Norwegian tax incentives help drive $43bn of new investment
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.
Rystad Energy
Low-carbon investments to rise by $60bn in 2023 as hydrogen and CCUS spending surges
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.
$16bn of oil and gas investment expected in Asia-Pacific in 2023
There's a $16bn project pipeline predicted for 2023 in Asia-Pac, but nearly a third are at high-risk of delay.
Facing a gas supply crunch, Europe must drop old habits and start simplifying its response
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.
Rising supply chain costs threaten European solar, battery progress
Record electricity prices are damaging Europe’s attempts to build its solar and battery sectors, as manufacturers face mounting costs, warns Rystad Energy.
OPEC slashes production, Biden talks tough
OPEC has taken the decision to cut production by 2 million barrels per day from its August target, amid growing concerns over weak pricing.
Rystad: LNG to balance European demand in absence of Russia
Europe can rebalance its gas supply and replace Russian gas imports before 2030, but will have to take some tough decisions on LNG.
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 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.