Energy services sector set to grow $1 trillion in 2025
Research firm Rystad has tipped the energy services sector to grow to $1 trillion in 2025.
Rystad
UK Government expected to spend $470 million+ on geothermal heating by 2030
Recent Rystad research shows the UK government is expected to spend more than $470 million on geothermal heating by the decade’s end.
Australia CCS set for boost as gas players, including BP, eye major investments
Australia’s carbon capture, utilisation, and storage (CCUS) sector looks set for a boost as oil and gas companies, including BP (LON:BP), Santos (ASX:STO), and Woodside Energy (ASX:WDS), are investing heavily in large-scale projects.
Southeast Asia market for drilling rigs lukewarm despite lofty oil prices
Global and regional upstream activities, including in Southeast Asia, are rising, as more exploration and development projects are evaluated and approved. Yet, the drilling rig market in the region is not as exciting as it should be, especially with global oil prices ranging between $100 and $120 per barrel in recent months.
Santos eyes cheaper carbon storage offshore East Timor at new $1.7bn APAC hub
Developing carbon capture and storage (CCS) projects in Southeast Asia is considerably cheaper than developing similar projects in more developed economies, such as Australia.
$8.5bn worth of Southeast Asia oil and gas projects eye FID in 2022, but delays likely, says Rystad
Upstream oil and gas projects with over 1.4 billion barrels of resources and $8.5 billion worth of greenfield investments are targeted for final investment decisions (FIDs) in Southeast Asia this year, based on operators’ plans, reported Rystad Energy. However, delays are likely with more activity expected to happen next year, noted the energy consultancy.
Global energy spending will hit record over $2 trillion in 2022, says Rystad
Surging oil, gas, and power prices, together with the European Union (EU)’s goals of becoming less dependent on Russian supplies, and post-Covid-19 pandemic inflation, will catapult global energy spending this year to a record $2.1 trillion. Significantly, similar levels of spending have not been seen since 2014, Rystad Energy research shows.
Cheniere, Venture Global prep for more LNG
As European gas prices hit new record highs, US LNG producers are swinging into action on future supply.
Higher oil prices likely to be sustained, says Aberdeen oil expert
An Aberdeen economist sees high oil prices sustained in the medium term, as Brent crude prices this week rose above the $90 per barrel mark for the first time since 2014.
Upstream M&A deals hit three-year high of $181 billion in 2021
Global upstream merger and acquisition (M&A) deals rebounded to pre-Covid-19 levels in 2021, reaching a total of $181 billion, a 70% increase over 2020, Rystad Energy research shows. The total deal value for 2021 was the highest in three years and almost reached the highs seen in 2017 and 2018 of $205 billion and $199 billion, respectively.
Strong FPSO market expected to continue, says Rystad
The market for floating production, storage, and offloading (FPSO) units almost brushed off the pandemic’s effect in 2021 and is likely to continue apace in 2022, with 10 new awards expected, according to a Rystad Energy report. Two lease contracts were awarded in the fourth quarter of 2021, bringing the total for the year to 10 – up from just three in 2020 – a strong rebound for the FPSO market.
International EPC players get squeezed in Southeast Asia
International oilfield service companies are facing significant challenges winning contracts in Southeast Asia as local suppliers are increasingly securing available work.
Omicron could cut oil demand almost 3 million bpd in early 2022, says Rystad
The new Omicron variant of Covid-19 could cost the global oil market as much as 2.9 million barrels per day (bpd) of demand in the first quarter of 2022, bringing total expected demand down from 98.6 million bpd to 95.7 million bpd, if it triggers more lockdowns or restrictions, Rystad Energy projects.
Southeast Asia tipped to become world’s largest floating solar market
Analysts at Rystad Energy believe Southeast Asia could become the largest floating solar photovoltaic (PV) market in the world with several significant projects planned this decade.
Petronas upstream investment approvals to accelerate
Malaysian national energy company Petronas is expected to accelerate final investment decisions (FIDs) for upstream oil and gas projects between 2022 and 2023 following a sharp decline over 2020-21, according to the latest research from Rystad Energy.
Big gas discovery bodes well for Australia’s Perth basin
Australian junior Norwest Energy (ASX:NEW) recently announced a large gas discovery in the onshore Perth basin in Australia. The news bolsters recent analysis from consultancy Rystad Energy that suggests conditions are ripe for a significant development opportunity, with the basin potentially emerging as a key source of gas supply in Western Australia.
China’s NOCs to spend $120bn on drilling in effort to cut oil imports
China’s national oil companies, CNPC, CNOOC, and Sinopec, are expected to spend over $120 billion on drilling and well services by 2025 to help meet rising domestic oil and gas demand. With 118,000 wells estimated to be drilled in China, analysts at Rystad Energy reckon there will be significant opportunities for innovative suppliers.
Japan’s plan to cut LNG demand is unrealistic says Rystad
Japan’s recent revision to its strategic energy plan (SEP) lowers the targeted share of liquefied natural gas (LNG) in the country’s power generation mix in 2030 to 20% from 27% previously, as a measure to cut emissions. However, analysis from Rystad Energy concludes that Japan’s targets are too ambitious and that the changes the new plan will bring will mostly be in the structure of commodities trading.
Asia Pacific offers a myriad of opportunities for UK companies
The diverse Asia Pacific regions offer a myriad of opportunities, ranging from decommissioning, late-life field rejuvenation, offshore wind, as well as carbon capture and storage (CCS), for adventurous UK companies.
Southeast Asia deepwater spend set to double in 2021
Deep-water drilling activities are bouncing back in Southeast Asia following a lacklustre 2020 with overall spending expected to rise 51% this year to $504 million and almost back to 2019 levels, estimates from Rystad Energy show.
Deepwater activities in Southeast Asia set to boom
Deepwater upstream projects are increasingly important for Southeast Asia, where new investment in production is critical to meet rising demand for oil and gas, as economies continue to expand.
BHP a ‘natural buyer’ of Santos’ Dorado oil project
Santos is seeking buyers for a share in its $2 billion Dorado oil project offshore Western Australia and energy consultancy Rystad Energy expects BHP will be looking closely at the asset.
Multi-billion dollar plug and abandonment market emerges in Australia
Australia is on the verge of its largest-ever wave of decommissioning as offshore development wells reach the end of their producing life. This is both adding headaches for producers and creating a multi-billion dollar opportunity for plugging and abandonment (P&A) suppliers.
Supplying Asia with LNG got much costlier for the US, but strong demand brings export records
Supplying liquefied natural gas (LNG) to the expanding Asian market has become more expensive for US producers this year, a Rystad Energy report reveals. Even so, US exporters are unlikely to repeat last year’s cost-related shut-ins as global demand has rebounded to strong levels. Instead, US LNG exports climbed to a record monthly high of 6.5 million tonnes in May and may keep rising to new peaks, according to the energy consultancy.
South Asia steps up efforts to follow global energy transition
South Asia, which includes India, Pakistan, Sri Lanka, and Bangladesh, is slowly following the rest of the world in the transition towards cleaner energy systems. The subtle shift opens potentially large market opportunities for energy service suppliers.