• EPRINC Welcomes Salvador Beltran-del-Rio as a New Distinguished Fellow

    EPRINC is excited to announce the addition of Salvador Beltran-del-Rio as a Distinguished Fellow. Salvador is Dean of the School of Government and Economics, Universidad Panamericana.  He has 30 years of leadership experience in public and private sectors in Mexico where he engaged in the energy sector as well as on various areas at national-international level. More of Salvador’s background can be found here.

  • Emily Medina on Think Tech Hawaii, “Energy in America Program”

    Emily Medina was interviewed recently on Think Tech Hawaii. Some clips from that broadcast can be found below:

     

    Emily on the attack on the Saudi oil facilities.

     

    Emily on Mexico’s Energy Reform.

  • EPRINC and IEEJ Co-Host Third US – Japan LNG Workshop

    IEEJ and EPRINC are in the third year of a joint assessment of the future role of LNG in Asian power and fuel markets. The effort has been supported by both METI and DOE and is part of the Japan-United States Strategic Energy Partnership (JUSEP). It remains an important joint initiative in supporting the growth of LNG in the Asia Pacific region.

    Among the more important objectives of this joint effort are identifying recent trends and longer-term uncertainties in Asian natural gas markets, proposing joint policy initiatives, and highlighting the critical role of U.S. LNG exports in serving those markets. To this end, EPRINC and IEEJ have co-hosted a workshop that included presentations and discussion on the U.S. LNG value chain, opportunities and challenges for financing the expansion of U.S. LNG exports and the development of new regasification facilities in Asia. The program also explored strategies to bring more liquidity to the financing of U.S. LNG exports.

    The workshop presentations and accompanying discussion will contribute to the final joint IEEJ-EPRINC report and recommendations. These findings and recommendations will be presented at the 8th Annual Producer Consumer Conference on September 28, 2019 in Tokyo, Japan. The agenda for the workshop can be found here, the presentations given that day are here, and the photos from the workshop are here.

    A subsequent workshop was held in Jakarta on August 22, 2019. The presentations from that workshop can be found here.

  • EPRINC Assessment on Mexico’s Oil and Gas Challenges by Rafael Sandrea

    Mexico is an essential piece of the North American petroleum production platform, and Mexico’s oil and gas reserves and production are at a critical crossroads. Oil reserves would be exhausted in ten years and gas reserves in six without massive new capital commitments. Of a total of 465 oil fields discovered, today a handful of ten currently account for nearly two-thirds of all domestic production; likewise, of the 700-plus gas fields discovered, ten account for almost half of all gas production.

    The energy reform measures implemented in Mexico over the last few years, also known as the New Energy Model, offer considerable potential to lift oil and gas production, increase employment and deliver technological advances, and additional revenues for Mexico’s federal, state, and local governments. The New Energy Model has brought new investment into Mexico’s petroleum provinces, and there has been significant investment in seismic surveys and commitments for new wells. This expanded activity in the petroleum sector, entirely from private investment, has led to new discoveries.

    Mexico’s new president, Andrés Manuel López Obrador (often referred to as AMLO), has expressed skepticism towards the energy reforms of the previous administration and has halted most initiatives to bring new private capital into the development of Mexico’s oil and gas resources. Although Mexico has not had a full public debate on all aspects of AMLO’s criticism of the New Energy Model, this EPRINC assessment demonstrates that without massive new commitments of capital for petroleum development, Mexico’s oil and gas future is grim.

    The Spanish-language version of the assessment can be found here.

     

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    Revisiting The Strategic Petroleum Reserve (SPR)

    The prospect for conflict in the Middle East, pending collapse of production in Venezuela, and turmoil in North Africa all remind us the world oil market still faces substantial threats of disruption.  The North American petroleum renaissance, which has lifted U.S. oil production to the point where net exports are rapidly moving into positive territory, has also opened opportunities for  Congress to sell off a substantial volume of strategic stocks to fund a range of domestic programs. EPRINC has argued that while some adjustments to the reserve size may be justified, on balance, it still plays a critical role in the security of the United States and decisions on the size of the SPR should take the long view. The SPR remains an important strategic asset.

    Given the current geopolitical environment, we are highlighting some previous EPRINC papers published on this topic.  In addition, our friend and colleague, Dr. Carmine Difiglio, has shared with us his insightful analysis of the value of strategic stocks in sustaining economic growth. Professor Difiglio, formerly with the U.S. Department of Energy, is Director of the Istanbul International Center for Energy and Climate (IICEC) at Sabanci Univerity.

    For links to the reports on the SPR, click here

    John Shages, former Deputy Assistant Secretary for Strategic Reserves, writes on Policy Challenges in Managing the Nation’s Strategic Oil Stock  (July 2014).

