Recovery in the global energy industry stalled in 4Q2009, according to EIC Monit ...

Recovery in the global energy industry stalled in 4Q2009, according to EIC Monitor, a quarterly report from the EIC. There are modest improvements in total project value in the renewables, upstream and midstream sectors, while the power and downstream sectors have lost ground since the previous quarter, the EIC says. EIC Monitor tracks 7,500 active and future projects in the global energy industry and provides an industry barometer, broken down into oil and gas (downstream, midstream, upstream), nuclear and conventional power in the renewables sectors. Data is analysed by the number, value and where appropriate, capacity of new, active and proposed projects by the EIC each quarter. The report found that the total number and value of new projects is down on the previous quarter. In 4Q2009, there were 335 new projects across the global energy supply chain, compared to 462 in 3Q2009, and 340 projects in 4Q2008. Renewable energy projects represent the largest segment of new projects by value in the industry and are up by 30%. New projects are emerging globally and there are signs of major investment beginning, the report says. The upstream sector is continuing to recover, with the total value of new projects increasing by 27% on the previous quarter. The midstream sector has shown the strongest percentage growth, with an increase in the total value of new projects of 37% over the previous quarter. In the downstream sector, the number and value of new projects are both down by more than 30% on the previous quarter’s results. Commenting on the report, Mike Major, EIC Chief Executive, said: ‘EIC Monitor shows a mixed bag of results across the global energy industry. While overall this represents a slightly disappointing ending to the year given that the previous quarter showed more positive signs of recovery, the outlook is encouraging for the energy supply chain given that the global economy is poised for recovery in 2010.’