Global exploration slows as leasing falls to lowest level since 2000
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.
Rystad Energy
Rystad warns no quick pipe fixes for Iran from Gazprom
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.
‘We are at max capacity’: Norway weighs role as EU gas partner
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.
Opportunity in Africa’s LNG, if Europe gets serious on supply
Africa could build 120 million tonnes per year of LNG capacity, the International Gas Union (IGU) has said, but development remains slow.
Global recoverable oil reserves fall by 9% amid ‘collapse’ in exploration appetite
Recoverable oil reserves have fallen by around 152 billion barrels since last year, while undiscovered volumes have plummeted owing to diminished exploration appetite, according to analysis by Rystad Energy.
Freeport LNG offline until “late 2022”
Freeport LNG has provided an update on the circumstances of the June 8 fire at its facility on Quintana Island, Texas, warning that a return to full operations will not come until late 2022.
Public E&Ps set for record-breaking $834bn profits this year, says Rystad
Public exploration and production (E&P) companies are set to achieve new record-high profits in 2022, amid bumper cash flows and low levels of reinvestment.
OPEC ditches IEA numbers in favour of Rystad, WoodMac
OPEC members have opted to drop their use of data from the International Energy Agency (IEA) in their monthly reporting.
CCS service spending to top $50bn by 2025
Service sector spending on carbon capture and storage (CCS) developments is set to skyrocket this decade, quadrupling between 2022-25, Rystad Energy research suggests.
‘Largest energy crisis in decades’ as market reacts to Russian oil embargo plans
Oil prices could nearly double by the summer if more countries follow suit in banning Russian oil imports, analysts have forecast.
Boris Johnson wants ‘climate pass’ for gas industry to wean West off Russian supply
Boris Johnson wants a “climate change pass” for the gas industry to wean western countries off supplies from Russia.
Centrica to exit Russian gas supply deals
Energy group Centrica has said it will exit its gas supply deals with Russian firms, including state-owned major Gazprom.
Opportunities abound as Asia Pacific set for $4 billion subsea spend in 2022
Subsea opportunities will be plentiful in Asia Pacific over the coming years as international oil companies (IOCs) and national oil companies (NOCs) advance a backlog of projects, while offshore wind developers accelerate activity across the region.
NUPRC launches investigation into Trinity Spirit fire
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has launched an investigation into the Trinity Spirit disaster.
Bigger turbines spell big problems for installers, warns Rystad
Research from Rystad Energy suggests demand for larger offshore wind turbines will outpace the supply of capable installation vessels by 2024.
Drilling is in, IHS Markit says, as resources rise
The industry drilled more wells in 2021 than 2020, IHS Markit has reported, with notable successes in high impact wells adding new resources.
Private equity deals surge to £2.4 billion for UK North Sea
Private equity took a keen interest in the UK North Sea in 2021, with £2.4 billion worth of deals for the country’s oil and gas industry.
Cost of subsea tie-backs to surge £4.8billion in global market leader Norway
The world’s top market for subsea tie-backs will take an inflation-driven cost increase of £4.8billion on upcoming contract awards through to 2026.
Rystad still tipping Cambo FPSO contract for 2022 despite project uncertainty
While the future of the divisive Cambo field still hangs in the balance a key contract for the project may soon be allocated.
Upstream gas, LNG drive global investment to projected $628bn in 2022
Global oil and gas investments will expand by $26 billion this year on the back of upstream gas and LNG expenditure, according to analysis by Rystad Energy.
Signs point to a more positive year for the global energy supply chain
The Omicron virus variant has plunged the world into yet more uncertainty in recent months – but even so, 2021 will be remembered as the year when the pandemic loosened its grip on global energy markets and the supply chain could start to recover from last year’s 14% drop in global energy spending. Investments grew 7% this year, putting economies, energy demand and the supply sector on the road to recovery.
2021 sees oil and gas discoveries sink to lowest level in 75 years
Global oil and gas discoveries are on track to hit their lowest full-year level in 75 years if the final weeks of 2021 fail to yield any significant finds, according to analysis from Rystad Energy.
UK backs US oil release plans with eye on controlling prices
The UK will back President Joe Biden’s plans to release emergency oil supplies in an attempt to reduce the price of oil.
Outlook for lift vessels ‘constrained’ as oil and gas vies with offshore wind
Oil & Gas UK (OGUK) has warned that the decommissioning market is increasingly interacting with that of offshore wind, increasing pressure on project timeframes and onshore yard space.
Offshore wind spending ‘closing the gap on oil and gas’
Spending on offshore wind is closing the gap on oil and gas, and is expected to surpass it in key markets by 2030.