Firms won’t be rushing into deals or investment off the back of higher oil and gas prices – the boom may even be stalling such activity in the North Sea, according to top analysts.
Tributes have been paid to John Westwood, founder of the namesake energy market analytics firm, who has died aged 76.
While energy sector attention is focused on the low-carbon narrative, the short-term outlook for upstream activity is positive as we head into 2022. Consensus amongst industry analysts point to significant percentage increases in activity for next year, with further increases in 2023 and beyond.
A trio of energy analytics heavyweights, who have overseen more than $30billion (£22.5bn) of oil and gas deals, have teamed up to form a new research and consulting firm in Aberdeen.
Experts from EY, Wood Mackenzie and NorthStone Advisers say setting renewable energy targets will be high on oil and gas firms' agendas.
While some predicted it, most of us never saw it coming. The uncertainty and pace of change in the upstream sector over the past month has been spectacular and has turned businesses and our lives upside down.
Energy industry analyst Andrew Reid said he was leaving consultancy Westwood Global Energy Group (WGEG) in “exceptionally good shape” after confirming his time as chief executive had ended.
Offshore wind is a “bright spot” for UK energy service companies, an industry expert said today.
About 200 more new jobs are being created in the UK North Sea in the latest in a string of morale boosting developments in the offshore oil and gas industry.
As I travel to All-Energy this year, my expectations are high. I expect there to be a real buzz around the event, especially the sessions in relation to offshore wind. This is a sector which is on the cusp of material growth.
Industry body Subsea UK is urging firms to embrace the “new norm” in order to safeguard their future.
The preliminary announcement by OPEC of a deal to cap production between 32.5 and 33 million barrels per day has given a welcome shot in the arm to the upstream market. While the specifics will be announced by OPEC at their November meeting in Vienna, on the face of it, it’s a hugely positive signal for the sector and points to a near term turn in the market.
This morning the UK woke up to the news that it is to leave the EU, as 52% majority supported the leave campaign.
Established oil and gas investors have long been aware that in this market you need to take a ‘through-cycle’ strategy, managing the up cycle in the knowledge that tougher times are always on the horizon. The execution of the strategy in down cycle, organic or inorganic, can play a decisive role in determining the winners when the market recovers. And the market will recover.