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.
Rystad Energy
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.
Southeast Asia braces for huge wave of decommissioning
Decommissioning Southeast Asia’s aging oilfields offers a vast but challenging market opportunity.
Dealmakers look ahead to ‘big year’ for M&A in UK North Sea
As some of the North Sea’s private equity-backed players prepare themselves for public listings, 2020 is expected to be a “big year” for gauging the size of investors’ appetites.
Decommissioning is ‘all in the timing’
A couple of years ago, outgoing US energy secretary Rick Perry was mocked for a verbal gaffe.
Equinor’s ‘unprecedented’ £11bn wind investment will rival oil projects, Rystad claim
An expected multi-billion capital investment by Equinor at its new Dogger Bank Offshore Wind Farm will see it rival its major oil and gas projects, according to Rystad Energy.
Visitor numbers increase by 3,000 for Offshore Europe 2019
More than 38,000 people visited Offshore Europe last week, an increase of 3,000 on the 2017 event.
Offshore project approvals in 2019 to ‘eclipse’ pre-downturn levels
Offshore project sanctioning could soon “eclipse” levels seen in 2014 before the oil downturn, according to new research.
BP says some of its oil ‘won’t see the light of day’
Oil companies are under increasing pressure to bring fuel to market faster and cheaper, leading BP Plc to conclude some of its resources “won’t see the light of day,” according to its head of strategy.
$220bn at stake as project sanctioning gears up, says Rystad
Cost uncertainty for offshore oil and gas projects around the globe could be as high as $220bn over the next four years.
Oilfield sanctioning to slow in early 2020s, Rystad say
The sanctioning of oilfields is set to slow across the globe in the early 2020s, according to new research.
‘Struggling’ North Sea production to hit lowest point since 2014
North Sea oil production is “struggling” and is due to hit its lowest point in five years, according to a new forecast.
Oil price could shoot ‘violently upwards’ after Middle East tanker attacks, Rystad says
The global oil price could shoot “violently upwards” following supply disruptions in the Middle East, including attacks on a pair of oil tankers.
New wells to be ‘drilled to the moon and back’ by 2023
More than 1 million kilometres of new oil and gas wells will be drilled over the next five years, according to a new forecast, further than the distance to the moon and back.
Chevron to acquire Anadarko in £38.2bn deal
Chevron has announced plans to buy fellow US oil and gas operator Anadarko Petroleum in a deal worth £38.2bn, the largest upstream takeover since 2015.