The introduction of private capital into Mexico's oil and gas sector will revive upstream activity throughout our forecast period. While the 2013 reform package did not challenge the dominant narrative of the country, namely, that the state and its people are the owners of Mexico's hydrocarbons, it did create a framework which allowed private actors to play a significant role moving forward. We believe these measures, coupled with vast, untapped reserves, will bolster investment despite a lower oil price environment, reversing more than a decade of oil production declines.

The main legislation governing the upstream industry is the Mineral and Petroleum Resources Development Act; the act was amended in March 2014. Under the new terms, the state is entitled to a 20% carried interest in all new projects, and the state may increase its interest up to 100%, either by acquisition or through entering production sharing agreements. In earlier drafts, state ownership was capped at 50%, but this clause was subsequently dropped. The pricing terms for stake acquisition are also unclear, fuelling concerns of asset fire sales, in which the government buys into prospective acreage at heavily discounted rates. Another area of concern surrounds the proposed disbandment of the industry regulator PASA and the wider discretionary powers afforded to ministers.

In July, the OPEC Reference Basket increased marginally by 5¢ m-o-m to settle at $73.27/b. Oil futures saw mixed movement over the month, while US oil inventories continued to drain, particularly in Cushing, Oklahoma. ICE Brent averaged 99¢ m-o-m lower at $74.95/b, while NYMEX WTI rose $3.26 m-o-m to $70.58/b. Year-to-date (y-t-d), ICE Brent is $19.53 higher at $71.72/b compared to the same period a year earlier, while NYMEX WTI climbed $16.70 to $66.20/b. The ICE Brent/NYMEX WTI spread narrowed by $4.25/b to $4.37/b in July. Speculative net long positions ended the month lower, particularly for ICE Brent. The Dubai market backwardated structure eased again, while Brent flipped into contango for the remainder of the year. In the US, WTI backwardation increased significantly for the second successive month. Apart from the USGC costal grades, the global sour discount to sweet crudes increased due to a surplus of sour crudes.

The Law on Subsoil and Subsoil Use (Subsoil Use Law) is the key legislation governing oil and gas exploration and production in Kazakhstan. The law has been amended several times, most notably in 2010. The law notably establishes strict local content requirements. It also establishes the government's right to pre-empt any sale of oil and gas assets.

The key laws governing oil and gas exploration in Myanmar are The Oilfields Act 1918, The Oilfield Rules 1936, The Petroleum Act 1934, The Petroleum Rules 1937, The Essential Supplies and Services Act 1947, The Petroleum Resources (Development Regulation) Act 1957, The Law Amending the Petroleum Resources (Development Regulation) Act 1969 and The Myanmar Petroleum Concession Rules 1962.

The National Agency for Mineral Resources (NAMR) is responsible for granting licences and regulating Romania's oil and gas industry. Under Romania's Oil Law, all subsoil oil and gas belongs to the Romanian state and exploration and extraction rights are granted through concession agreements with NAMR. Romania does not offer production-sharing agreements. The president of the Romanian Mineral Resources Agency has said the country will need to introduce rules and regulations to govern the creation of a shale gas sector. The government is hoping to develop the unconventional source to help reduce imports of Russian gas. Currently there is no licensing regime specific to shale gas, and we believe, due to greater potential in the Black Sea, progress on shale developments will take more time.

With reserves of 2.5bn barrels of crude, Uganda has Sub-Saharan Africa's fourth-largest crude reserves, behind Nigeria, Angola and South Sudan. There is limited short-term upside risk to reserves: current exploration and appraisal campaigns have reached an end. However, three blocks were recently awarded as part of the country's first licensing round, launched in 2015, promising some level of exploration activity in the medium term.

Most of Iran's oil and gas production, processing and distribution are carried out by state-owned companies run directly by the Ministry of Petroleum. Foreign partners, particularly national oil companies, have a limited presence in the Iranian energy sector, with most foreign oil company (IOC) involvement currently from national oil companies. The National Iranian Oil Company (NIOC) dominates all upstream and downstream oil and gas activities. Refining and distribution activities are carried out under the control of state-run National Iranian Oil Refining & Distribution Company, which was separated from the NIOC in 1991. The company operates nine crude oil refineries, oil pipelines and more than 1,000 fuel retail outlets. Gas developments are carried out by the National Iranian Gas Company (NIGC) while petrochemicals production and distribution are the responsibility of the National Iranian Petrochemical Company.

