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<br /> Global Energy Outlook 2017<br /> December 2016<br /> The remarkable resilience of US shale<br /> Headwinds to rebalancing as a leaner industry emerges<br /> Seismic shifts: energy security<br /> and instability<br /> Will the end of oil insecurity bring new geopolitical risks?<br /> Transition tipping point<br /> Low-carbon logic gains unstoppable momentum<br /> Coping strategies<br /> Big Oil’s struggles look set to intensify<br /> Winners of the 2016<br /> Platts Global Energy Awards<br /> Leaders emerge from the wreckage<br /> PLUS: BATTLEGROUND EUROPE • INDIA STRIVING FOR ENERGY HARMONY<br /> NUCLEAR HEADACHES • CANADA DEFYING GRAVITY • FUJAIRAH HUB RISES<br /> www.platts.com<br /> ln Energy Transactions<br /> THE PROOF<br /> Request your copy of our<br /> award-winning research at<br /> steptoe-johnson.com/study<br /> lS lN THE NUMBERS<br /> $18B in recent complex energy transactions, including<br /> due diligence, joint venture agreements, asset ac<a title="2016_GEA_Insight_Zmags page 1" href="http://viewer.zmags.com/publication/9068f4ee?page=1"> Global Energy Outlook 2017 December 2016 The</a> <a title="2016_GEA_Insight_Zmags page 2" href="http://viewer.zmags.com/publication/9068f4ee?page=2"> ln Energy Transactions THE PROOF Re</a> <a title="2016_GEA_Insight_Zmags page 3" href="http://viewer.zmags.com/publication/9068f4ee?page=3"> Insight December 2016 ISSN 2153-1528 (print) ISSN</a> <a title="2016_GEA_Insight_Zmags page 4" href="http://viewer.zmags.com/publication/9068f4ee?page=4"> Editor’s Letter “Apocalyptic...” That’s been a fa</a> <a title="2016_GEA_Insight_Zmags page 5" href="http://viewer.zmags.com/publication/9068f4ee?page=5"> NGLs Oil Freight RESEARCH Freque</a> <a title="2016_GEA_Insight_Zmags page 6" href="http://viewer.zmags.com/publication/9068f4ee?page=6"> Shale Oil & Global Markets The remarkable resili</a> <a title="2016_GEA_Insight_Zmags page 7" href="http://viewer.zmags.com/publication/9068f4ee?page=7"> US SHALE OIL PRODUCTION ('000 </a> <a title="2016_GEA_Insight_Zmags page 8" href="http://viewer.zmags.com/publication/9068f4ee?page=8"> Shale Oil & Global Markets to be put to wor</a> <a title="2016_GEA_Insight_Zmags page 9" href="http://viewer.zmags.com/publication/9068f4ee?page=9"> “ Even under the most conservative</a> <a title="2016_GEA_Insight_Zmags page 10" href="http://viewer.zmags.com/publication/9068f4ee?page=10"> Energy Transition Seismic shifts: energy securit</a> <a title="2016_GEA_Insight_Zmags page 11" href="http://viewer.zmags.com/publication/9068f4ee?page=11"> NET CRUDE OIL AND OIL PRODUCTS IMPORTS (million b</a> <a title="2016_GEA_Insight_Zmags page 12" href="http://viewer.zmags.com/publication/9068f4ee?page=12"> “ These disruptive changes are about </a> <a title="2016_GEA_Insight_Zmags page 13" href="http://viewer.zmags.com/publication/9068f4ee?page=13"> “ A renewable to electric transport su</a> <a title="2016_GEA_Insight_Zmags page 14" href="http://viewer.zmags.com/publication/9068f4ee?page=14"> Energy Transition instability in the Middl</a> <a title="2016_GEA_Insight_Zmags page 15" href="http://viewer.zmags.com/publication/9068f4ee?page=15"> rare earth metals, which are easy and cheap to st</a> <a title="2016_GEA_Insight_Zmags page 16" href="http://viewer.zmags.com/publication/9068f4ee?page=16"> Energy Transition there is a shortage of l</a> <a title="2016_GEA_Insight_Zmags page 17" href="http://viewer.zmags.com/publication/9068f4ee?page=17"> estimates that the market for medium and large hy</a> <a title="2016_GEA_Insight_Zmags page 18" href="http://viewer.zmags.com/publication/9068f4ee?page=18"> The Middle East Unbridgeable gulf