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.
Biting costs mean less than half of the planned pipeline of green hydrogen projects globally is likely to be up and running by 2035, according to Rystad Energy.
The Philippines is accelerating plans to import LNG, as Shell seeks to exit the country’s largest gas field, creating more uncertainty for the waning domestic upstream sector.
After reporting a $5 billion loss, Malaysian national oil company (NOC) Petronas is eager to see new money flow into its domestic upstream sector, especially as the majors, such as ExxonMobil, seek to exit the Southeast Asian nation.
Oil majors may be "pushed" to sell or swap more than $100billion of assets due to the energy transition, according to Rystad Energy.
Rystad Energy has argued that decommissioning an oil platform in the North Sea is “twice the cost” of the same job in South East Asia.
It’s been a long and costly two decades of carbon capture and storage (CCS) studies and test centers. Now Europe has reached a stage where big-scale developments make financial sense and could trigger up to $35 billion in development spending until 2035 – by which time as much as 75 million tonnes of CO2 could be captured and stored per year on the continent, a Rystad Energy analysis shows.
Hit by the Covid-19 downturn, the oilfield service market is not likely to rebound to last year’s activity level until 2023 according to a Rystad Energy analysis.
Oil and gas drilling is on course for a "staggering" 20-year low, according to consultancy Rystad Energy.