A recent study conducted by Transparency Market Research in the USA has shown that the global petrochemical resources industry will reach $791 billion in worth by 2018.
Year on year, the market has expanded by roughly 6.7% between 2012 – 2018, showing a steady indication of where we are heading in terms of growth for years to come.
Looking back to 2011, the petrochemical industry was valued somewhere around $472 billion with global consumption of petrochemical resources sitting at 436 million tonnes at that time.
As years go on, with countries such as China consuming 25% of global oil & gas resources on their own, the global industry is going to need to pick up pace in some areas to account for demand and usage requirements in different regions.
To address the potential future demand crisis, most oil & gas invested governments and corporations are looking to their pre-existing operational assets to address project expansion options.
Some other regions holding known resources are slowly coming to play, building multibillion dollar pipeline and petrochemical extraction infrastructure to make use of resource opportunities available to them.
Listed below are breakdowns for 4 of the Worlds Biggest Petrochemical Megaprojects:
Turkish Stream (TurkStream) - Russia to Turkey
· Cost: $15.1 billion
· Gazprom & BOTAS
· Timeframe: 2017 – 2019 (first phase)
Turkstream is a gas pipeline megaproject currently underway to connect the vast gas reserves of Russia with consumers in Turkey & South-East Europe.
The project will involve 909 kilometres of new pipeline running beneath the Black Sea, joining with 177 miles of onshore pipes and linking to users in the region.
The project has been in planning stages since 2014 and is expected to deliver 63 billion cubic metres of natural gas per year once operational.
Gazprom has mentioned total costs on the project will be in the vicinity of $15.1 billion.
Leadership within Gazprom have stated that the first phase of undersea pipe construction could be finished by 2019.
For more information, please visit the TurkStream info page
Tengiz Field Expansion (Tengizchevroil) – Kazakhstan
· Cost: $36.8 billion
· Chevron, ExxonMobil, Kazakhstan Petroleum & Lukoil
· Timeframe: 2017-2022
The Tengiz Oil Field is the world’s deepest active oil field and the largest single trap producing reservoir in the world.
Tengizchevroil which is a joint venture between Chevron (50%), ExxonMobil (25%), The Kazak government via Kazakhstan Petroleum (20%) and Lukoil (5%) will be executing the expansion.
The last expansion in the field took place in 2008, pushing oil production to over 500,000 barrels per day (bpd).
Following completion of the next expansion in 2022 (estimated), it is said that operations will meet 850,000bpd.
The integrated Future Growth and Wellhead Pressure Management Project at Tengiz is said to cost roughly $36.8 billion and will create near 20,000 oil related jobs.
For more information, please visit the Chevron Tengiz Expansion info page
Shah Deniz Stage 2 Expansion – Azerbaijan
· Cost: $28 billion
· British Petroleum
· Timeframe: 2015-2018 (first gas production)
The Shah Deniz gas field is a vast oil reserve located in Azerbaijan.
The field itself holds around 100 billion cubic metres of gas resources and has been producing under BP operations since 2007.
The upstream expansion will cost around $28 billion, involving the construction of 26 subsea wells, two offshore platforms, gas and condensate subsea pipelines, expansion of the Sangachal terminal, two 900 mmscfd gas compressors and connection to the South Caucasus Pipeline.
The stage 2 expansion is set to add 16 billion cubic meters of gas production per year to already 9bcma (resulting from stage 1 of the project expansion).
Shah Deniz Stage 2 will increase energy security for Europe, making use of Caspian gas resources for the region by 2018.
For more information, please visit BP Shah Deniz info page
Prelude LNG Facility – Western Australia
· Cost: $10-12 billion
· Shell, INPEX, Kogas, OPIC
· Timeframe: 2017 (first gas production)
The Prelude LNG Facility is a floating offshore gas production project, situated roughly 475km north east of Broome, WA.
The facility was constructed in South Korea and has recently arrived at it’s destination off the Western Australian coastline, where further hookup and commissioning activities will be executed.
The Prelude FLNG facility is 488m long x 74m wide and will produce 3.6 million tonnes per annum (mtpa) of LNG, 1.3 mtpa of condensate and 0.4 mtpa of LPG.
Prelude LNG will draw gas from the Prelude and Concerto fields and aims to change global offshore operations by reducing costs and eliminating requirements for extensive pipelines to onshore processing facilities.
Prelude will be operated by Shell (67.5%) in a JV arrangement with INPEX (17.5%), Kogas (10%) & OPIC (5%).
For more information, please visit the Shell Prelude info page
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