The creation of synthetic liquid fuels, such as diesel, from natural gas is an expensive but increasingly worthwhile technology. Pioneered in the 1920s, the process employed in converting Gas-to-Liquids is ready for commercial take off. Two large-scale commercial Gas-to-Liquids plants have been opened in the 21st century and both are accumulating vast revenues due to the differential between the price of natural gas and the price of oil. Building on the success of these facilities and a range of other factors, the Gas-to-Liquid market is set to grow strongly over the next 10 years. Visiongain has determined that the value of the global Gas-to-Liquids market in 2013 will reach $5.29bn.
What makes this report unique?
Visiongain consulted widely with industry experts and full transcripts from these exclusive interviews are included in the report. As such, the report has a unique blend of primary and secondary sources providing informed opinion. The report provides insight into key drivers and restraints behind the development of Gas-to-Liquids facilities, identifying past failures, future growth areas and analyses leading companies. The report also provides a unique blend of qualitative analysis combined with extensive quantitative data including global, submarket and national markets forecasts from 2013-2023 – all highlighting key business opportunities.
Why you should buy The Gas-to-Liquids Market 2013-2023
• 182 pages of comprehensive analysis
• 4 Exclusive Visiongain interviews with experts from-
– CompactGTL
– Oxford Catalysts Group
– Infra Technology
– Toyo Engineering
• 95 tables, charts, and graphs
• Global Gas-to-Liquids market forecasts between 2013-2023
• Nine leading market forecasts between 2013-2023
– Qatar
– Iran
– South Africa
– Nigeria
– Mozambique
– USA
– Canada
– Uzbekistan
– Australia
• Forecast for the Associated and Stranded Gas Gas-to-Liquids Submarket
• 18 detailed tables of significant contracts & projects
• A PEST analysis Gas-to-Liquids
• 3 leading companies profiled and analysed in detail:
Sasol
PetroSA
Shell
• 22 other companies in the GTL market summarised:
BP plc
ExxonMobil Corporation
Chevron Corporation
ConocoPhillips Company
Eni S.p.A
Marathon Oil Corporation (Marathon)
Petroliam Nasional Berhad (PETRONAS)
Qatar Petroleum
Rosneft
Petrobras
Pacific GTL Ltd.
Syntroleum Corporation
Uzbekneftegaz National Holding Company (Uzbekneftegaz)
Narkangan Gas to Liquid International Company (Narkangan)
Industrial Development and Renovation Organization of Iran (IDRO)
Davy Process Technology Ltd
General Electric Company (GE)