近期聚酯全产业链产品价格都大幅上涨，涤纶+PTA 的单吨盈利已经接近翻倍，市场对目前高盈利能否持续分歧较大。但是就我们分析，本轮涤纶和 PTA 的盈利改善不但远未到高点，而且明年还有望继续维持高盈利，市场预期和公司股价都存在着巨大的向上修正空间。

近年，美国页岩革命使乙烷产量大幅增加。由于乙烷制乙烯工艺相对石脑油制乙烯具有更好的经济性，在美国及世界范围内（尤其是欧洲），以乙烷为原料的乙烯装置建设呈现蓬勃发展的高潮，为全球聚乙烯等下游产业链的发展带来了机遇，也为中国的乙烷制乙烯及相关产品提供了发展潜力。预计未来5 年主要进口地区的聚乙烯价格将下降5%～10%，全球乙烷原料和乙烯产业链产品的贸易格局也将发生较大变化，低成本的北美聚乙烯将取代部分成本较高的日、韩等国家和地区的产品进入中国市场。文章还讨论了乙烷裂解制乙烯项目潜在的风险，如进口乙烷的物流和未来乙烷价格上升等问题。

通过分析全球油气资源分布和勘探发现特征，预测了全球油气勘探发现趋势，总结了重点增储领域。认为全球油气资源供给充分，但分布不均，低成本油气储量发现减少，部分资源国储量基础堪忧。全球常规油气勘探热点主要位于海域，且正从南大西洋两岸中段被动陆缘盆地向南段和北段被动陆缘盆地转移。非常规领域成为全球储量增长的重要组成部分，页岩油气成为全球的勘探热点。保守的预测，全球石油勘探发现处于第二个储量增长高峰期的上升阶段，预计将在2025—2030 年前后达到第二个储量增长高峰，5 年的峰值发现储量为1620 亿桶。大西洋两岸、中东、中亚—俄罗斯地区是常规油气重要增储地区，俄罗斯北极和美国北极将成为油气储量增长的重要一极，页岩油气以外，稠油可能获得大的突破。

近年来，我国石油化工行业稳中向好发展，在促进我国经济快速增长上发挥了重要作用，而生态环保问题也随之频繁发生。目前，我国对生态环境问题给予了高度重视，对石油化工等工业企业生产所排放的污染物质也提出了更加严格的要求。然而，当前我国石油化工行业所使用的化工技术较为落后，生产出的产品等依然存在很多有毒有害物质，非常不利于生态环境的保护。因此，非常有必要在石油化工行业发起一场绿色革命，从而使石油化工工艺技术以及产品等更加绿色环保。本文主要对绿色化工技术在石油化工中的应用策略进行研究和阐述。

介绍了内蒙古自治区煤炭资源的基本情况，分析了内蒙古自治区现代煤化工产业现有项目规模布局、技术发展水平等产业发展现状，采用SWOT分析法对内蒙古自治区现代煤化工产业发展的优势、劣势、机遇与威胁进行了分析。提出了内蒙古自治区现代煤化工产业未来发展应以鄂尔多斯的煤制天然气、煤制烯烃项目为重点，开展蒙中现代煤化工基地建设；以呼伦贝尔、锡林浩特和霍林河地区的煤制乙二醇、煤制天然气和煤制二甲醚项目为主，开展蒙东现代煤化工基地建设。

“月份效应”是资本市场上一种较为常见的收益率异常现象。本文通过美国石油期货市场1990 年-2017 年的价格数据，使用GARCH 模型进行了研究，发现美国石油期货市场并不存在“月份效应”，可以推断出美国石油期货市场具有较强的价格发现功能。这对我国即将在上海推出的原油期货市场具有重要的参考价值。