Trends in Oil and Gas industry : countries to watch Zoom in Venezuela, Russia and Australia. By Easy-Skill (www.easy-skill.com)

1. Oil&Gas Note | March-2014
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Trends in Oil & Gas industry: countries to watch
Zoom in Venezuela, Russia and Australia
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Venezuela
While Venezuela has the largest
proven oil reserves, the country still
remains out of the top 10 world crude
oil producers due to the political
instability. The economic model of the
country is dependent on price changes
of crude oil, that is the reason why
Venezuela tries to gain influence as a
member of OPEC.
The winner of this disintegration?
Brazil, which is becoming the new
heavy weight of the region, benefitting
from the Pre-Salt fields with their huge
capacity potential.
At the moment, the primary goal for
Venezuela is definitely the ability to
provide more flexible operating
conditions for foreign companies. This
process will help to start exploiting
vast gas reserves and significantly
increase the production of crude oil.
Russia
For a number of years, Russia has
proved its leading positions in the Oil
& Gas sector. The country is in top 3
regarding oil production and export
(3rd and 2nd places respectively) and is
№ 2 and 1 respectively in terms of
natural gas production and export,
owning the largest gas fields.
But what about the prospects?
Russian gas presence in Europe (№ 1
importer) is on the brink of stiff
competition from the side of North
American Liquefied Natural Gas (LNG)
exporters. In order to diversify its
energy suppliers, Europe is ready to
turn to LNG and decrease the
dependence on Russia.
Russian response is three massive
projects: Yamal, Vladivostok and
Shtokman which will allow to increase
significantly the export of LNG and
compete with the major LNG
producers in Asia compensating
potential losses in Europe.
Australia
Today, Australia plays a key role on the
market of LNG occupying the 3rd place
in the world in LNG export and 4th in
liquefaction capacity. At the moment 3
projects are successfully operating and
another 7 – representing a total
investment of more than AU$200
billion – are under development.
What is the vision?
Planning to launch these 7 ambitious
projects within the next 3-4 years,
Australia aims to become the world’s
largest LNG exporter by 2020.
The main market for Australian LNG is
Southeast Asia with its leaders – Japan,
China and South Korea. Booming
tempos of gas consumption in the
region and willingness of the countries
to sign long-term contracts, in order to
secure LNG delivery, provide the
investors with confidence in the
future.

2. Qatar
77
Indonesia
34
Australia
23
Malaysia
24
Nigeria
22
Algeria
19
Trinidad
16
Egypt
12
Russia
10
Rest of the
World
47
Oil&Gas Note | March-2014
Rank Country Oil reserves % of world total
1 Venezuela 297,6 18,2
2 Saudi Arabia 265,4 16,2
3 Canada 173,1 10,6
4 Iran 154,6 9,4
5 Iraq 141,4 8,6
6 Kuwait 101,5 6,2
7 U.A.E. 97,8 6,0
8 Russia 80 4,9
9 Libya 48 2,9
10 Nigeria 37,2 2,3
11 Kazakhstan 30 1,8
12 China 25,6 1,6
13 Qatar 25,4 1,5
14 United States 20,7 1,3
15 Brazil 13,2 0,8
N/A
Rest of the
World 126,6 7,7
Total 1638,1 100,0
World proved oil reserves by country
January 1, 2013 (billion barrels)
Daily crude oil production
2012 estimation – barrels per day
Rank Country bbl/day
1 Saudi Arabia 11 730 000
2 United States 11 110 000
3 Russia 10 400 000
4 China 4 416 000
5 Canada 3 856 000
6 Iran 3 589 000
7 U.A.E. 3 213 000
8 Iraq 2 987 000
9 Mexico 2 936 000
10 Kuwait 2 797 000
11 Brazil 2 652 000
12 Nigeria 2 524 000
13 Venezuela 2 489 000
14 Norway 1 902 000
15 E.U. 1 888 000
16 Algeria 1 875 000
Source : CIA World Factbook
Source: PFC Energy Global LNG Service
Liquefaction Capacity by Country (MTPA),
2012-2020 growth estimation
Source : Easy Skill Analysis
Liquefaction Capacity by Country (MTPA)
and Utilization (%), 2012
0
20
40
60
80
100
120
U.S.A. Malaysia Qatar
2012 2020
Australia
360%
30%
340%
2670%
0%
Russia
Source : CIA World Factbook
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