GTL.F1
CompactGTL plc
Oxford Catalysts Group (Velocys, Inc) plc
Infra Technology
Toyo Engineering Corporation
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1. Executive Summary
1.1 The Global Gas-to-Liquids Market Overview
1.2 Highlights of This Report
1.3 Who is This Report For?
1.4 Methodology
1.5 The Global Gas-to-Liquids Market Forecast 2013-2023
1.6 Leading National Gas-to-Liquids Market Forecasts 2013-2023
2. Introduction to the Gas-to-Liquids Market
2.1 Gas-to-Liquids Market Definition
2.2 The Gas-to-Liquids Market Structure
2.3 GTL Technology
2.3.1 GTL Technology Cost
2.3.2 Recent History of Commercial GTL
2.3.3 The Future of Commercial GTL
3. The Global Gas-to-Liquids Market
3.1 Global Gas-to-Liquids Market Forecast 2013-2023
3.2 Associated and Stranded Gas Gas-to-Liquids Market Forecast 2013-2023
3.3 MENA Region Gas-to-Liquids Potential
3.4 The Leading Gas-to-Liquids Markets
3.5 Drivers & Restraints in the Gas-to-Liquids Market
3.6 Drivers
3.6.1 Oil & Gas Price Spread
3.6.2 Ready for Market Petroleum Products
3.6.3 Growing Demand for Clean Energy
3.6.4 Environmental Regulation
3.6.5 Energy Security
3.7 Restraints
3.7.1 Obtaining Financing for GTL Projects
3.7.2 Challenges in Size and Availability of Natural Gas
3.7.3 Proving the Viability of GTL Technology
3.7.4 The Long Term Price of Natural Gas
4. Leading National Gas-to-Liquids Markets
4.1 The Qatari Gas-to-Liquids Market 2013-2023
4.1.1 Qatar North Field Moratorium
4.1.2 Qatari GTL Prospects post-Moratorium
4.1.3 Qatar GTL Drivers & Restraints
4.1.4 Qatari GTL Projects
4.2 The Iranian Gas-to-Liquids Market 2013-2023
4.2.1 Iranian GTL Drivers and Restraints
4.2.2 Iranian GTL Projects
4.3 The Algerian Gas-to-Liquids Market
4.4 The South African Gas-to-Liquids Market 2013-2023
4.4.1 South African GTL Drivers & Restraints
4.4.2 South African GTL Related Projects
4.5 The Nigerian Gas-to-Liquids Market 2013-2023
4.5.1 Nigerian GTL Drivers & Restraints
4.5.2 Current Nigerian GTL Projects
4.6 The Mozambique Gas-to-Liquids Market 2013-2023
4.6.1 Mozambique GTL Drivers & Restraints
4.6.2 Current Mozambique GTL and GTL-related Projects
4.7 The US Gas-to-Liquids Market 2013-2023
4.7.1 US Ethylene Crackers
4.7.2 Previous US GTL Experiences and Proposals
4.7.3 US GTL Drivers & Restraints
4.7.4 Current US GTL Projects
4.8 The Canadian Gas-to-Liquids Market 2013-2023
4.8.1 Canadian GTL Drivers & Restraints
4.8.2 Current Canadian GTL Projects
4.9 Trinidad & Tobago Gas-to-Liquids Market Prospects
4.10 The Uzbek Gas-to-Liquids Market 2013-2023
4.10.1 Uzbek GTL Drivers & Restraints
4.10.2 Current Uzbek GTL Projects
4.11 Turkmen Gas-to-Liquid Market Prospects
4.12 Russian Gas-to-Liquids Market Prospects
4.12.1 Present Russian GTL Proposals
4.12.2 Previous Russian GTL Proposals
4.13 The Australian Gas-to-Liquids Market 2013-2023
4.13.1 Previous Australian GTL Proposals
4.13.2 Australian GTL Drivers & Restraints
4.13.3 Current Australian GTL Projects
4.14 Malaysian Gas-to-Liquid Market Prospects
4.15 Barriers to Entry Analysis (Leading National Gas-to-Liquids Markets)
5. The Associated and Stranded Gas-to-Liquids Market 2013-2023
5.1 How much associated and stranded gas will be monetised?
5.2 Associated Gas
5.3 Stranded Gas
5.4 Development of the Associated and Stranded Gas GTL Market
5.5 Associated and Stranded Gas GTL Drivers & Restraints
5.6 Disclosed Small-Scale GTL Facilities in Construction or Operation
6. PEST Analysis of the Gas-to-Liquids Market 2013-2023
7. Expert Opinion
7.1 CompactGTL
7.1.1 Commercial Use Of CompactGTL Technology
7.1.2 Preferability Of CompactGTL Technology
