No more FPSO orders in 2020
No more floating production, storage and offloading (FPSO) vessels will be ordered this year, Rystad Energy has predicted.
Rystad Energy
ExxonMobil eyes foothold in Vietnam LNG market
ExxonMobil is exploring opportunities to invest in LNG-to-power projects in Vietnam as the country faces chronic electricity shortages and Hanoi welcomes US companies to fix a trade imbalance.
Shell plans ‘major restructuring’ in net zero push: Report
Shell will announce a major restructuring by the end of the year, according to a news report, as the firm makes a shift for the energy transition.
BP-scale job cuts ‘good ballpark estimate’ for every oil major – Rystad
BP-scale job cuts of 15% worldwide is a “good ballpark” estimate for every oil major, according to consultancy Rystad Energy.
Pandemic drives oil reserves up for sale to 12.5billion barrels – Rystad
The Covid-19 pandemic has increased the number of oil and gas assets being put up for sale globally past 12.5billion barrels in reserves, according to new analysis.
‘Hope’ for return of UK subsea projects in 2021 says analyst
There is “hope” for a return of subsea project activity in UK waters next year and in 2022, a market analyst has said.
Oil majors promise green capex, but only one is putting serious money on the table
Investments in solar and wind energy projects by the world’s oil majors over the next five years are expected to reach $17.5 billion, a Rystad Energy analysis finds.
Oil demand has lost its wings, but what next?
At a point when the world’s economic system is creaking and the oil market is suffering from its own supplementary crisis, it can be hard to imagine what may come next.
Report: US hydraulic fracturing demand expected to bounce back
Demand for hydraulic fracturing services in shale plays across the United States is expected to reach rock bottom in May and stay low in the summer before a recovery begins in the fall, the Norwegian global energy research firm Rystad Energy reported.
Producers may need to kill their old, loss-making FPSO’s in this downturn – Rystad
The swift oil price crash caused by the Covid-19 pandemic will reduce the combined free cash flow of FPSO fields, which have produced above three quarters of their original resources at just $2.20 per barrel this year. This is a jaw-dropping decline from 2019’s $11.10 per barrel, a Rystad Energy impact analysis reveals.
Brent slips back into reverse
Brent crude oil was down about 6.5% at $28.96 per barrel at the London market close despite spending much of today on the advance.
European gas demand under pressure
The impact of coronavirus has not been felt as strongly by the gas industry as oil, Rystad Energy’s CEO Jarand Rystad has said, although increasing LNG production seems set to keep prices under pressure this year.
UK North Sea platforms ‘face production shut-ins’ as oil storage fills up
Offshore platforms in the UK North Sea “face the risk of production shut-ins” due to oil storage constraints, according to leading analysts.
Price drop puts the squeeze on African projects
Many new projects in Africa will be delayed as a result of the oil price drop, Rystad Energy has said.
Forties delay could increase summer North Sea production to three million bpd, Rystad finds
The delayed shutdown of the Forties Pipeline System could increase North Sea production to around three million barrels per day (bpd), according to an energy research firm.
More than a million oilfield services jobs will ‘likely be cut’, Rystad warns
More than a million oilfield services (OFS) jobs globally "will likely be cut" as the industry grapples with the oil price war and the effects of the coronavirus, according to Rystad Energy.
RMT calls for action as oil price plummet puts ‘tens of thousands’ of North Sea jobs at risk
A union has warned that “tens of thousands” of offshore jobs could be at risk as North Sea firms buckle under the pressure of the ongoing oil price “crisis”.
More than 200 UK and Norwegian oilfield services firms may go bankrupt over virus – Rystad
More than 200 oilfield services firms (OFS) across the UK and Norway are “set to become insolvent” due to the coronavirus outbreak, according to Rystad Energy.
Chinese shipyards in the shadow of coronavirus
The short-term impact of the coronavirus has been seen almost entirely on demand, reducing China’s need for oil and LNG supplies.
Swell of offshore project approvals brings ‘new investment cycle’ – Rystad
A swell of offshore project approvals means a “new investment cycle is in the making”, according to analysts.
ExxonMobil labelled ‘explorer of the year’ as global discoveries reach four-year high
Exxon Mobil led the way with new finds off the coasts of Guyana and Cyprus as global oil and gas discoveries in 2019 hit a four-year high, according to a new report.
Vessel capacity warning
Growth of the offshore energy market looks set to be hampered by a looming shortage of competent construction vessel capacity.
Production boost, lower salaries and rota changes see North Sea emerge as ‘cost-cutting power house’
The UK North Sea has emerged as a world leader in cost-cutting thanks to increased production, reduced salaries and rota changes, according to new analysis.
Big fish in Angola’s small pond
Angolan production has continued to decline, falling to 1.284 million barrels per day in November, making the government’s efforts to overhaul its energy sector and attract new investment ever more important.
Big E&P spending still needed, but fields with break-even above $60 are priced out
Energy projects that need oil prices above $60 per barrel in order to break even risk being uncommercial going forward, according to Rystad Energy. However, massive investments in exploration and sanctioning are still needed to meet growing global demand.