME 1 NUMBER 5 NEW ECONOMICS OF OIL * SPENCER DALE Introduction The oil market has been at the centre of economic news over much of the past year: what should we make of the US shale revolution; how will the rebalancing of the Chinese economy affect demand; and most obviously, what are the implications of the dramatic fall in oil prices over the past year or so? The implications of these developments are far reaching. For policymakers, responding to their impact on the prospects for demand and inflation; for financial markets, involved in the trading and financing of oil flows; and most fundamentally of all, for businesses and families across the world that rely on oil to fuel their everyday businesses and lives.
    [Show full text]
  • The Swing Producer, the US Gulf Coast, and the US Benchmarks: the Missing Links
    December 2013 The Swing Producer, the US Gulf Coast, and the US Benchmarks: The Missing links OXFORD ENERGY COMMENT Bassam Fattouh and Amrita Sen* * Chief Oil Analyst, Energy Aspects Introduction Amid rising speculation that OPEC’s oil market clout is threatened by US tight oil growth, the group’s December meeting ended without much of a bang. The 30 million b/d production quota, an artifact of different times as most members currently produce at their maximum capacity, was rolled over. Saudi Arabia the only OPEC member with the ability and the willingness to alter its output to balance the market, put on a carefree face. Saudi Arabia’s Oil Minister Mr Ali al-Naimi dismissed suggestions that the Kingdom might need to reduce production to accommodate growing output elsewhere, telling reporters that ‘Demand is great, economic growth is improving, so what more do you want?’ Indeed, should global oil demand surprise to the upside and some of the current supply disruptions persist, the issue of how to accommodate growing output from within and outside OPEC will not be a pressing one for next year. But should oil market fundamentals weaken, Saudi Arabia’s key challenge is to find a way to accommodate the return of some of the older oil powerhouses like Iran and Iraq while avoiding a sharp fall in the oil price. Indeed, as Naimi calmly batted away journalists’ questions, both Iran and Iraq talked about producing 4 million b/d in 2014 (year-on-year increases of 1.4 million b/d and 1 million b/d respectively).
    [Show full text]
  • Geopolitical Effects and Policy Implications of Structural Changes in the Global Crude Oil Trade
    Basic Research Report 18-20 Geopolitical Effects and Policy Implications of Structural Changes in the Global Crude Oil Trade Dalseok Lee Research Participants Head Researcher: Dalseok Lee, Senior Research Fellow, KEEI Research Associates: Sangyun Shin, Research Fellow, KEEI Donguk Park, Postdoctoral Researcher Jaeseung Lee, Professor, Korea University ABSTRACT 1. Research purpose The United States, which was the world’s largest crude oil importer, showed a significant decline in its crude oil imports, resulting from the increase in its domestic shale oil production, and this trend is expected to continue in the future. Meanwhile, since China became a net importer of crude oil in 1996, its dependence on imported crude oil has been increasing steadily with its growing domestic oil demand and stagnant domestic crude oil production. The world’s two biggest crude oil importers are bringing about a huge change in the global crude oil trading structure. With the decrease in the United States’ crude oil imports from major oil producers in the Middle East, Africa, South America, and Europe, a new crude oil trading structure centered around China, and Asia in general, has emerged, and competition among oil producers to secure market share is intensifying. The change in the trading structure for crude oil, which is widely known as a “strategic product,” is expected to have geopolitical impacts, including changes in international relations. This raises several questions: While the decrease in the United States’ crude oil imports from Saudi Arabia
    [Show full text]
  • Russian and European Gas Interdependence Can Market Forces Balance out Geopolitics?
    Laboratoire d'Economie de la Production et de l'Intégration Internationale Département Energie et Politiques de l'Environnement (EPE) FRE 2664 CNRS-UPMF CAHIER DE RECHERCHE LEPII Série EPE N° 41 bis Russian and European gas interdependence Can market forces balance out geopolitics? Dominique FINON Catherine LOCATELLI janvier 2007 LEPII - EPE BP 47 - 38040 Grenoble CEDEX 9 - France 1221 rue des Résidences - 2e étage - 38400 Saint Martin d'Hères Tél.: + 33 (0)4 56 52 85 70 - Télécopie : + 33 (0)4 56 52 85 71 [email protected] - http://www.upmf-grenoble.fr/lepii-epe/ 1 Russian and European gas interdependence. Can market forces balance out geopolitics? Dominique FINON, CIRED, CNRS and EHESS, Paris Catherine LOCATELLI, LEPII-EPE, Université de Grenoble Summary This article analyses the economic risk associated with the dominant position of the Russian vendor in the European market, with a view to assessing the relevance of possible responses by European nations or the EU. It considers various aspects of the Russian vendor's dependence on the European market, before turning to the risks that Gazprom exerts market power on the European market. It concludes by considering the relevance of the possible responses open to the EU and member states to limit any risks by creating a gas single buyer or more simply by encouraging the development of a denser pan-European network, with additional sources of supply and increased market integration. 2 1. Introduction A great deal has been written recently on relations between European Union countries and Russia with respect to gas. Alarmed by the fears stirred up by the supply cuts following the gas dispute between Russia and Ukraine in January 2006, European states are increasingly concerned about their growing dependence on Russian gas (40% of imports) and the strategy of the quasi-public company Gazprom, which aims to take control of some major gas companies in certain countries without offering anything very substantial in return.
