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Edinburgh, United Kingdom

Wood Mackenzie is a global energy, metals and mining research and consultancy group with an international reputation for supplying comprehensive data, written analysis and consultancy advice.It is based in Edinburgh Scotland, though it has over 25 offices worldwide. The company's energy business was founded in 1973, when they started reviewing the North Sea oilfields. Since 2007, Wood Mackenzie has acquired coal specialists Hill & Associates in the US and Barlow Jonker in Australia; and Brook Hunt, the UK-based metals analysts. Wikipedia.

Saputra E.,Wood MacKenzie
Society of Petroleum Engineers - SPE/IATMI Asia Pacific Oil and Gas Conference and Exhibition, APOGCE 2015 | Year: 2015

The Indonesian government faces numerous challenges. Given the government's resources are limited, it is important to focus on the essential ones, prioritising the crucial issues over the incidental ones, the urgent initiatives over the trivial matters. Identifying the key issues will enable the government to put the right focus in the right places, to mobilise the people, resources and finances in the right direction. In the light of this, this paper identifies seven key energy issues which should be given the highest priority by the government and other relevant stakeholders. Copyright 2015, Society of Petroleum Engineers.

Gelder A.,Wood MacKenzie
Hydrocarbon Processing | Year: 2014

2013 was a dismal year for European refining in terms of record low crude runs, which reflect weaked demand outlook and increasing competition from other regions. Out to 2020, we envisage European refining to remain challenged by low demand growth and increasingly competitive exports from regions such as North America, Russia and the Middle East (ME). Commercially, Europe is cornered by exports from these markets, with no apparent exit route. © 2014 Hydrocarbon Processing.

Tomnay N.,Wood MacKenzie
IGT International Liquefied Natural Gas Conference Proceedings | Year: 2013

US LNG provides offtakers with flexibility in an uncertain world. Compared to other potential LNG supply sources, US LNG can get to market more quickly, and capacity charges can be less onerous on balance sheets. A typical LNG investment has high capital costs and large offtake liability while the US capacity charge has operating cost and reduced liability. Positions in both Atlantic and Pacific basins will contribute to US LNG export value optimization. The value of supplier portfolios may be enhanced through the combination of traditional and US LNG supply Portfolio flexibility will contribute to the sustained commercial success of US LNG exports. This is an abstract of a paper presented at the 17th International Conference and Exhibition on Liquefied Natural Gas 2013 (Houston, TX, 4/16-19/2013).

Gelder A.,Wood MacKenzie
American Fuel and Petrochemical Manufacturers, AFPM - AFPM Annual Meeting 2015 | Year: 2015

US refiners have enjoyed strong refining margins over recent years because they have been able monetise domestic crudes and export their refined product surplus. Three factors - the evolving domestic crude supply, its high quality and its discounted price relative to international crudes - have broken the link between refining complexity and site net cash margins. Unlike other regions, the dynamics of US tight oil supply link the commercial performance of US refiners to the international crude price. The key uncertainties for US refiners now are the international crude price and the implications of lifting the US export ban.

York H.,Wood MacKenzie
American Fuel and Petrochemical Manufacturers, AFPM - AFPM Annual Meeting 2015 | Year: 2015

Growth in US oil production continues to impress and with that growth comes increasing concern the US refining system might not be capable of processing all the lighter oil volumes. Thus, there is increasing interest among both the oil industry and policymakers as to the merits of a change of US crude oil export policy. This paper examines a potential policy shift and how it might impact US export crude oil flows and differentials. The intention is to provide an analytical contribution to the various industry and political elements of the policy debate. Three different qualities of US crude oil, i.e., condensate, LLS (Louisiana Light Sweet), and Mars are analysed for respective attractiveness to the Asia (Singapore) and European (Rotterdam) refining centres. Netbacks for each crude from each refining centre are calculated to examine where each crude oil might flow and the impact on price differentials, with particular focus on the differential between Brent and LLS (Brent - LLS) as this price differential is key to the commercial attractiveness of a US crude oil barrel in a competitive global market. Relaxing the crude oil export policy constraint could narrow, but would not necessarily drive Brent - LLS to parity. The post-policy change discount would settle at a level in which US and international crude oils are in refining value parity in the same refining market. That geographic parity point would be a function of the distance the crude oils travel to that point, as well as the relative quality of the barrels traded in that arbitrage. The arbitrage location might shift refining centres as respective crude oil production profiles and product demands change. The quality of a US barrel that might be exported is not obvious. Asia would have the greatest appetite for crude oils similar to LLS and Mars. Europe places a relatively higher value on condensate, but would have a limited appetite for US light barrels because of the volume of nearby North Sea or Mediterranean regions. Our analysis suggests the best value for Eagle Ford condensate is to split the barrel and sell cuts to a variety of markets. The naphtha cut stays in the USGC, middle distillates and gas oils flow to Europe, and the ends of the barrel (LPG and atmospheric residual) head to Asia. This paper does not include other issues such as the impact on the US production profile, US product exports, nor geopolitical implications. The conclusion of whether changing US export policy is in the best interest of the oil industry or the US as a whole is left to the reader.

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