7.1.3 CompactGTL Supply Chain
7.1.4 CompactGTL GTL Facility OPEX
7.1.5 CompactGTL Competitors
7.1.6 Potential of Associated and Stranded Gas For GTL
7.1.7 Flared Gas Regulations
7.1.8 Valuation of Stranded and Associated Gas Markets
7.1.9 Areas for Growth in the Gas-to-Liquids Market
7.1.10 Constraints on the Gas-to-Liquids Market
7.1.11 Drivers for the Gas-to-Liquids Market
7.1.12 Investment in Liquefied Natural Gas versus Gas-to-Liquids
7.2 Oxford Catalysts / Velocys (Oxford Catalysts Group)
7.2.1 Commercial Use of Oxford Catalysts Group Technology
7.2.2 Description of Oxford Catalysts Group Technology
7.2.3 Preferability of Oxford Catalysts Group Technology
7.2.4 Primary Markets for Oxford Catalysts Group Technology
7.2.5 Use of Oxford Catalysts Group Technology Onshore and Offshore
7.2.6 Cost of a Gas-to-Liquids Plant
7.2.7 Flared Gas Market Potential For GTL
7.2.8 Stranded Gas Market Potential For GTL
7.2.9 Location of Gas-to-Liquids Facilities
7.2.10 Gas-to-Liquids Market Expansion
7.2.11 Cost of a Gas-to-Liquids Facility
7.2.12 Drivers of Gas-to-Liquids Market
7.2.13 Value of Gas-to-Liquids Market
7.3 Infra Technology
7.3.1 Infra Technology and the Gas-to-Liquids Market
7.3.2 Infra Technology Main Competitors
7.3.3 Current Focus and Use of Infra Technology's GTL Technology
7.3.4 Benefits of Infra Technology's GTL Technology
7.3.5 CAPEX of Infra Technology's GTL Technology
7.3.6 OPEX of Infra Technology's GTL Technology
7.3.7 Primary Markets of Infra Technology's GTL Technology
7.3.8 Size of Flared Gas GTL Market
7.3.9 Size of Stranded Gas GTL Market
7.3.10 Constraints on the Gas-to-Liquids Market
7.3.11 Current Interest Behind Gas-to-Liquids Technology
7.3.12 Russian Gas-to-Liquids Market
7.3.13 Current Progress of Infra Technology's Proprietary GTL Technology
7.4 Toyo Engineering Corporation
7.4.1 Toyo Engineering Gas-to-Liquids Technology
7.4.2 Toyo Engineering GTL Market Focus
7.4.3 Toyo Engineering Main GTL Competitors
7.4.4 Value of Associated Gas Market for GTL Technology
7.4.5 Regions for GTL Market Growth
7.4.6 Drivers of the Gas-to-Liquids Market
7.4.7 Constraints on the Gas-to-Liquids Market
8. Leading Companies in the Gas-to-Liquids Market
8.1 Sasol: Company Overview
8.1.1 Analysis of Sasol Fundamentals in Relation to the GTL Market
8.1.2 Competitors in the Gas-to-Liquids
8.1.3 Regional Emphasis / Focus
8.1.4 Future Outlook
8.2 Royal Dutch Shell: Company Overview
8.2.1 Analysis of Shell Fundamentals in Relation to the GTL Market
8.2.2 Competitors in the Gas-to-Liquids Market
8.2.3 Regional Emphasis / Focus
8.2.4 Recent M&A Activity
8.2.5 Future Outlook
8.3 PetroSA: Company Overview
8.3.1 Analysis of PetroSA Fundamentals in Relation to the GTL Market
8.3.2 Competitors in the Gas-to-Liquids Market
8.3.3 Regional Emphasis / Focus
8.3.4 Recent M&A Activity
8.3.5 Future Outlook
8.4 Other Active Companies in the Gas-to-Liquids Market
8.4.1 BP plc
8.4.2 Chevron Corporation
8.4.3 ConocoPhillips Company
8.4.4 Davy Process Technology Ltd
8.4.5 Eni S.p.A
8.4.6 ExxonMobil Corporation
8.4.7 General Electric Company (GE)
8.4.8 GTL.F1
8.4.9 Industrial Development and Renovation Organization of Iran (IDRO)
8.4.10 Marathon Oil Corporation (Marathon)
8.4.11 Narkangan Gas to Liquid International Company (Narkangan)
8.4.12 Pacific GTL Ltd.
8.4.13 Petrobras
8.4.14 Petroliam Nasional Berhad (PETRONAS)
8.4.15 Qatar Petroleum (QP)
8.4.16 Rosneft
8.4.17 Syntroleum Corporation
8.4.18 Uzbekneftegaz National Holding Company (Uzbekneftegaz)
8.5 Active Small-Scale Gas-to-Liquids Technology Providers
8.5.1 CompactGTL plc
