Navigating Policies, Pathways, and Processes on the road to net zero
A confluence of crises has fundamentally impacted energy markets, highlighting the need for resiliency while adding impetus to the push for renewable energy and the drive toward carbon emission reductions. This session focuses on key sectors that are increasing collaboration in response to calls for net zero: Refining, chemicals, and agricultural markets. Our expert speakers will explore challenges and opportunities from crude, NGLs and refined products to biofuels, hydrogen, carbon sequestration and petrochemicals, including crude oil to chemicals.
Session 1: Synergies and Collaboration across Energy Value Chains
8:00 AM: Welcome Remarks & Overview - Kurt Barrow, Head of Oil Markets, Midstream & Downstream Research, S&P Global Commodity Insights.
8:10 AM: Reshaping Global Oil Supply - Ha Nguyen, Executive Director of Global Oil Markets, S&P Global Commodity Insights
The current cycle of surplus in the crude oil market has been supported by growth in the Americas and the management of the market by OPEC+. The United States, Canada, Guyana, and Brazil are key growth areas in the non-OPEC sector, with the United States driving global demand for lighter crude quality. Naphtha is a major feedstock and is expected to continue playing a significant role through 2035. Additionally, there is a shift in oil export markets towards the East of Suez as the West of Suez region aims to meet zero emission targets, leading to a decline in oil demand.
8:30 AM: A Shift in Demand - Marisa Denosowicz, Research & Analysis Director, S&P Global Commodity Insights
As demand for fossil fuels decrease the demand for petrochemical base chemicals increase
8:50 AM: Global NGL Feedstock Availability – How changes in oil and gas production will impact the supply and demand dynamics of NGL feedstocks - Veeral Mehta, Executive Director, Midstream NGL, S&P Global Commodity Insights.
The global supply of NGLs has grown significantly over the past 15 years, primarily driven by oil based associated gas production from the US, making the US the largest exporter of NGLs. This influenced trade patterns and pricing as the traditional markets (refining, residential, commercial, and industrial) could not absorb the glut in supply, and significant investments were made within the petrochemical sector to consume NGLs as a feedstock. This session will cover trends in NGL feedstock availability and its impact on the downstream petrochemical markets.
9:10 AM: Q&A
4:00 PM: Session Introduction - Mukta Sharma, Executive Director, S&P Global Commodity Insights
4:05 PM: Global NGL and naphtha overview – How will the feedstock supply stack change over the coming decade and its implication on prices? - Veeral Mehta, Executive Director, Midstream NGL, S&P Global Commodity Insights
4:20 PM: Steam Cracker of the Future - Paul Joo, Director, Olefins and Derivatives (Asia), S&P Global Commodity Insights
Enabling the diversification of feeds via refinery-integration and pioneering the development of a carbon-neutral cracker.
4:35 PM: Olefin Feedstocks – the Impact of the Circular- and Bio-Economy - Mark Morgan, Vice President, Specialty Chemicals and Renewables Consulting, S&P Global Commodity Insights
With increasing demand for olefins and a need to reduce emissions in their production, the industry needs to be on a constant lookout for new technologies and alternative feedstocks. For example, companies are revisiting seriously using ethanol as a low-carbon ethylene source. The advanced biofuels industry is making feedstocks like bio-naphtha and bio-LPG more available. Bio-propane is already being processed in some PDH units to make low-carbon propylene for polypropylene. Bio-naphtha is being co-cracked for olefins and aromatics production. Emerging biofuel technologies like alcohol to jet fuel (ATJ) will also co-produce small volumes of bio-naphtha. The circular economy too is also making hydrocarbon feedstocks available for processing in refinery operations like the FCC and steam cracking. These developments are not without challenges, however, in terms of cost, pricing and availability, so how can these developments be realised and an industry seeking to meet the net-zero challenges of the future?
4:50 PM: Q&A
5:00 PM: Closing Remarks