South Korea seeks bids for large-scale solar to meet 2030 target
South Korea will launch its largest-ever solar photovoltaic (PV) tender in July when it will offer 2 GW of capacity. An extra 2GW could also be offered later this year.
Rystad
Will oil hit $80 this summer?
India, the world's third-largest oil importer, is the latest coronavirus hotspot. It has recently hit a record-breaking number of new daily coronavirus cases—a statistic that dented oil demand and pressured oil prices.
Student minds are driving big change
Student body presidents from eight top US universities came together recently to endorse a statement on fossil fuel divestment drawn up by Harvard University’s Undergraduate Council.
India’s appetite for gas will see LNG imports surge
India’s liquefied natural gas (LNG) demand will rise from 25 million tonnes per year (mtpy) in 2020 to almost 45 mtpa in 2030. And it will surge to 85 mtpa by 2040, as domestic production falls sharply, data from Rystad Energy shows.
Robots could replace hundreds of thousands of oil and gas jobs, save billions in drilling costs by 2030, Rystad says
Even when the Covid-19 downturn is finally past us, operators will have to continue exploring new avenues for cost reductions to be better equipped to withstand future market declines. In a report that looked into the adoption of robotics across the petroleum industry, Rystad Energy found that existing solutions could replace hundreds of thousands of oil and gas jobs globally and reduce drilling labor costs by several billion dollars by 2030, if there is an industry push for such a transition.
Philippine tycoons jostle for Shell’s Malampaya stake
Philippine business tycoons are eager to buy Shell’s stake in the deep-water Malampaya project. However, any potential suitors for the 45% interest, valued at between $250 million and $300 million by analysts at Rystad Energy, will need to bring strong technical skills to eek more gas out of the aging field.
Big oil steps up investments in Indian gas and renewables
Majors, such as BP, Total and Shell, as well as Asian national oil companies (NOCs), are stepping up their investments in India’s rapidly expanding gas and renewables markets.
Big oil eyes South Korean offshore wind
News that South Korea aims to build the world’s largest offshore wind farm by 2030 follows moves by major exploration and production companies to establish a foothold in the nascent market.
Big oil incurred record loss in 2020 – Rystad
The downturn brought by the Covid-19 pandemic and the accelerating energy transition has created a new reality for the world’s oil and gas industry, whose production will peak lower and earlier than expected before the 2020 market crisis, a Rystad Energy analysis shows.
Coal use set to surge in India despite renewables boom
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.
Rystad expects $15bn of Australasia upstream projects to get nod
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.
IOCs eye $12 billion worth of mergers and acquisition deals in the Asia Pacific region
Upstream merger and acquisitions (M&A) deals are expected to rebound in Asia Pacific this year after plunging to their lowest level this century in 2020, when the pandemic and collapse in oil and gas prices killed activity.
Electrification could have role to play in UKCS net zero future
With pressure from net-zero obligations now mounting, coupled with a growing awareness that it has a valuable energy transition role to play, the North Sea oil and gas industry would at last appear to be taking electrification of UKCS infrastructure seriously.
Showcasing game-changing energy technologies
The rapid transition under way in energy means that now more than ever the sector must grasp the opportunities presented by technology.
Showstopping costs make offshore wind and hydrogen ‘good ingredients but bad cocktail’ – Rystad
Offshore wind and hydrogen are “good ingredients but a bad cocktail” according to Rystad Energy, with high costs remaining a “showstopper”.
Oil price direction an ‘open question’ as Covid mutation weighs down Brent
A top petro-economist said today that the Covid-19 mutation had left an “open question” about the direction of Brent crude prices in the coming weeks.
A stack more floaters are headed for the chop
The direction of travel appears clear; around a quarter of the current offshore floater rig fleet - ships and semi-submersibles - will be sent to the scrapyard near-term.
Updated: Union estimates 12,000 North Sea jobs lost and warns of worse to come
A trade union boss has warned predictions that 8,000 jobs have been lost in the oil and gas sector due to the latest downturn are likely to be very conservative.
Updated: Brent nears $50 as Opec+ agrees more moderate production increase
Brent crude neared $50 per barrel this morning after the Opec cartel and its allies agreed to a more gradual easing of production cuts next month.
Europe’s CCS projects boosted by increased funding
Increased funding from the EU and national governments have boosted the prospects for carbon capture technologies in Europe. Three projects in the Netherlands, Norway and UK could be operational by 2024.
Oil project approvals to recover and exceed pre-Covid levels from 2022
The Covid-19 pandemic has devastated global oil and gas project sanctioning this year and will cause total committed spending to drop to around $53 billion from 2019’s $190 billion, Rystad Energy says.
Top North Sea emitter UK needs to electrify its rising oil and gas output to reach climate goals
The UK Government has set a goal to reach net zero emissions by 2050.
Updated: Oil extends losses after first sub-$40 close since mid-June
Oil extended losses after its biggest one-day drop in more than two months as growing doubts over the strength of the global demand recovery along with continued weakness in stocks soured market sentiment.
Latin America’s renewable energy capacity set to skyrocket to 123 GW by 2025
Latin America is emerging as a green powerhouse, with some of the strongest renewable capacity growth expected globally in the coming years.
Oil companies wonder if it’s worth looking for oil anymore
A few dots near the bottom corner of the world map in the southern Atlantic, the Falkland Islands were once at the forefront of a new era for the oil industry as companies scoured the planet for resources.