at the heart o</a> <a title="2016_GEA_Insight_Zmags page 19" href="http://viewer.zmags.com/publication/9068f4ee?page=19"> the state treasuries of all the region’s oil prod</a> <a title="2016_GEA_Insight_Zmags page 20" href="http://viewer.zmags.com/publication/9068f4ee?page=20"> The Middle East citizens to purchase popular </a> <a title="2016_GEA_Insight_Zmags page 21" href="http://viewer.zmags.com/publication/9068f4ee?page=21"> “ It is a matter of mutual conven</a> <a title="2016_GEA_Insight_Zmags page 22" href="http://viewer.zmags.com/publication/9068f4ee?page=22"> US Upstream Specter of regulation Two relatively</a> <a title="2016_GEA_Insight_Zmags page 23" href="http://viewer.zmags.com/publication/9068f4ee?page=23"> US Upstream EARTHQUAKES IN OKLAHOMA, 2000 – </a> <a title="2016_GEA_Insight_Zmags page 24" href="http://viewer.zmags.com/publication/9068f4ee?page=24"> “ What makes this environ</a> <a title="2016_GEA_Insight_Zmags page 25" href="http://viewer.zmags.com/publication/9068f4ee?page=25"> went through the 5.8 that was of small comfort. </a> <a title="2016_GEA_Insight_Zmags page 26" href="http://viewer.zmags.com/publication/9068f4ee?page=26"> US Upstream the states. But the EPA still </a> <a title="2016_GEA_Insight_Zmags page 27" href="http://viewer.zmags.com/publication/9068f4ee?page=27"> rules, implemented and proposed, Congress or the </a> <a title="2016_GEA_Insight_Zmags page 28" href="http://viewer.zmags.com/publication/9068f4ee?page=28"> Natural Gas Battleground Europe With European ga</a> <a title="2016_GEA_Insight_Zmags page 29" href="http://viewer.zmags.com/publication/9068f4ee?page=29"> US Upstream FUELLING THE WORLD Pu</a> <a title="2016_GEA_Insight_Zmags page 30" href="http://viewer.zmags.com/publication/9068f4ee?page=30"> Natural Gas and producing at full blast, d</a> <a title="2016_GEA_Insight_Zmags page 31" href="http://viewer.zmags.com/publication/9068f4ee?page=31"> Natural Gas of the year stood at 63.64 Bcm</a> <a title="2016_GEA_Insight_Zmags page 32" href="http://viewer.zmags.com/publication/9068f4ee?page=32"> Natural Gas Gazprom undeterred on European g</a> <a title="2016_GEA_Insight_Zmags page 33" href="http://viewer.zmags.com/publication/9068f4ee?page=33"> objectives of the EU’s energy union is to reduce </a> <a title="2016_GEA_Insight_Zmags page 34" href="http://viewer.zmags.com/publication/9068f4ee?page=34"> Natural Gas last year, according to data f</a> <a title="2016_GEA_Insight_Zmags page 35" href="http://viewer.zmags.com/publication/9068f4ee?page=35"> of experience the power With more than </a> <a title="2016_GEA_Insight_Zmags page 36" href="http://viewer.zmags.com/publication/9068f4ee?page=36"> Canada Defying gravity Canada’s oil sands have c</a> <a title="2016_GEA_Insight_Zmags page 37" href="http://viewer.zmags.com/publication/9068f4ee?page=37"> Canada large projects underway globally, s</a> <a title="2016_GEA_Insight_Zmags page 38" href="http://viewer.zmags.com/publication/9068f4ee?page=38"> Canada WESTERN CANADIAN COMMODITY PRICES </a> <a title="2016_GEA_Insight_Zmags page 39" href="http://viewer.zmags.com/publication/9068f4ee?page=39"> Canada Shale and conventional production Un</a> <a title="2016_GEA_Insight_Zmags page 40" href="http://viewer.zmags.com/publication/9068f4ee?page=40"> Canada WEST CANADA PRODUCTION FORECAST vs TA</a> <a title="2016_GEA_Insight_Zmags page 41" href="http://viewer.zmags.com/publication/9068f4ee?page=41"> Optimisation: How many birds can your wires hold?