Improve economics with GTL integration into oil sands operations

摘要

At the beginning of the last decade, a wave of interest in GTL was driven by environmental awareness and peak oil predictions. As a result, many GTL projects were announced worldwide, of which three were finally constructed and are operating in Qatar (Shells Pearl GTL and Qatar Petroleum and Sasol's Oryx GTL), and one in Nigeria (Chevrons Escravos GTL). At present, GTL once again looks promising. Renewed interest in GTL is due mainly to new developments in shale gas production and the spread between oil and natural gas prices, particularly in North America (NA). FIG. 1 depicts the historical trend of WTI crude oil and Henry Hub natural gas prices since 1997. The spread between oil and gas prices, which is the main driver for GTL economics, has recently narrowed due to an oversupply of shale oil and a sharp drop in crude oil prices. However, referring to recent EIA projections, the oil-to-gas price ratio is forecast to remain at for the foreseeable future almost double the average historical value of this ratio before the shale gas discoveries of 2009.