8.5.2 Infra Technology
8.5.3 Oxford Catalysts Group (Velocys, Inc) plc
8.5.4 Toyo Engineering Corporation
9. Conclusions
9.1 Outlook For the Gas-to-Liquids Market
9.2 Key Drivers & Restraints in the GTL Market
9.3 Leading GTL Market Forecasts 2013-2023
9.4 The Associated and Stranded Gas GTL Market
10. Glossary
List of Tables
Table 1.1 Leading National Market Forecasts Summary 2013, 2018, 2023 ($bn, CAGR %)
Table 2.1 Current GTL Facilities (Output, b/d, CAPEX, $bn)
Table 2.2 Likely Expansions of Current GTL Facilities (Added Output, b/d, Capex, $bn)
Table 2.3 Non-Commercial / Pilot / Testing GTL Facilities
Table 2.4 GTL Projects at FEED/MOU/Development Stage
Table 2.5 Discussed/MOU/FEED & Presently Discontinued GTL Projects
Table 3.1 Global GTL Market Forecast 2013-2023 ($bn, AGR %, CAGR%)
Table 3.2 Leading Gas-to-Liquids Market Forecasts 2013-2023 ($bn, AGR %)
Table 3.3 Global GTL Market Drivers & Restraints
Table 3.4 GTL and EU EN590 ULSD Diesel Characteristics (Density, kg/m3, Cetane Number, Poly-aromatics, max (volume %), Sulphur, max ppm)
Table 4.1 Qatari GTL Market Forecast 2013-2023 ($bn, AGR%, CAGR%)
Table 4.2 Qatari GTL Market Drivers & Restraints
Table 4.3 Qatari Major GTL Projects - All contracts on hold due to moratorium
Table 4.4 Iranian GTL Market Forecast 2013-2023 ($bn, AGR%, CAGR%)
Table 4.5 Iranian GTL Market Drivers & Restraints
Table 4.6 Iranian GTL Major Projects
Table 4.7 South African GTL Market Forecast 2013-2023 ($bn, AGR%, CAGR%)
Table 4.8 South African GTL Market Drivers & Restraints
Table 4.9 Major Current South African GTL-related Projects
Table 4.10 Nigerian GTL Market Forecast 2013-2023 ($bn, AGR%, CAGR%)
Table 4.11 Nigerian GTL Market Drivers & Restraints
Table 4.12 Major Current Nigerian GTL Projects
Table 4.13 Mozambique GTL Market Forecast 2013-2023 ($bn, AGR%, CAGR%)
Table 4.14 Mozambique GTL Market Drivers & Restraints
Table 4.15 Current Mozambique GTL and GTL-related Projects
Table 4.16 US GTL Market Forecast 2013-2023 ($bn, AGR%, CAGR%)
Table 4.17 US GTL Market Drivers & Restraints
Table 4.18 US GTL Projects
Table 4.19 Canadian GTL Market Forecast 2013-2023 ($bn, AGR%, CAGR%)
Table 4.20 Canadian GTL Market Drivers & Restraints
Table 4.21 Canadian GTL Projects
Table 4.22 Uzbek GTL Market Forecast 2013-2023 ($bn, AGR%, CAGR%)
Table 4.23 Uzbek GTL Market Drivers & Restraints
Table 4.24 Uzbek GTL Projects
Table 4.25 Australian GTL Market Forecast 2013-2023 ($bn, AGR%, CAGR%)
Table 4.26 Australian GTL Market Drivers & Restraints
Table 4.27 Australian GTL Projects
Table 5.1 Associated and Stranded Gas GTL Market Forecast 2013-2023 ($bn, AGR%, CAGR%)
Table 5.2 Associated and Stranded Gas GTL Market Drivers & Restraints
Table 5.3 Disclosed Small-Scale Demonstration Facilities in Construction or Operation
Table 6.1 PEST Analysis of the Gas-to-Liquids Market 2013-2023
Table 8.1 Leading 3 Companies Currently Operating Commercial Gas-to-Liquids Plants (Market Ranking, Total Revenue, Revenue in Sector, Market Share %)
Table 8.2 Sasol Company Overview 2011 (Total Revenue, Revenue from GTL Market, % Revenue From GTL Market, Global Market Share %, HQ, Ticker, Contact, Website)
Table 8.3 Sasol Contracts and Projects (Est. Completion Date, Country, Value, Details)
Table 8.4 Sasol Divisions & Products (Division, Product, Details)
Table 8.5 Shell Company Overview 2011 (Total Revenue, Revenue from GTL Market, % Revenue From GTL Market, Global Market Share %, HQ, Ticker, Contact, Website)
Table 8.6 Future Shell GTL Projects
Table 8.7 PetroSA Company Overview 2011/2012 (Total Revenue, Revenue from GTL Market, % Revenue From GTL Market, Global Market Share %, HQ, Contact, Website)
