In 2015, the HPI’s capital, maintenance and operating budgets are expected to exceed $324 B. Global announced project spending continues to surge to satisfy increasing demand for petroleum products.
According to the International Energy Agency (IEA), global oil demand will rise to 97 MMbpd by 2020 and to 115 MMbpd by 2040. There are just under 650 refineries operating in 120 countries around the world, representing a total installed capacity of nearly 95 MMbpd. With consumption rising to nearly 115 MMbpd by 2040, additional capacity must be constructed to meet surging demand.
The world is also watching natural gas become the fastest-growing fossil fuel. Growth on both the supply and demand sides has resulted in the announcement of billions of dollars of capital investment across the world. These investments include the construction of LNG export and receiving terminals, cryogenic and g
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