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.
The oil price crash wiped $1.6 trillion off the valuation of the global upstream industry, according to energy researcher and consultancy Wood Mackenzie.
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.
New research has named ExxonMobil as the least "resilient" supermajor to weather the current oil downturn.
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.
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.
The UK gas balance has reached a deadlock for the summer, according to energy research firm Wood Mackenzie (Woodmac).
National oil companies (NOCs) globally are estimated to cut exploration budgets by over a quarter on average in 2020, says Wood Mackenzie.
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.
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.
Cashed-up Asian NOCs are actively screening international assets and companies for once-in-a lifetime acquisition opportunities amidst the global downturn.
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.
Offshore platforms in the UK North Sea “face the risk of production shut-ins” due to oil storage constraints, according to leading analysts.
Energy giant Shell has revealed its ambition to transform into a “net-zero emissions business” by 2050, at the latest.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Oil price falls below $40 per barrel spell problems throughout the industry, with companies and countries alike facing tough times.