programs that involve investments of massive proportions. While the world's attention today is focused primarily on crude oil production capacity, meeting global demand also requires timely investment along the entire oil and gas value chains, from production to transportation to refining and processing, as well as their related infrastructures. To reliably meet growing energy demand, the industry must deal with a stretched refining system, and match refining capacity to the anticipated future slate of crude oil that is becoming heavier and sourer, as well as attend to the infrastructure bottlenecks in pipelines, terminals, shipping and critical sea channels. Considering the long lead times required to plan and complete the development of oil and gas fields and the construction of associated facilities, including infrastructure, timely investments by both IOCs and NOCs are required to deliver crude oil, refined products and gas supplies when and where they are needed. --More
