Welcome to Midhurst Downstream
Midhurst Downstream was founded in 2020 with the goal of providing consulting services based on over thirty years of expertise in the petroleum downstream sector
Our Services
The services that we can offer are based on four core competencies:
Press the buttons below for a further insight into the services we provide:
Thematic Areas
Decarbonisation
Are the carbon emissions of European refineries falling?
Carbon prices have increased significantly since the start of Phase-4 of the ETS in 2014. At current levels, they add enormously to the economic benefit of being energy and hydrogen efficient. Has this produced an acceleration of the pace at which European refineries are reducing emissions?
Crude Oil Valuation
A new crude in town
Equinor and Var Energi will soon start production of Johan Castberg, which is a 34.7oAPI crude with 0.16wt% sulphur. How does it compare with the other crudes in the Brent complex?
Making sense of the prices of very light crude in the Mediterranean
Abundance of supply of very light crude continues to be a great opportunity for Mediterranean refiners, most notably CPC Blend and to a lesser extent also Saharan Blend and BTC Blend. This paper explains the market mechanisms that set the prices of CPC Blend.
Industry Fundamentals
Refining capacity update
There is a good portfolio of projects nearing completion but fewer projects are being developed beyond the current wave.
China’s EV’s
In China the share of Electric Vehicles (EVs) on new car registrations has reached 50%. In the second half of 2024, gasoline demand was 130kbd lower than the same period in 2023. What could be the implications for global refining
European Refining
Refining margins have returned to normal levels and closures have resumed in Europe. However, not all is bad for European refining. There are also some factors of competitive advantage to support good refineries.
Latest Papers
Increasing pressure on Russia’s oil industry
Russia’s ability to finance its war on Ukraine is starting to suffer because of Western sanctions and market forces. But a determined Kremlin may not care.
The crude reality of oil trade.
As some countries, including the world’s two biggest oil importers, are unlikely to join proposed sanctions against Russian crude, Moscow could redirect its exports.
Italia: l’impatto dell’embargo sui prodotti raffinati Russi
L’embargo petrolifero alla Russia si pone il duplice obiettivo di ridurre i ricavi petroliferi della Russia senza fermarne però le esportazioni, evenienza quest’ultima che avrebbe impatti di mercato indesiderati. Si tratta di due obiettivi difficili da conciliare.
La raffinazione europea nel contesto di un potenziale embargo alla Russia.
Chi verrebbe maggiormente danneggiato da un possibile embargo petrolifero verso la Russia? Le finanze dei paesi consumatori o più quelle dello stato russo? Tre dati aiutano a inquadrare bene il problema.
La sfida della decarbonizzazione per il settore della raffinazione.
Guardando al passato, lo sviluppo tecnologico dell’industria della raffinazione è stato graduale e costante. Quando si sono presentate sfide, la capacità di riposizionamento è stata determinata soprattutto dalla disponibilità di risorse finanziare e dalla capacita di giustificare investimenti.