    For access to the report, click here

    Lucian Pugliaresi of EPRINC and Fred Beach of UT, Austin debate the value of the SPR in the Wall Street  Journal (November 2015).

    For access to the report, click here

    Larry Goldstein and Lucian Pugliaresi of EPRINC comment on Congress’s initiative  to fund health care by reducing the size of the SPR  in Politico (July 2015)

    For access to the report, click here

    Carmine Difiglio’s extensive analysis of the negative consequences of world economic growth from oil supply disruptions. Oil, economic growth and strategic petroleum stocks, Energy Strategy Reviews (2014).

    For access to the report, click here

    Michael Lynch, EPRINC Distinguished Fellow and President of Strategic Energy and Economic Research, Inc. presents a retrospective on the 1979 oil disruption and the role uncertainty and hoarding can play is amplifying the cost of an oil supply disruption. The article was recently published in Forbes and can be found here

  • EPRINC Releases Report on the Role of Octane in U.S. Transportation Fuels

    Over the course of the last forty years, automobile manufacturers have had to comply with a variety of increasingly stringent Federal and State requirements. CAFE (Corporate Average Fuel Economy) regulations were enacted in the 1970s to require higher fuel efficiency in motor vehicles. Beginning in 2005 through the passage of the RFS (Renewable Fuel Standard) increasing volumes of biofuel blending have been mandated.  As both of these sets of regulations have created formidable compliance challenges, there has emerged an opportunity to link the two to bring some convergence to these two important public policy concerns and offer some resolution through requiring higher-octane fuel.

    EPRINC’s Lucian Pugliaresi and Max Pyziur have written a report which presents an estimate of the cost of transforming the U.S. gasoline fuel system from one in which about 89 percent of sales can be characterized as “regular” and “midgrade” gasoline into a fuel system that, over time, nearly 100 percent of sales can be characterized as “higher-octane” gasoline. Several methodologies were used to estimate the cost of this transformation, and the merits and demerits of each system for calculating the cost are discussed in the report. The report can be found here.

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    Lucian Pugliaresi Presents at the Energy Mexico Oil Gas Power 2019 Expo & Congress

    Photo: Panelists for the Session on Energy Implications of the new U.S. Mexico Canada (USMCA) Trade Agreement (Left to Right) Jesus Seade Kuri (Key NAFTA Negotiator for the Administration of President Andrés Manuel López Obrador), Ildefonso Guajardo (Former Minister of Economy and Chief Negotiator of NAFTA), Carlos Pascual (Senior Vice President, Global Energy, IHS Markit), Herman Franssen (Panel Chairman, Executive Director,  Energy Intelligence Group), Lucian Pugliaresi (President, Energy Policy Research Foundation), Moisés R. Kalach Balas (Coordinator of the Strategic International Business Council, Consejo Coordinador Empresarial)   Lucian Pugliaresi made two presentations in Mexico City at the Energy Mexico Oil Gas Power 2019 Expo & Congress, a key event for the entire value chain of the Mexican energy sector.  He made presentations on a panel discussion on the new U.S. – Mexico – Canada (USMCA) trade agreement as well as a panel evaluating the implications of shifts in national energy policies.  His two presentations can be found here and here.    

  • Screenshot 2019-01-02 15.13.04

    EPRINC Releases Report on Mexico’s Petroleum Future

    The energy reform measures implemented in Mexico over the last few years, also known as the New Energy Model, offer considerable potential to lift oil and gas production, increase employment and deliver technological advances, and crucially additional revenues for federal, state, and local governments. These reforms, if fully implemented, will also enhance long-term energy security for Mexico and North America. Energy reform in Mexico is contributing to the likelihood that North America will become a sustained net exporter to world markets in both petroleum (crude oil and refined products) and natural gas in the coming years. In a just-released EPRINC assessment, Michael Lynch, EPRINC Distinguished Fellow, presents his findings on the economic value to Mexico of the energy reforms in the petroleum sector. A link to the full report can be found here. A Spanish translation of the report will be posted on the EPRINC’s website in early January 2019.

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    London Argus Biofuels 2018 Conference

    On October 8-11, 2018, Argus Media held their Biofuels 2018 Conference in London.

    Offering a U.S. perspective, EPRINC’s Max Pyziur participated in a panel titled, “Political will for ethanol in transport fuels.” He also chaired a Roundtable themed “Ethanol Growth in the US markets.”

    The pdf of his powerpoint slides used at the Roundtable can be found here.