    [Show full text]
  • Investicije I Rizici U 2019
    Bilten # 31 Broj 31 April 2019. SADRŽAJ: Poruka glavnog urednika: Bitka sa žilavim BILTENISSN (Online) 2620-0260 i fleksibilnim protivnikom INTERVJUI Investicije i rizici u 2019. - nafta i gas Ottó Grád: Grey or black side of oil market in Hungary Za godinu dana desetak Aleksandar Djukov Slaviša Petković: puta smanjen broj prekršaja u markiranju Želimo da postanemo orijentir ta tehnološki razvoj i efikasnost ANALIZE EKSPERATA LUKOIL očekuje visoke cene nafte u narednih 10- Tomislav Mićović: Preispitati ceo sistem 15 godina kontrole tržišta nafte I derivata Aleksandar Nedučin: Šverc goriva Vladimir Spasić OSVRT Početak godine ne potvrđuje predviđanja Srećko Đukić I.G. Balčin: Preživljavanje pod sankcijama Nadam se da sa Turskim tokom ne ponavljamo VESTI IZ WPC I NNKS-WPC grešku AKTIVNOSTI NAŠIH ČLANICA Aleksandar Nedučin Trendovi i očekivanja industrije nafte i gasa u NIS 2019. LUKOIL I.G. Balčin Deset najvećih naftnih kompanija u svetu Srbijagas Aktivnosti u kvartalu: SADRŽAJ: NNKS-WPC, NIS, Srbijagas, LUKOIL 3 Poruka čitaocima INTERV JU 1 April 2019. Bilten # 31 . SADRŽAJ 3 Uvodnik: Još jedna godina nemirnog mora ….….………………………..…………………..….…………….……...……. OVDE NAFTA 4 Aleksandar Djukov, Želimo da postanemo orijentir za tehnološki razvoj i efikasnost ............. OVDE 9 Alexander Dyukov, To become a landmark for technological development and efficiency … HERE 14 LUKOIL očekuje visoke cene nafte u narednih 10 -15 godina ………………………………………………..….…… OVDE 17 Vladimir Spasić: Početak godine ne potvrđuje predviđanja ………………………………...…………....….….… OVDE GAS 22 Srećko Đukić: Nadam se da sa Turskim tokom ne ponavljamo grešku ………………………..….….… OVDE STRUČNI TEKSTOVI 34 28 Aleksandar Nedučin: Trendovi i očekivanja industrije nafte i gasa u 2019. ……...………..….….… OVDE 33 I.G. Balčin: Deset najvećih naftnih kompanija u svetu …………................………………….……………….… OVDE 39 I.G.
    [Show full text]
  • OPEC Imposes 'Swing Producer' Role Upon U.S. Shale: Evidence And
    International Association for Energy Economics | 17 OPEC Imposes ‘Swing Producer’ Role upon U.S. Shale: Evidence and Implications By Jim Krane and Mark Agerton* Introduction When OPEC declared in November that it would not cut production to boost oil prices, shock waves cascaded across the global oil sector. Oil prices had been dropping since June 2014, and OPEC’s an- nouncement propelled prices lower. By December, oil prices were half of what they had been in June. Now, emerging data show that those shock waves also disrupted the booming growth in the U.S. shale oil sector. Starting in January, U.S. shale producers reacted to the new price environment by idling rigs and reducing the number of wells drilled. Those actions, in turn, reduced the amount of new oil brought to market. The cutbacks accelerated through February and March. Taken together, it appears that market signals produced a collective “swing” response from shale producers that is helping to balance global markets, but via a new and untested channel. Since the 1970s, most of the market-reactive cuts in crude oil production have been orchestrated by the OPEC cartel. Shale’s unique characteristics are now allowing it to assume a swing role. These include a cost struc- ture that differs from the front-loaded investment required by conventional oil and gas production. Shale allows short lead times and smaller initial investment, along with lower barriers to entry and exit. Since shale wells are characterized by steep production decline curves, companies invest in real time, drilling and producing when prices warrant.