</a> <a title="2016_GEA_Insight_Zmags page 42" href="http://viewer.zmags.com/publication/9068f4ee?page=42"> Looking for a clear picture of China's oil supply</a> <a title="2016_GEA_Insight_Zmags page 43" href="http://viewer.zmags.com/publication/9068f4ee?page=43"> Transition tipping point The low-carbon transitio</a> <a title="2016_GEA_Insight_Zmags page 44" href="http://viewer.zmags.com/publication/9068f4ee?page=44"> “ The key thing in all of </a> <a title="2016_GEA_Insight_Zmags page 45" href="http://viewer.zmags.com/publication/9068f4ee?page=45"> underground coal mining company in the country an</a> <a title="2016_GEA_Insight_Zmags page 46" href="http://viewer.zmags.com/publication/9068f4ee?page=46"> Low-Carbon Economy mechanism’ [designed to</a> <a title="2016_GEA_Insight_Zmags page 47" href="http://viewer.zmags.com/publication/9068f4ee?page=47"> Network on Climate Risk and the Investor Group on</a> <a title="2016_GEA_Insight_Zmags page 48" href="http://viewer.zmags.com/publication/9068f4ee?page=48"> Low-Carbon Economy challenges imposed by c</a> <a title="2016_GEA_Insight_Zmags page 49" href="http://viewer.zmags.com/publication/9068f4ee?page=49"> Platts cFlow Connecting the dots you can see – an</a> <a title="2016_GEA_Insight_Zmags page 50" href="http://viewer.zmags.com/publication/9068f4ee?page=50"> India Striving for energy harmony at the center </a> <a title="2016_GEA_Insight_Zmags page 51" href="http://viewer.zmags.com/publication/9068f4ee?page=51"> THE BIG THREE: POPULATION, GDP AND CO2 EMISSIONS </a> <a title="2016_GEA_Insight_Zmags page 52" href="http://viewer.zmags.com/publication/9068f4ee?page=52"> India – plot a harmonious path, matching i</a> <a title="2016_GEA_Insight_Zmags page 53" href="http://viewer.zmags.com/publication/9068f4ee?page=53"> Geneva-based Global Subsidies Initiative has note</a> <a title="2016_GEA_Insight_Zmags page 54" href="http://viewer.zmags.com/publication/9068f4ee?page=54"> India Exporters queue up to slake India’s in</a> <a title="2016_GEA_Insight_Zmags page 55" href="http://viewer.zmags.com/publication/9068f4ee?page=55"> Of India’s nearly 60 state-run utilities two-thir</a> <a title="2016_GEA_Insight_Zmags page 56" href="http://viewer.zmags.com/publication/9068f4ee?page=56"> India doubts, throwing an exclamation mark</a> <a title="2016_GEA_Insight_Zmags page 57" href="http://viewer.zmags.com/publication/9068f4ee?page=57"> Platts eWindow Market Data How increased structur</a> <a title="2016_GEA_Insight_Zmags page 58" href="http://viewer.zmags.com/publication/9068f4ee?page=58"> Oil & Gas Industry Outlook Coping strategies Big</a> <a title="2016_GEA_Insight_Zmags page 59" href="http://viewer.zmags.com/publication/9068f4ee?page=59"> Oil & Gas Industry Outlook growth prospect</a> <a title="2016_GEA_Insight_Zmags page 60" href="http://viewer.zmags.com/publication/9068f4ee?page=60"> “ The industry has retreated to short-</a> <a title="2016_GEA_Insight_Zmags page 61" href="http://viewer.zmags.com/publication/9068f4ee?page=61"> Oil & Gas Industry Outlook “We’ve long bee</a> <a title="2016_GEA_Insight_Zmags page 62" href="http://viewer.zmags.com/publication/9068f4ee?page=62"> Oil & Gas Industry Outlook IOC'S PROVED RES</a> <a title="2016_GEA_Insight_Zmags page 63" href="http://viewer.zmags.com/publication/9068f4ee?page=63"> chain,” in addition to its traditional oil and ga</a> <a title="2016_GEA_Insight_Zmags page 64" href="http://viewer.zmags.com/publication/9068f4ee?page=64"> Permanent reservoir monitoring ©Statoil / Source:</a> <a title="2016_GEA_Insight_Zmags page 65" href="http://viewer.zmags.com/publication/9068f4ee?page=65"> Technology Technology: a seductive answer to ind</a> <a title="2016_GEA_Insight_Zmags page 66" href="http://viewer.zmags.com/publication/9068f4ee?page=66"> Technology such as Sakhalin, off the coast</a> <a title="2016_GEA_Insight_Zmags page 67" href="http://viewer.zmags.com/publication/9068f4ee?page=67"> Futures