1、 Oil and gas security during the energy transitionChris Doleman,Senior Researcher,APERCAPERC Worksho群内每日免费分享5份+最新资料 群内每日免费分享5份+最新资料 300T网盘资源+4040万份行业报告为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长 全面赋能！添加微信，备注“入群”立刻免费领取 立刻免费领取 200套知识地图+最新研报收钱文案、增长黑客、产品运营、品牌企划、营销战略、办公软件、会计财务、广告设计、摄影修图、视频剪辑、直播带货、电商运营、投资理财、汽车房产、餐
2、饮烹饪、职场经验、演讲口才、风水命理、心理思维、恋爱情趣、美妆护肤、健身瘦身、格斗搏击、漫画手绘、声乐训练、自媒体打造、效率软件工具、游戏影音扫码先加好友，以备不时之需扫码先加好友，以备不时之需行业报告/思维导图/电子书/资讯情报行业报告/思维导图/电子书/资讯情报致终身学习者社群致终身学习者社群关注公众号获取更多资料关注公众号获取更多资料2Emerging trends3Energy security is now at the center of energy policy discussions Pandemic recovery is prompting a rebound in en
3、ergy demand Energy supply growth is constrained by several combining factors Russia-Ukrainian war is reorganizing energy supply chainsMonthly fossil fuel prices on an energy equivalent basis,1997 to 2022(USD per MMBtu)Source:IMF,JOGMEC,EIA,APERC analysis 0 10 20 30 40 50Jan-1997Sep-1999 May-2002Jan-
4、2005Sep-2007 May-2010Jan-2013Sep-2015 May-2018Jan-2021Asian LNG priceNewcastle CoalBrent oilSevere weather is exacerbating APECs energy security challenges4 Extreme temperatures elevate demand profiles while challenging fuel supply availability and reliability Storm surges disrupting just-in-time de
5、liveries,damaging infrastructure Droughts reducing fuel and coolant availabilitySource:MISO Prioritisation of domestic energy endowments for domestic use Energy export bans:Indonesias month-long coal export ban(January 2022)Australia considering gas reservation China increasing coal productive capac
6、ity to rely less on imports Securing the upstream through direct investments Japan investing in LNG projects,and natural gas supply in the US Governments are rethinking their long-term energy plans to reduce reliance on oil and gas imports Viet Nam shifting long-term power mix away from oil,gas and
7、coal and towards renewables5Governments are putting energy security into their own hands6 Governments participate in or guide LNG supply procurement;Singapore is chartering stand-by FSU,FSRU capacity More regulation to wholesale and retail electricity markets Price caps for wholesale natural gas and
8、 coal(to in turn reduce power prices)in Australia Regulators mandating the weatherproofing of energy supply chains in the US(with questionable effectiveness)SPR releases to put a ceiling on crude prices SubsidiesGovernments are intervening in energy markets to improve affordabilitySingapore LNG stor
9、age capacity(million m3)Monthly Indonesian gas price with controls versus spot LNG prices,USD per MMBtu,January 2020 to May 2022 Source:GIIGNL,Platts,EMA,APERC AnalysisSource:MEMR,IMF,APERC Analysis0510152025303540Jan-20Jul-20Jan-21Jul-21Jan-22Spot LNGOriginal Price ContractGas policy fixed price7Lo
10、ng-term LNG contracts are insulating some from high spot prices Long-term contracts are insulating incumbent importers from elevated,volatile spot prices Chinas short-term contract flexibility,lower demand enabled it to balance global LNG markets in 2022 0 10 20 30 40 50Jan-2020May-2020Sep-2020Jan-2
11、021May-2021Sep-2021Jan-2022May-2022Sep-2022LNG oil index 10 to 15%Asian LNG spotLNG HH indexMonthly commodity prices facing LNG importers(USD per MMBtu),2020 to 2022Source:JOGMEC,IMF,EIA,APERC analysis0%20%40%60%80%100%2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022ChinaJapanMe
12、xicoChineseTaipeiThailandSingaporeKoreaWindSolarOther RenewablesOther FossilNuclearNet ImportsHydroGasBioenergyCoal Technological capacity limits current fuel switching Sophistication,redundancy and replacement increases fuel switching ability,but do not emerge overnight Government policy can also p
13、lay a role in limiting fuel switching(for example,coal-to-gas switching targets)8Short-term fuel switching away from gas is difficult in practiceElectricity fuel in select APEC LNG importing economies.2021 and 2022Source:EMBER9Binding supply constraints suggest a return to the boom-bust oil cycle Ca
14、pital discipline,labor shortages,input constraints limiting supply growth,shifting the marginal supplier out of APEC A decade of demand growth and inelastic supply could spell the return of the boom-bust oil cycle 0 20 40 60 80 100 120 140 160 180 200Jan-2019Jun-2019Nov-2019Apr-2020Sep-2020Feb-2021J
15、ul-2021Dec-2021 May-2022 Oct-2022CementSteel pipe and tubeIndustrial sandSource:BLSMonthly producer price index of oil and gas service inputs,2019 to 2022,100=Jan 201910Infrastructure constraints could limit supply growth Growing interest in US LNG exports as Europe shifts away from Russian pipeline
16、 exports However,infrastructure and capital constraints could limit the supply to these new LNG facilities0501001502002502016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030ProposedUnderconstructionLNG export capacity potential in the US,2016 to 2030,MtpaSource:EIA11Refinery pr
17、oduct constraints creating availability,affordability concerns Chinas export quotas curbing supply Phasedown of Russian oil product exports Capacity reductions due to retirements,unexpected damages and bioconversionsChinas annual oil product exports and quotas,2019 to 2022(kt)Source:Platts,Reuters,E
