Shell warns of Covid-19 impairments of up to £17.8billion
Shell has warned it will take impairments of up to £17.8billon ahead of its second quarter results due to the impact of the Covid-19 pandemic.
Wood Mackenzie
Woodmac: How has the price crash changed the upstream sector?
The oil price crash wiped $1.6 trillion off the valuation of the global upstream industry, according to energy researcher and consultancy Wood Mackenzie.
Implications of BP write-downs ‘are very real’ as some upstream assets become worthless
Energy giant BP is ”getting to grips” with a slump in the value of its offshore assets, with some now worth nothing at all, an industry expert said last night.
ExxonMobil is the least resilient oil supermajor – Wood Mackenzie
New research has named ExxonMobil as the least "resilient" supermajor to weather the current oil downturn.
Suppliers may be spared repeat of ‘hardball’ tactics on prices in this downcycle
An analyst has suggested the same “hardball” treatment that the supply chain was subjected to during the last downturn may not be repeated this time around.
China’s Q2 2020 oil demand shows signs of recovery
According to the latest analysis by Wood Mackenzie, China’s oil demand will recover to 13 million barrels per day (b/d) in Q2 2020, a 16.3% jump compared to Q1 this year.
North Sea gas market set to hit ‘deadlock’ over summer, Woodmac claims
The UK gas balance has reached a deadlock for the summer, according to energy research firm Wood Mackenzie (Woodmac).
NOCs to slash over a quarter of exploration budgets on average in 2020
National oil companies (NOCs) globally are estimated to cut exploration budgets by over a quarter on average in 2020, says Wood Mackenzie.
UK decommissioning ‘up in the air’ amid Covid-19 pandemic
The dust might be starting to settle on some issues around Covid-19, but the impact it may have on North Sea decommissioning is very much up in the air.
Transition to renewable energy at risk in Asia Pacific
Over the past five years, the Asia Pacific region made up over three-quarters of global power demand growth, and led the world in wind and solar capacity installations.
Asian NOCs eye once-in-a lifetime overseas M&A opportunities
Cashed-up Asian NOCs are actively screening international assets and companies for once-in-a lifetime acquisition opportunities amidst the global downturn.
Supply chain threatened with collapse, Woodmac warns
The upstream supply chain “faces the very real threat of collapse”, a new report from Wood Mackenzie has warned, setting the industry on the path of another crisis as demand recovers.
UK North Sea platforms ‘face production shut-ins’ as oil storage fills up
Offshore platforms in the UK North Sea “face the risk of production shut-ins” due to oil storage constraints, according to leading analysts.
Updated: Shell divides opinion with 2050 net-zero ambition
Energy giant Shell has revealed its ambition to transform into a “net-zero emissions business” by 2050, at the latest.
Global oil deal elusive as Saudi-Russia pact meets resistance
A global deal to cut oil production and save the market from a coronavirus-induced breakdown proved elusive on Friday as a diplomatic initiative led by Saudi Arabia suffered repeated setbacks.
Collapsing demand sets the terms in the OPEC+ battle for market share
Since OPEC+’s failure to agree on production restraint on 5-6 March, the implications of the Covid-19 pandemic have become far clearer, sparking a crisis in the oil market as prices fell and supply ramped up.
Silver lining for Asian LNG market after oil price crash
Lower long-term LNG prices could encourage coal-to-gas switching in Northeast Asia, while Chinese LNG demand is also expected to expand this year, albeit at a slower rate, as China gets back to work.
Asian NOCs set to maintain domestic upstream spend
While most international oil companies (IOCs) have stated they will make major spending cuts this year in response to the downturn, Asian national oil companies (NOCs) are expected to maintain domestic upstream spending to help employment and economic activity levels.
Upstream spend at risk in Asia Pacific
Demand destruction and sustained oil prices below $40 per barrel mean Asia Pacific is bracing itself for a brutal wave of cost cutting that will see its reliance on imports rise as upstream investment is hit hard.
Sector in survival mode could put energy transition ‘on back burner’, Woodmac warns
An oil and gas industry in “survival mode” could put plans to transition to a cleaner energy sector “on the back burner”, according to a top analyst.
Coronavirus ‘a crisis unlike anything the market has even seen’ for wind sector, Woodmac says
The spread of Covid-19 presents “a crisis unlike anything the market has ever seen” for the wind power sector, according to a top energy research firm.
All is not lost for the North Sea, yet
The North Sea oil and gas industry can survive the “unchartered waters” of the current crude price storm, at least in the short-term, an analyst has said.
Isabella discovery shows Total has Midas touch in North Sea
Total’s latest discovery shows the French energy giant still has the Midas touch when it comes to finding new North Sea reservoirs, an analyst has said.
Prolonged price war threatens return of ‘brutal’ cost cuts, experts say
A price war between two of the world’s biggest oil producers has sparked one of the worst crude routs in decades, putting companies under “huge pressure” and threatening “brutal” cost cuts.
Supply booms, demand languishes: all are punished
Oil price falls below $40 per barrel spell problems throughout the industry, with companies and countries alike facing tough times.