Skip to comments.Houstonís top industry is energetic worldwide
Posted on 07/11/2013 1:36:01 PM PDT by thackney
The energy boom thats keeping Houstons economy as hot as its summers also is warming up the industry around the world, according to a new report from London.
The Energy Industries Council, a 70-year-old global trade association, says companies across the international energy supply chain announced 386 new projects in the second quarter with an estimated total value of $342.1 billion.
A few more projects were announced during the same period in 2012, but their estimated total value was 19 percent less at $277.8 billion, according to the councils tally.
The trade group said in a news release this week that its quarterly EIC Monitor tracks almost 10,000 projects proposed or under way. It cautioned that newly announced projects may not have financing or regulatory approval.
The second-quarter breakdown by sector, with percent change over the April-June period of 2012:
Oil and gas upstream: $48.8 billion, up 50 percent.
Oil and gas midstream: $88.3 billion, up 173 percent.
Oil and gas downstream: $104.3 billion, up 70 percent.
Renewables: $62.2 billion, up 12 percent.
Nuclear and conventional electric power: $38.5 billion, down 60 percent.
Performance in the midstream and downstream sectors has been particularly impressive as the growing level of natural gas recovery worldwide is fuelling a rise in (liquefied natural gas), petrochemical and associated pipeline projects, the trade groups interim CEO, Claire Miller, said in the news release.
This is the jobs machine...telling all the college kids I now take math and science...and get in on the oil boom...