Schlumberger CEO Olivier Le Peuch cited that "Looking ahead into 2022, the industry macro fundamentals are very favorable, due to the combination of projected steady demand recovery, an increasingly tight supply market, and supportive oil prices."
He believes that those dynamics should drive industry capital spending higher this year "with simultaneous double-digit growth in international and North American markets." Pending any further COVID-related issues, oil demand is forecast to exceed pre-pandemic levels before year-end 2022 and then it will ramp further in 2023.
Lastly, he added "These favorable market conditions are strikingly similar to those experienced during the last industry supercycle, suggesting that resurgent global demand-led capital spending will result in an exceptional multiyear growth cycle.
Vietnam has officially broken ground on the $2.37 billion Hai Lang LNG Power Plant as of January 15, 2022. The project is backed by a consortium that includes T&T Group, Korea Gas Corporation (KOGAS), Hanwha Energy Corporation, and Korea Southern Power (KOSPO).
Full operations are scheduled for 2026-2027, and the terminal will have a 1,500 MW power production capability once online. The terminal can support vessels of up to 226,000 cubic meters, with max LNG receipts of 1.5 Mtpa.