  • lng

    IEEJ and EPRINC Commentary on the Future of Asian LNG
    As the 7th Annual LNG Producer Consumer Conference opens in Nagoya, Japan, Masakazu Toyoda, CEO of the Institute of Energy Economics Japan (IEEJ) and Lucian Pugliaresi, President of the Energy Policy Research Foundation, Inc (EPRINC) outlined the important role of  U.S.-Japan cooperation in meeting rising Asian LNG demand with U.S. shale gas exports.  Their views appear in two separate  articles published in the Nikkei Asian Review  and the Japan Times.
EPRINC Welcomes Dr. Octavio F. Pastrana as a New Distinguished Fellow

Dr. Octavio F. Pastrana is joining EPRINC as the organization’s newest Distinguished Fellow. Octavio has forty three years of professional experience in world class companies in the oil and gas, and energy sectors, and as top executive for engineering and construction companies in South America and Mexico, in power generation and infrastructure.

Octavio has extensive experience in the oil and gas industry. For the past five years until May 2019,  Octavio was member of the Board of Petroleos Mexicanos, PEMEX. His deep engagement as advisor to the top executives and as leader of company planning far exceeded his duties as a non-executive board member, and while serving for four years as Chairman of its Strategy and Investment Committee, Octavio drove the transition of the company on a month to month basis to a new focus on performance and results.  During his thirteen years with BP, Octavio worked for five years as Chairman and CEO of Chaco, the oil and gas company which was formed during the privatization of the Bolivian national oil company YPFB, and for seven years as Country Head and General Director of oil and gas business units in Alaska, Venezuela, and México.

During 2013 and 2014, Octavio advised the Energy Commission of the Mexican Senate in development of the Constitutional Reform and subsequent Laws, engagement which led to his appointment as board member of PEMEX. 

The rest of Octavio’s bio can be found here.

EPRINC Welcomes Salvador Beltran-del-Rio as a New Distinguished Fellow

EPRINC is excited to announce the addition of Salvador Beltran-del-Rio as a Distinguished Fellow. Salvador is Dean of the School of Government and Economics, Universidad Panamericana.  He has 30 years of leadership experience in public and private sectors in Mexico where he engaged in the energy sector as well as on various areas at national-international level. More of Salvador’s background can be found here.

EPRINC and IEEJ Co-Host Third US – Japan LNG Workshop

IEEJ and EPRINC are in the third year of a joint assessment of the future role of LNG in Asian power and fuel markets. The effort has been supported by both METI and DOE and is part of the Japan-United States Strategic Energy Partnership (JUSEP). It remains an important joint initiative in supporting the growth of LNG in the Asia Pacific region.

Among the more important objectives of this joint effort are identifying recent trends and longer-term uncertainties in Asian natural gas markets, proposing joint policy initiatives, and highlighting the critical role of U.S. LNG exports in serving those markets. To this end, EPRINC and IEEJ have co-hosted a workshop that included presentations and discussion on the U.S. LNG value chain, opportunities and challenges for financing the expansion of U.S. LNG exports and the development of new regasification facilities in Asia. The program also explored strategies to bring more liquidity to the financing of U.S. LNG exports.

The workshop presentations and accompanying discussion will contribute to the final joint IEEJ-EPRINC report and recommendations. These findings and recommendations will be presented at the 8th Annual Producer Consumer Conference on September 28, 2019 in Tokyo, Japan. The agenda for the workshop can be found here, the presentations given that day are here, and the photos from the workshop are here.

A subsequent workshop was held in Jakarta on August 22, 2019. The presentations from that workshop can be found here.

EPRINC Assessment on Mexico’s Oil and Gas Challenges by Rafael Sandrea

Mexico is an essential piece of the North American petroleum production platform, and Mexico’s oil and gas reserves and production are at a critical crossroads. Oil reserves would be exhausted in ten years and gas reserves in six without massive new capital commitments. Of a total of 465 oil fields discovered, today a handful of ten currently account for nearly two-thirds of all domestic production; likewise, of the 700-plus gas fields discovered, ten account for almost half of all gas production.

The energy reform measures implemented in Mexico over the last few years, also known as the New Energy Model, offer considerable potential to lift oil and gas production, increase employment and deliver technological advances, and additional revenues for Mexico’s federal, state, and local governments. The New Energy Model has brought new investment into Mexico’s petroleum provinces, and there has been significant investment in seismic surveys and commitments for new wells. This expanded activity in the petroleum sector, entirely from private investment, has led to new discoveries.

Mexico’s new president, Andrés Manuel López Obrador (often referred to as AMLO), has expressed skepticism towards the energy reforms of the previous administration and has halted most initiatives to bring new private capital into the development of Mexico’s oil and gas resources. Although Mexico has not had a full public debate on all aspects of AMLO’s criticism of the New Energy Model, this EPRINC assessment demonstrates that without massive new commitments of capital for petroleum development, Mexico’s oil and gas future is grim.

The Spanish-language version of the assessment can be found here.

 

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