Global services firms have been caught in a storm. Engineering, procurement and construction (EPC) focused companies have been squeezed by tough contract terms, battered by inflation and haunted by legacy commitments.
Plans for investment in offshore wind have been dealt a number of blows but this offers a "silver lining" to the industry, an analyst has highlighted at a conference in Aberdeen.
Analysts have warned of a potential £5 billion funding hole in Chancellor Rachel Reeves’ proposals to finance the green prosperity plan.
Electrifying upstream oil and gas assets to run on renewables or natural gas that would otherwise be flared could cut associated emissions by more than 80%, according to Rystad Energy.
Earlier this summer, the manufacturing trade organisation Make UK revealed that Britain had dropped out of the top 10 manufacturing nations for the first time since 2012.
As a keen cyclist in my spare time, I’m used to motivating myself to set new personal best targets to achieve.
Exploration is not quite the dirty word it was in 2020-21, but appetite remains muted and highly selective.
Ajayi noted Egypt relied on gas imports from Israel for domestic demand. “As such the North African nation will have less gas available for LNG exports due to the shutdown of the EMG pipeline.”
All in all the research firm believes there is scope for companies to press the green button on 14 UK North Sea schemes in 2024 alone.
Billions of pounds will go on well interventions this year as oil and gas companies seek to squeeze out as much value as possible from fields.
Analysis by Rystad Energy finds that demand for the steel towers that comprise wind turbines will outstrip manufacturing capacity before the end of the decade.
UK upstream capital expenditure is up, showing a bounce back from the lull the industry experienced during the COVID pandemic.
Around three billion barrels oil equivalent (boe) of resources,worth a total $5 billion are on the market, in Southeast Asia.
Last year, as Russian natural gas supplies to Europe dwindled, buyers on the continent hoarded gas at record prices and injected it into storage in preparation for a grim winter.
24 Norwegian oil and gas projects were green lit in 2022, marking a record-breaking year for project approvals, according to data from Rystad Energy.
Spending on low-carbon projects will increase by $60 billion this year, 10% higher than 2022, led by wind developments, but helped by a significant rise in funding for hydrogen and carbon capture, utilisation and storage (CCUS) infrastructure, Rystad Energy research shows.
There's a $16bn project pipeline predicted for 2023 in Asia-Pac, but nearly a third are at high-risk of delay.
The loss of Russian gas supplies has led to a supply deficit in Europe which is likely to last over the coming three to four years and sustain higher gas prices. To avoid the long-term deindustrialization of Europe and the impoverishment of millions of citizens, Europe needs an energy security plan that looks beyond public support, energy savings and renewable electrification only.
Record electricity prices are damaging Europe’s attempts to build its solar and battery sectors, as manufacturers face mounting costs, warns Rystad Energy.
OPEC has taken the decision to cut production by 2 million barrels per day from its August target, amid growing concerns over weak pricing.
Europe can rebalance its gas supply and replace Russian gas imports before 2030, but will have to take some tough decisions on LNG.
Global oil and gas exploration will cool this year as the number of licensed blocks and total acreage fall to “near all-time lows” according to findings by Rystad Energy.
Gazprom signed a deal in July to help National Iranian Oil Co. (NIOC) develop Iranian projects, but Rystad Energy has warned Russia lacks the required metallurgical supplies.
As the European Union and the UK both scramble to replace Russian fossil fuel supplies, gas in particular, Norway has signalled its intention to step up as the partner of choice.
Africa could build 120 million tonnes per year of LNG capacity, the International Gas Union (IGU) has said, but development remains slow.