Table 8.8 PetroSA Projects (Est. Completion Date, Country, Value, Details)
Table 8.9 PetroSA Divisions & Products (Division, Product, Details)
Table 8.10 PetroSA MOU's and Partnerships
Table 9.1 Leading GTL Market Forecasts Summary 2013, 2018, 2023 ($bn), 2013-2023 CAGR (%)
List of Figures
Figure 2.1 Gas Price ($/MMBtu) vs. Oil Price ($/bbl) 2000-2011
Figure 2.2 Global Gas-to-Liquids Market Structure Overview
Figure 2.3 Flaring by Country and Worldwide (bcm), 2007-2012
Figure 3.1 Global GTL Market Forecast 2013-2023 ($bn, AGR%)
Figure 3.2 Leading Gas-to-Liquids Market Forecasts CAGR (%) 2013-2018, 2018-2023, and 2013-2023
Figure 3.3 Sub-Market Gas-to-Liquids Forecasts 2013-2023: Conventional, Large-Scale GTL vs. Associated and Stranded Gas GTL ($bn, AGR%)
Figure 3.4 MENA Proven Natural Gas Reserves 2011 (tcf)
Figure 3.5 Leading GTL Market Forecasts 2013-2023 ($bn)
Figure 3.6 Global GTL Market Share Forecasts 2013, 2018 and 2023 (% Share)
Figure 3.7 Leading GTL Markets CAPEX Forecasts 2013-2023 ($bn)
Figure 3.8 Leading Gas-to-Liquids Markets, Total Cumulative CAPEX Forecast 2013-2023 ($bn)
Figure 3.9 Global Natural Gas Reserves By Geographic Region as of 2011 (tcf)
Figure 4.1 Qatari GTL Market Forecast 2013-2023 ($bn, AGR%)
Figure 4.2 Qatari GTL Market Share Forecast 2018 and 2023 (% Share)
Figure 4.3 Qatari Natural Gas Consumption, Production and Reserves, 2003-2011(bcf/d & tcf)
Figure 4.4 Qatari Oil Consumption, Production and Reserves, 2003-2011 (bcf/d & bbl)
Figure 4.5 Iranian GTL Market Forecast 2013-2023 ($bn, AGR%)
Figure 4.6 Iranian GTL Market Share Forecast 2013, 2018 and 2023 (% Share)
Figure 4.7 South African GTL Market Forecast 2013-2023 ($bn, AGR%)
Figure 4.8 South African GTL Market Share Forecast 2013, 2018 and 2023 (% Share)
Figure 4.9 Nigerian GTL Market Forecast 2013-2023 ($bn, AGR%)
Figure 4.10 Nigerian GTL Market Share Forecast 2013, 2018 and 2023 (% Share)
Figure 4.11 Mozambique GTL Market Forecast 2013-2023 ($bn, AGR%)
Figure 4.12 Mozambique GTL Market Share Forecast 2013, 2018 and 2023 (% Share)
Figure 4.13 Petroleum Consumption South Africa & Mozambique, 2000-2011 (bbl/d)
Figure 4.14 US GTL Market Forecast 2013-2023 ($bn, AGR%)
Figure 4.15 US GTL Market Share Forecast 2013, 2018 and 2023 (% Share)
Figure 4.16 US Henry Hub:WTI Ratio (1 HH MMBtu : 1 WTI bbl)
Figure 4.17 Canadian GTL Market Forecast 2013-2023 ($bn, AGR%)
Figure 4.18 Canadian GTL Market Share Forecast 2013, 2018 and 2023 (% Share)
Figure 4.19 Alberta AECO-C Hub : WTI Ratio (1 Alberta MMBtu : 1 WTI bbl)
Figure 4.20 Uzbek GTL Market Forecast 2013-2023 ($bn, AGR%)
Figure 4.21 Uzbek GTL Market Share Forecast 2013, 2018 and 2023 (% Share)
Figure 4.22 Russian Natural Gas Production vs. Consumption 2002-2011 (bcf/d)
Figure 4.23 Australian GTL Market Forecast 2013-2023 ($bn, AGR%)
Figure 4.24 Australian GTL Market Share Forecast 2013, 2018 and 2023 (% Share)
Figure 4.25 Australian Oil Production vs. Petroleum Consumption 2000-2011 (1000s b/d)
Figure 4.26 Barriers to Entry vs. National Market Size ($bn, 2013-2013) vs. CAGR% (2013-2023)
Figure 5.1 Associated and Stranded Gas GTL Market Forecast 2013-2023 ($bn, AGR%)
Figure 5.2 Associated and Stranded Gas Global Total GTL Market Share Forecast 2013, 2018 and 2023 (% share)
Figure 8.1 Leading 3 Companies in the GTL Market, Total Market Share by CAPEX 2013-2023 (% share)
Figure 8.2 Leading 3 Companies in the GTL, Revenue Share 2011/2012 (% share)
Figure 8.3 Leading Companies in the GTL Market Categorized by Stage of Development
ABN AMRO.
