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 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.
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.
While the future of the divisive Cambo field still hangs in the balance a key contract for the project may soon be allocated.
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.
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.
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.
The UK will back President Joe Biden’s plans to release emergency oil supplies in an attempt to reduce the price of oil.
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.
Spending on offshore wind is closing the gap on oil and gas, and is expected to surpass it in key markets by 2030.
Asian power demand is switching away from LNG and into oil burning, Rystad Energy has said, driven by high prices.
A total of 20 FPSO awards are expected to be made in 2021 and 2022, bringing a boost to fabrication yards, according ot new analysis from Rystad Energy.
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.