18、GEDA,APERC Analysis 010 00020 00030 00040 00050 00060 00070 00080 0002019202020212022Oil product exports(less fuel oil)Export quotas12Biofuel mandates are alone insufficient for improving energy security Mandates may be substituting oil security concerns with biofuel security concerns050010001500200
19、025002010 2011 2012 2013 2014 2016 2017 2018 20192010 2011 2012 2013 2014 2016 2017 2018 2019BiodieselBioethanolDomesticImportedSupply of biofuel for blending in Peru(thousand barrels)Source:EGEDA,Reuters,Platts13Emergency response programs are effective at ensuring energy security Emergency respons
20、e measures are very effective at ensuring energy security,including grid reliability Japans effective emergency response could be a blueprint for others to imitate at the gas and electric retail level20 00030 00040 00050 00022/03/20220:0022/03/20228:0022/03/202216:0023/03/20220:0023/03/20228:0023/03
21、/202216:00Hourly peak demandForecasted peakTEPCO forecasted and peak demand,March 22 to 23 2022,(MW)Source:TEPCO,Grid Monitor,APERC analysis Plenty of examples of short-term actions throughput APEC that are helping the region navigate acute oil and gas supply disruptions Households,businesses,suppli
22、ers,and governments are collectively mitigating the economic impacts However,constraints could limit these short-term responses going forward14Short-term actions are improving energy security,but these have limits15Oil and gas demand will likely remain robust this decade In CN,gas supply requirement
23、s will grow a tenth,oil supply fall slightly Despite higher production,oil and gas import dependence will remain elevated and even grow in SEA Supply disruptions will continue to pose a risk to some APEC economiesAPEC total primary energy supply by fuel in CN of the APEC Outlook 8th Ed.2020 and 2030
24、(PJ)-50 000 0 50 000 100 000 150 000 200 000 250 000 300 000 350 000 400 00020202030Other fuelsHydrogenElectricityRenewablesNuclearGasOilCoalSource:APERC16Recommendations to improve energy security during this energy transition17Actions to improve energy security for oil and gas users Invest in elec
25、trification,efficiency to reduce import dependence Consider investments in redundancy,sophistication and replacement Develop short-term demand response programs at the retail level Diversify long-term energy and power plans 0 5 10 15 20 25 302021202220232024202520262027202820292030CanadaUSDemand red
26、uction via air-source heat pump adoption in select APEC economies(bcm)Source:OEE(2022a,2022b,2022c),Nature,Carbon Brief,APERC analysis18Actions to increase oil and gas supply Alleviate shale service bottlenecks:invest in productive capacity,eliminate tariffs and research labor bottlenecks Simplify t
27、he permitting process and frontload investments in methane,flaring and emission reductions Commit to replenishing SPR storage volumes to reduce demand-side uncertainty during the transition Winterise the entire gas supply chain of producer-exportersUS weekly frac fleet countSource:Primary Vision 0 1
28、00 200 300 400 500 600201420152016201720182019202020212022202319Actions to increase LNG supply,mitigate disruptions Sign long-term contracts,invest in upstream LNG supply chain,and pool collectively bids Enable LNG reloading at all import terminals Expand LNG storage tanks Invest in the resiliency o
29、f the LNG shipping supply chains050100150200250300Under 1010 to 1920 to 2930 and overUnder 1010 to 1920 to 2930 and overMossMembraneSteamSteam reheatDFDETFDEX-DFME-GISSDRActive global LNG carrier fleet,segmented by age,propulsion type and containment typeSource:IGU,GIIGNL,APERC analysis20Actions to
30、increase oil product and liquids supply Consider extending refinery lifetimes Ensure that bioconversions do not result in net capacity declines Make bioblending mandates conditional on parallel supply increases 02 0004 0006 0008 00010 00012 00014 00016 00018 00020 000Jan-2019Jan-2020Jan-2021Jan-2022
31、US operable refinery capacity(kb/d)Source:EIA21Increasing mitigation capacity for crude oil,oil products Develop an operationalization roadmap for joint-stockpiling of oil and oil products in APEC subregions Invest in stockpiling,SPRs to mitigate just-in-time disruptions to oil and oil product suppl
32、y Replenish stockpiles at low price levels 0 100 200 300 400 500 600 700 800Aug-1982Aug-1988Aug-1994Aug-2000Aug-2006Aug-2012Aug-2018US weekly ending stocks of crude oil in SPR stocks,million barrels,1982 to 2022Source:EIA22DiscussionThank you.https:/aperc.or.jpchristopher.dolemanaperc.or.jp群内每日免费分享5
33、份+最新资料 群内每日免费分享5份+最新资料 300T网盘资源+4040万份行业报告为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长 全面赋能！添加微信，备注“入群”立刻免费领取 立刻免费领取 200套知识地图+最新研报收钱文案、增长黑客、产品运营、品牌企划、营销战略、办公软件、会计财务、广告设计、摄影修图、视频剪辑、直播带货、电商运营、投资理财、汽车房产、餐饮烹饪、职场经验、演讲口才、风水命理、心理思维、恋爱情趣、美妆护肤、健身瘦身、格斗搏击、漫画手绘、声乐训练、自媒体打造、效率软件工具、游戏影音扫码先加好友，以备不时之需扫码先加好友，以备不时之需行业报告/思维导图/电子书/资讯情报行业报告/思维导图/电子书/资讯情报致终身学习者社群致终身学习者社群关注公众号获取更多资料关注公众号获取更多资料
