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Rystad

Technology

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.

Asia

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.

Oil & Gas

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.

Europe

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 & Gas

Covid-19 pushes oilfield services headcount to lowest level in over a decade – Rystad

The oil market turmoil brought on by Covid-19 has led to lower-than-anticipated activity and delayed projects, forcing the industry to deploy cost-cutting measures. A Rystad Energy analysis of the top 50 oilfield service (OFS) firms shows that staffing is set to reach its lowest level in more than 10 years, with the anticipated revenue per employee also declining towards the previous downturn’s level.