and Options Where have all the commercia</a> <a title="2016_GEA_Insight_Zmags page 68" href="http://viewer.zmags.com/publication/9068f4ee?page=68"> Futures and Options start to see more move</a> <a title="2016_GEA_Insight_Zmags page 69" href="http://viewer.zmags.com/publication/9068f4ee?page=69"> Spot WTI ($) COMMERCIAL WTI SHORT CONTRACTS AS %</a> <a title="2016_GEA_Insight_Zmags page 70" href="http://viewer.zmags.com/publication/9068f4ee?page=70"> Futures and Options all three cases, break</a> <a title="2016_GEA_Insight_Zmags page 71" href="http://viewer.zmags.com/publication/9068f4ee?page=71"> </a> <a title="2016_GEA_Insight_Zmags page 72" href="http://viewer.zmags.com/publication/9068f4ee?page=72"> Nuclear Power Nuclear headaches: fear, failures </a> <a title="2016_GEA_Insight_Zmags page 73" href="http://viewer.zmags.com/publication/9068f4ee?page=73"> MONTHLY SPOT PRICE INDICATORS (</a> <a title="2016_GEA_Insight_Zmags page 74" href="http://viewer.zmags.com/publication/9068f4ee?page=74"> Nuclear Power reactors and spur new reacto</a> <a title="2016_GEA_Insight_Zmags page 75" href="http://viewer.zmags.com/publication/9068f4ee?page=75"> only two are generating power, with almost all th</a> <a title="2016_GEA_Insight_Zmags page 76" href="http://viewer.zmags.com/publication/9068f4ee?page=76"> Nuclear Power They will not. It has been tr</a> <a title="2016_GEA_Insight_Zmags page 77" href="http://viewer.zmags.com/publication/9068f4ee?page=77"> Honored to be a 2016 Global Energy Awards Finalis</a> <a title="2016_GEA_Insight_Zmags page 78" href="http://viewer.zmags.com/publication/9068f4ee?page=78"> NGLs Going global: US NGLs head east and west Gl</a> <a title="2016_GEA_Insight_Zmags page 79" href="http://viewer.zmags.com/publication/9068f4ee?page=79"> TOTAL US NGL PRODUCTION AND EXPORTS (mi</a> <a title="2016_GEA_Insight_Zmags page 80" href="http://viewer.zmags.com/publication/9068f4ee?page=80"> NGLs 2015 CRACKER FEEDSLATE, EUROPE vs US</a> <a title="2016_GEA_Insight_Zmags page 81" href="http://viewer.zmags.com/publication/9068f4ee?page=81"> Energy Trade A Middle Eastern hub rises Fujairah</a> <a title="2016_GEA_Insight_Zmags page 82" href="http://viewer.zmags.com/publication/9068f4ee?page=82"> Energy Trade Fujairah announced that it wo</a> <a title="2016_GEA_Insight_Zmags page 83" href="http://viewer.zmags.com/publication/9068f4ee?page=83"> served by appointing the port as a legal island, </a> <a title="2016_GEA_Insight_Zmags page 84" href="http://viewer.zmags.com/publication/9068f4ee?page=84"> </a> <a title="2016_GEA_Insight_Zmags page 85" href="http://viewer.zmags.com/publication/9068f4ee?page=85"> Guest Contributor – Asian Energy Bridge to a sus</a> <a title="2016_GEA_Insight_Zmags page 86" href="http://viewer.zmags.com/publication/9068f4ee?page=86"> Guest Contributor – Asian Energy policies </a> <a title="2016_GEA_Insight_Zmags page 87" href="http://viewer.zmags.com/publication/9068f4ee?page=87"> </a> <a title="2016_GEA_Insight_Zmags page 88" href="http://viewer.zmags.com/publication/9068f4ee?page=88"> Special Advertising Section | Industry Leader P</a> <a title="2016_GEA_Insight_Zmags page 89" href="http://viewer.zmags.com/publication/9068f4ee?page=89"> Industry Leader Profile | Special Advertising Se</a> <a title="2016_GEA_Insight_Zmags page 90" href="http://viewer.zmags.com/publication/9068f4ee?page=90"> Special Advertising Section | Industry Leader P</a> <a title="2016_GEA_Insight_Zmags page 91" href="http://viewer.zmags.com/publication/9068f4ee?page=91"> Industry Leader Profile | Special Advertising Se</a> <a title="2016_GEA_Insight_Zmags page 92" href="http://viewer.zmags.com/publication/9068f4ee?page=92"> Special