    [Show full text]
  • The Death of OPEC? the Displacement of Saudi Arabia As the World's Swing Producer and the Futility of an Output Freeze
    Indiana Journal of Global Legal Studies Volume 24 Issue 1 Article 12 2-15-2017 The Death of OPEC? The Displacement of Saudi Arabia as the World's Swing Producer and the Futility of an Output Freeze Christopher Hanewald Indiana University Maurer School of Law, [email protected] Follow this and additional works at: https://www.repository.law.indiana.edu/ijgls Part of the Comparative and Foreign Law Commons, International Trade Law Commons, Natural Resource Economics Commons, and the Oil, Gas, and Energy Commons Recommended Citation Hanewald, Christopher (2017) "The Death of OPEC? The Displacement of Saudi Arabia as the World's Swing Producer and the Futility of an Output Freeze," Indiana Journal of Global Legal Studies: Vol. 24 : Iss. 1 , Article 12. Available at: https://www.repository.law.indiana.edu/ijgls/vol24/iss1/12 This Note is brought to you for free and open access by the Law School Journals at Digital Repository @ Maurer Law. It has been accepted for inclusion in Indiana Journal of Global Legal Studies by an authorized editor of Digital Repository @ Maurer Law. For more information, please contact [email protected]. The Death of OPEC? The Displacement of Saudi Arabia as the World's Swing Producer and the Futility of an Output Freeze CHRISTOPHER HANEWALD* ABSTRACT On November 27, 2014, the Organizationof Petroleum Exporting Countries met in Vienna and adopted a bold stance against increasing supply from beyond the reach of the cartel. Rather than reduce their own production, the cartel decided to allow market forces to dictate the price of a barrel of oil.
    [Show full text]
  • Shale, the New Oil Swing Producer?
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by RERO DOC Digital Library Shale, the new oil swing producer? Bachelor Project submitted for the obtention of the Bachelor of Science HES in International Business Management by Gregory HUTIN Bachelor Project Advisor: Benoit LIOUD Geneva, the 21st September 2017 Haute école de gestion de Genève (HEG-GE) International Business Management Declaration This Bachelor Project is submitted as part of the final examination requirements of the Haute école de gestion de Genève, for the Bachelor of Science HES-SO in International Business Management. The student accepts the terms of the confidentiality agreement if one has been signed. The use of any conclusions or recommendations made in the Bachelor Project, with no prejudice to their value, engages neither the responsibility of the author, nor the adviser to the Bachelor Project, nor the jury members nor the HEG. “I attest that I have personally accomplished this work without using any sources other than those cited in the bibliography. Furthermore, I have sent the final version of this document for analysis by the plagiarism detection software URKUND using the address supplied by my adviser”. Geneva, 21 September 2017 Gregory HUTIN Shale, the new oil swing producer? Gregory HUTIN i Acknowledgements I would particularly like to express my gratitude to my Advisor, Mr Benoit Lioud, for his support during this research. I would also like to thank my Commodity Trading Major Program teacher Mr. Robert Piller who, by sharing his passion for the commodities sector, made me discover this captivating domain.
    [Show full text]
  • Swing Production and the Role of Credit
    Swing Production and the Role of Credit: A Synthesis of Best-in-Class Research International Energy Forum and Bank of Canada Roundtable April 25, 2016 Hilary Till, Solich Scholar, J.P. Morgan Center for Commodities, University of Colorado Denver Business School J.P. Morgan Center for Commodities. Swing Production and the Role of Credit: A Synthesis of Best-in-Class Research * I. Strict Definition of Swing Producer II. New Technology: New Financing Options III. Shale as an Imperfect Swing Producer, But But Perhaps Only in the Short-Term Future IV. Ultimately, the Gulf Producers, Though, Could Revert to Being the Key Swing Producers * The opinions expressed during this presentation are the personal opinions of the presenter and do not necessarily reflect those of other organizations with which the presenter is affiliated, including the J.P. Morgan Center for Commodities at the University of Colorado Denver Business School. The information contained in this presentation has been assembled from sources believed to be reliable, but is not guaranteed by the presenter. 2 J.P. Morgan Center for Commodities. I. Strict Definition of Swing Producer A. Definition of Swing Producer Coy (2015): A swing producer “has a large market share, spare capacity, and very low production costs, and it is capable of acting strategically—alone or in a cartel—to raise and lower production to affect the price.” B. Historically, Gulf Producers Fit this Definition Capable of Acting Strategically Source of Data: Bloomberg. 3 J.P. Morgan Center for Commodities. I. Strict Definition of Swing Producer B. Historically, Gulf Producers Fit this Definition (Continued) Spare Capacity EIA (2014): The U.S.
