Bìznes Inform (Jan 2024)
Investment Support for Hydrocarbon Production in the United States: Main Trends, Energy Alternatives, and Environmental Determinants
Abstract
It is substantiated that the United States are present as the main actor in the global energy market in terms of both forming the supply of energy carriers and ensuring the stability of its functioning. It is found that in recent decades, the production of hydrocarbons in the United States has been regulated by the federal government, based on conjunctural fluctuations in the world hydrocarbon market and the reformatting of the centers of gravity in global energy flows. It is found that in 2010–2022 in the United States, despite the growth of hydrocarbon production, there was a decrease in the volume of investment support for the development of the oil and gas industry. It is proved that the reduction of investment injections into oil and gas production in recent years is due to the diversification of the investment portfolio of «hydrocarbon» TNCs and the change in priorities in the development of hydrocarbon reserves. It is identified that the diversification of the investment portfolio of oil and gas companies occurs through the transfer of financial flows to the development of alternative energy and giving priority to the implementation of small, less risky megaprojects, rather than excessively risky megaprojects. It is substantiated that the United States has formed a diversified investment landscape in the field of natural gas and oil production, which includes large transnational corporations, independent oil and gas companies, financial institutions, and private investment companies. It is agreed that one of the main priorities of investment support for hydrocarbon extraction projects is the extraction of shale gas, based on its significant reserves and taking into account the emergence of new niches in the capacious market of Western Europe as a result of the imposition of sanctions against oil and gas suppliers from terrorist countries. It is verified that an effective form of investment support for shale gas extraction are public-private partnership (PPP) agreements, which provide investment in the development of the infrastructure of technological and innovation centers, which are focused on the development of advanced technologies related to the exploration, production and use of this component of hydrocarbon raw materials. This creates conditions for gaining competitive advantages in the volatile and sensitive global oil and gas market.
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