Peak oil will occur in the next few years, a new report into energy transition has found.
Oil and gas companies are putting their competitiveness to one side and are overcoming a reluctance to share data, an industry chief has said.
World energy demand is expected to plateau from 2030, according to DNV GL’s inaugural Energy Transition Outlook.
A group of companies say the “stars are aligning” for the development of a new single-lift construction vessel (SLCV) which could take a chunk out of North Sea decommissioning costs.
A joint industry project led by DNV GL has come to the view that wind-powered water injection is a viable alternative to conventional, energy intensive systems offshore.
DNV has won a string of contracts off Statoil for its landmark Johan Sverdrup development worth NOK60million.
As an industry we are realising that the oil price may continue to drop to a level previously thought unthinkable, $20 to $40 per barrel. Regardless of whether or not these prices are seen in 2016, we do have to accept that a sustained low price is here to stay for a lot longer than we thought last summer. This is our ‘new normal’, where oil price determines the cash flow of the industry. Low oil price plus high cost equals a lot less cash, and a lot more pressure from the shareholders.