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.
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 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 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 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.
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.
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.
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-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.
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.
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.
The rapid transition under way in energy means that now more than ever the sector must grasp the opportunities presented by technology.
Offshore wind and hydrogen are “good ingredients but a bad cocktail” according to Rystad Energy, with high costs remaining a “showstopper”.
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.
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.
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.
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.
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.
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.
The UK Government has set a goal to reach net zero emissions by 2050.
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 is emerging as a green powerhouse, with some of the strongest renewable capacity growth expected globally in the coming years.
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.