If energy demand is shifting away from fossil fuels, the most economically rational move for governments is to maximise development of resources now.
Spending on offshore wind developments around the globe will top $810billion through this decade, according to new analysis from Rystad Energy.
Santos is seeking buyers for a 20-30% stake in its large Dorado oil project and Bedout exploration portfolio offshore western Australia estimated to be worth up to $200 million. Significantly, there is expected to be global interest in the sales process, which could be particularly appealing for Asian national oil companies (NOCs).
Rystad Energy estimates that Chevron, based on the gas reserves of its discovered fields in Australia, holds the top position in terms of non-producing assets, totalling 21 trillion cubic feet (Tcf), among the major upstream companies operating in the country.
The MT Ever Given has been partially re-floated, although there are conflicting reports about whether more work will be needed to free the container ship.
The MT Ever Given remains stuck across the Suez Canal, driving up oil prices – and jokes on social media.
The oil price “fever” is expected to continue, at least in the short term, according to Rystad Energy after Brent Crude broke past $70 a barrel.
Coal-fired power generation is projected to surge in India as the expanding wave of renewable energy capacity cannot keep up with electrification growth in the South Asian country, home to the world’s second biggest population.
New upstream oil and gas projects worth about $15 billion will be sanctioned in Australasia this year, according to Rystad Energy’s forecast, marking a huge boost compared to the $1.2 billion committed to new projects in 2020.
A “window of opportunity” could present itself for oil producers next year as analysts predict supply deficits may reach their highest level in years.
With Myanmar’s general elections in the rearview mirror, upstream development expenditure could more than double to over $1 billion by 2023 compared to this year’s spend.
Oil markets could be saturated with millions of surplus barrels if OPEC+ fails to agree an extension to current production cuts, according to analysis from Rystad Energy.
The West of Shetland oil and gas (WoS) basin has long been held aloft as the UK’s last great hope for indigenous oil and gas production growth.
The number of bankruptcies in the energy sector rose during the third quarter as the coronavirus pandemic continued to take its toll on the oil and gas industry.
Oil companies are on track to discover 10 billion barrels this year, despite the coronavirus pandemic temporarily halting exploration activity this spring, according to Rystad Energy.
Repsol’s potential fast-track development of its Kali Berau Dalam (KBD) giant gas discovery in Indonesia is at risk as the company struggles to agree an attractive sales price with the government.
Ensuring that North Sea exploration drilling gets “back on track” next year will be a key part of efforts to help the industry get back on its feet.
Global oil demand is expected to peak at just over 102 million barrels per day (bpd) by 2028, two years earlier than originally thought.
Borr Drilling has announced the sale of its third rig in a month as the firm seeks to consolidate its fleet size.
The UK’s ambitious goal to double its renewable energy capacity by 2030 will be achieved already by 2026, a Rystad Energy analysis shows, spurred by a wave of mostly wind power investments. Total installed capacity of solar and wind power plants will climb to 64 gigawatt (GW) in 2026 from close to 33 GW today, with offshore wind taking over the throne as the country’s biggest green energy source.
Restructuring for offshore drillers will accelerate, Rystad Energy has predicted, and as much as one quarter of the global floater fleet could be scrapped.
The UK proposes to help develop one of the world’s largest offshore wind projects in Vietnam, where the market is expected to boom.
Scottish energy service firms are being encouraged to partner up with their counterparts in France in order to make inroads into its emerging offshore wind market.
The “jaw-dropping” reserves downgrade from Hurricane Energy has “dashed hopes” of any major resurgence in UK offshore production, according to Rystad Energy.
Use of offshore drilling rigs globally has seen the largest monthly drop in 20 years, according to analysis from Rystad Energy.