    [Show full text]
  • Annual Report 2004
    Succeeding through cooperation Annual report and accounts 2004 Norway Sweden Estonia Denmark Latvia UK Russia Ireland Lithuania Belgium Poland France Germany Kazakhstan Georgia USA Turkey Azerbaijan Algeria Iran Saudi Arabia Qatar China Mexico Venezuela Nigeria Singapore Angola Brazil Statoil is represented in 29 countries and has its head office in Stavanger. Statoil 2004 The picture on the front cover of this annual report was taken on the helicopter deck of the Statfjord A platform. Agate Langeland, materials coordinator, is welcomed on board for a new shift by production operative Kollfinn Buvik. Along with 630 Statoil colleagues and a similar number of contractor personnel, they staff an oil and gas field which has played an extremely important role in Statoil’s economy and expertise development. Without Statfjord, Statoil would not have been the same company. On 24 November 2004, it was 25 years since production started on Statfjord. The field has produced oil equivalent to 50 times Norway’s annual requirements and has exported substantial volumes of gas to customers in continental Europe. Although output today is a sixth of what it was at maximum, the plan is to uphold profitable production and processing until 2020. A plan for Statfjord late life has been submitted to the authorities. The Statfjord veteran will continue to deliver and contribute to the goal of maintaining today’s level of production on the Norwegian continental shelf (NCS) beyond 2010. Upholding production on the NCS is one of two important ambitions. The other is to strengthen efforts to secure long- term international growth. This report tells of our strategies and goals, shows a cross-section of our business and communicates the results which have made 2004 a record year for Statoil.
    [Show full text]
  • Teck Fort Hills Blend Market Strategy
    Energy Business Unit & Marketing March 31, 2015 Ray Reipas, Senior Vice President, Energy Energy Business Unit & Marketing Forward Looking Information Both these slides and the accompanying oral presentation contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) and comparable legislation in other provinces. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements include statements relating to management’s expectations regarding future oil prices, that PFT bitumen produced at Fort Hills is expected to be equivalent to WCS, other statements regarding our Fort Hills project, including mine life of Fort Hills, projected revenues and economics, cash flow potential, future production targets, our market access options and projected railway and pipeline capacity. These forward-looking statements involve numerous assumptions, risks and uncertainties and actual results may vary materially. Management’s expectations of mine life are based on the current planned production rate and assume that all resources described in this presentation are developed.
    [Show full text]
  • Tight Oil Development Economics: Benchmarks, Breakeven Points, and Inelasticities
    Tight Oil Development Economics: Benchmarks, Breakeven Points, and Inelasticities (Revised December 2016) Robert L. Kleinberg, Sergey Paltsev, Charles K. Ebinger, David Hobbs, and Tim Boersma August 2016 CEEPR WP 2016-012 A Joint Center of the Department of Economics, MIT Energy Initiative and MIT Sloan School of Management. Revised version from December 20, 2016 Tight Oil Development Economics: Benchmarks, Breakeven Points, and Inelasticities Robert L. Kleinberg (*) Schlumberger-Doll Research, Cambridge, Massachusetts Sergey Paltsev Massachusetts Institute of Technology, Cambridge, Massachusetts Charles K. Ebinger BrooKings Institution, Washington, D.C. David A. Hobbs King Abdullah Petroleum Studies and Research Center, Riyadh, Saudi Arabia Tim Boersma Center on Global Energy Policy, Columbia University, New YorK, New York Abstract When comparing oil and gas projects - their relative attractiveness, robustness, and contribution to marKets - various dollar per barrel benchmarKs are quoted in the literature and in public debates. Among these benchmarks are a variety of breaKeven points (also called breaKeven costs or breaKeven prices), which are widely used, and widely misunderstood. Misunderstandings have three origins: (1) There is no broadly accepted agreement on definitions; (2) for any given resource there is no universally applicable benchmarK; (3) various breakeven points and other benchmarKs are applicable at various times in the development of a resource. In this paper we clarify the purposes of several benchmarKs and propose standardized definitions of them. We show how and why breaKeven points are partitioned, and when each of the partitioned elements is appropriate to consider. We discuss in general terms the geological, geographical, product quality, and exchange rate factors that affect breakeven points.
    [Show full text]