Oil and gas exploration and production are complex processes. Pertaining to low interest due to the decline in oil prices, during 2014-2016, the oil and gas companies had not invested much into it. However, with the stability in oil prices and ample amount of proven reserves, the companies have started to invest in the market. Indonesia had the highest reserve, followed by Vietnam, as of December 2018. With rise in activities in the upstream sector, the EPC market is likely to grow in the region. The downstream EPC market occupies a major share, owing to the huge cost incurred in the installation of refineries unit. It is followed by the EPC contract of pipelines used in the transportation of crude after exploration, and for the transportation of gaseous products from the refineries. The overall refining capacity in the South Asian countries showed an increase of ~7.37%, during 2011-2018.

The West African region has witnessed a significant number of problems over the past few years, ranging from the Ebola outbreak and changes of government in Gambia, to heightened militant attacks in Nigeria. These were some of the major factors that have constrained or discouraged the exploration activities in the region.  However, with the recovery of oil prices and huge growth in the global gas market, from licensing rounds to offshore deepwater drilling and FLNG developments and oil production, West Africa is set for an intensified oil and natural gas activity in 2019 and beyond.

West African countries, such as Nigeria and Ghana, have witnessed a significant rise in demand for refined fuels, such as gasoline and LPG, on account of strong economic growth, increasing number of vehicle sales, and penetration of LPG in the recent times. However, the West African economy does not produce enough refined products to meet its demand. Hence, it is dependent on imports, supporting differential pricing and refiners’ margin.

受复杂运行环境的影响，海底管道运行安全面临严峻挑战。基于陆上管道完整性管理的基本理念，对海底管道进行了风险识别，并对主要面临的悬空、位移、第三方损坏以及管道本体缺陷4类风险进行了可靠性分析，对超出允许范围的风险管段采取技术和管理方面的管控措施，保证了海底长输原油管道的结构和功能的完整性以及运行安全，为国内复杂海域长输管道的完整性管理积累了经验。同时，根据实践中面临的问题，对海底长输原油管道的完整性管理提出了发展建议。

国际石油公司从20世纪90年代就开始涉足风能、太阳能、地热和生物燃料等新能源领域，并取得了不错的成绩，但在新能源领域的投入时进时退，《巴黎协定》签署后，国际石油公司对新能源领域的投入力度又出现了新变化。国际石油公司在保持油气业务核心地位不变的同时，加大对新能源业务的投入，遵循因时因地制宜原则，利用风险投资部门开拓新业务，注重合作共赢，投资初创企业获得领先技术。这一切成为国际石油公司拓展新能源业务的重要战略途径，值得国内石油公司借鉴。

9 月油价上演过山车行情，但仍属行业发展相对舒适区。受 沙特油田遭遇无人机袭击影响，16 日Brent 油价上涨14.6%；17 日 因沙特预期能较快恢复正常产量、美国API 原油库存意外增加等利 空因素影响，油价单日下跌6.5%，随后几天震荡走低，上演过山 车行情。60-70 美元/桶的油价区间对石油化工行业虽不是最好，但 是一个相对比较舒适的价格区间。

原油供给弹性远大于需求，四季度油价有望波动上行。受9 月份沙特被袭 击事件影响，原油被赋予地缘政治溢价，若后期沙特复产速度不及自己的预 测，原油价格将因为沙特产量下降而出现上涨，其弹性高达几百万桶大大超 过全球原油需求变化的弹性。

商品价格分析：8月20日-9月20日镍、铁矿石和棉花价格涨幅居前；此外，黄金价格回调。8月份制造业PMI数据显示经济收缩。1-8月固定资产投资累计同比增速和8月工业增加值同比增速回落。