Advertising Section | Industry Leader P</a> <a title="2016_GEA_Insight_Zmags page 93" href="http://viewer.zmags.com/publication/9068f4ee?page=93"> Industry Leader Profile | Special Advertising Se</a> <a title="2016_GEA_Insight_Zmags page 94" href="http://viewer.zmags.com/publication/9068f4ee?page=94"> Special Advertising Section | Industry Leader P</a> <a title="2016_GEA_Insight_Zmags page 95" href="http://viewer.zmags.com/publication/9068f4ee?page=95"> Industry Leader Profile | Special Advertising Se</a> <a title="2016_GEA_Insight_Zmags page 96" href="http://viewer.zmags.com/publication/9068f4ee?page=96"> Special Advertising Section | Industry Leader P</a> <a title="2016_GEA_Insight_Zmags page 97" href="http://viewer.zmags.com/publication/9068f4ee?page=97"> Industry Leader Profile | Special Advertising Se</a> <a title="2016_GEA_Insight_Zmags page 98" href="http://viewer.zmags.com/publication/9068f4ee?page=98"> Special Advertising Section | Industry Leader P</a> <a title="2016_GEA_Insight_Zmags page 99" href="http://viewer.zmags.com/publication/9068f4ee?page=99"> Industry Leader Profile | Special Advertising Se</a> <a title="2016_GEA_Insight_Zmags page 100" href="http://viewer.zmags.com/publication/9068f4ee?page=100"> </a> <a title="2016_GEA_Insight_Zmags page 101" href="http://viewer.zmags.com/publication/9068f4ee?page=101"> </a> <a title="2016_GEA_Insight_Zmags page 102" href="http://viewer.zmags.com/publication/9068f4ee?page=102"> Global Energy Awards 2016 Platts Global Energy A</a> <a title="2016_GEA_Insight_Zmags page 103" href="http://viewer.zmags.com/publication/9068f4ee?page=103"> Energy Company of the Year Southern Company Unite</a> <a title="2016_GEA_Insight_Zmags page 104" href="http://viewer.zmags.com/publication/9068f4ee?page=104"> Global Energy Awards stagnate. Its custome</a> <a title="2016_GEA_Insight_Zmags page 105" href="http://viewer.zmags.com/publication/9068f4ee?page=105"> gasoline prices, create jobs, boost GDP and ensur</a> <a title="2016_GEA_Insight_Zmags page 106" href="http://viewer.zmags.com/publication/9068f4ee?page=106"> Global Energy Awards and only battery in t</a> <a title="2016_GEA_Insight_Zmags page 107" href="http://viewer.zmags.com/publication/9068f4ee?page=107"> As an independent global infrastructure investmen</a> <a title="2016_GEA_Insight_Zmags page 108" href="http://viewer.zmags.com/publication/9068f4ee?page=108"> Global Energy Awards Company’s focus has b</a> <a title="2016_GEA_Insight_Zmags page 109" href="http://viewer.zmags.com/publication/9068f4ee?page=109"> ENGIE_global_markets gradient_BLUE_CMYK 01/12/201</a> <a title="2016_GEA_Insight_Zmags page 110" href="http://viewer.zmags.com/publication/9068f4ee?page=110"> Global Energy Awards Industry Leadership Aw</a> <a title="2016_GEA_Insight_Zmags page 111" href="http://viewer.zmags.com/publication/9068f4ee?page=111"> collaboration with Nissan on vehicle-to-grid tech</a> <a title="2016_GEA_Insight_Zmags page 112" href="http://viewer.zmags.com/publication/9068f4ee?page=112"> Global Energy Awards HPCL refines crude oil</a> <a title="2016_GEA_Insight_Zmags page 113" href="http://viewer.zmags.com/publication/9068f4ee?page=113"> Global Energy Awards Engineering Project o</a> <a title="2016_GEA_Insight_Zmags page 114" href="http://viewer.zmags.com/publication/9068f4ee?page=114"> Global Energy Awards and commercialized it</a> <a title="2016_GEA_Insight_Zmags page 115" href="http://viewer.zmags.com/publication/9068f4ee?page=115"> Platts www.platts.com Oil Analytics So much of y</a> <a title="2016_GEA_Insight_Zmags page 116" href="http://viewer.zmags.com/publication/9068f4ee?page=116"> Qatar ENERGY for life Energy powers our wor</a>