Advantica Ltd
AK Natural Gas to Liquids (AKNGTL)
Anadarko Petroleum Corporation
Arrow Energy
Axens
Baard Energy
Bayer Technology Services
BHP Billiton
BCG Projectos
Bechtel
BP plc
British Gas
Cairn India
Calumet Speciality Product Partners
Central Petroleum
Chevron Corporation
Chevron Australia
Chevron Nigeria Ltd (CNL)
Chevron Phillips Chemical Company
Cohydro Sarl
CompactGTL
ConocoPhillips Company
Davy Process Technology Ltd
Dow Chemical Company
Drake Oil
ENI S.p.A.
Euroil
ExxonMobil
Fateh Sanata Kimia (FSK)
Forest Oil
Franklin Mining
Fugro Robertson
Gas2
Gasnor AS
Gazprom
Gazprom Neft
Gazprom VNIIGAS
Gazprombank
GE Energy
General Electric Company (GE)
Gigamethanal BV
GTL Bolivia
GTL.F1
Haldor Topsoe
Hess Corporation
Hillcrest Resources
IFP Energies Nouvelles
Incitec
Infra Technology
Ivanhoe
Japan Oil, Gas and Metals Corporation (JOGMEC)
Johnson Matthey
Kawasaki Heavy Industries
Korea National Oil Company
Linc Energy
Lurgi
LyondellBasell
Marathon Oil Corporation
MDC Capital
Merichem
Mitsubishi
MODEC, Inc
Narkangan Gas To Liquid International Company
National Iranian Oil Company (NOIC)
National Petrochemical Company (NPC)
Nigerian National Petroleum Company (NNPC)
Nippon GTL
OAO Novatech
Oxford Catalysts Group (including Velocys)
Pacific GTL Ltd.
PDVSA
PEMEX
Pertamina
Petrobras
PetroMoc
PETRONAS - Petroliam Nasional Berhad
PetroSA
Petrotrin (Petroleum Company of Trinidad and Tobago)
Plank Trading
PriceWaterhouseCoopers
PTT Thailand
Qatar International Petroleum Marketing Company Ltd. (Taweeq)
Qatar Petroleum (QP)
REEMA International
Rentech
Repsol
Rosneft
Royal Dutch Shell (Shell)
Sabre Oil and Gas Holdings
Santos
Sasol
Sasol Canada
Sasol Chevron
Sasol Synfuels International (Pty) Limited
SBM Offshore
SGC Energia
Sibur
Sicor Inc
Sinopec
SK Engineering
Sonatrach
Statoil
Sumitomo Precision Products
Synergy Technologies, Inc
Synfuels International
Syntroleum Corporation
Talisman Energy
Technip
Texaco
Toyo Engineering Corporation
TransCanada
Tyson Foods
Uzbekneftegaz National Holding Company (Uzbekneftegaz)
Velocys, Inc.
Ventech Engineers International
Westlake Chemical
World GTL
World GTL Trinidad Limited
Yakutgazprom
Government Agencies and Other Organisations Mentioned in This Report
Boko Haram
Commonwealth of Independent States (CIS)
Commonwealth Scientific and Industrial Research Organisation (CSIRO)
European Union (EU)
Geoscience Australia
Human Rights Watch
Industrial Development and Renovation Organisation of Iran (IDRO)
Movement for the Emancipation of the Niger Delta (MEND)
National Oceanic and Atmospheric Administration (NOAA)
Niger Delta People's Volunteer Force
Niger Delta Vigilante (NDV)
Organisation for Economic Cooperation and Development (OECD)
Organization of the Petroleum Exporting Countries (OPEC)
Paul Scherrer Institut
South African Petroleum Industry Association (SAPIA)
United Nations (UN)
University of St. Andrews
US Department of Energy
US Energy Information Agency (EIA)
World Bank
Visiongain Energy
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