Stability and a slow recovery during 2017 may consign last year to the history books as a “nadir” for conventional global oil and gas exploration, an Aberdeen-based energy research consultancy said yesterday.
US shale was the hot ticket for Asian investors before the downturn but deals have dried up since 2014, according to analysts Wood Mackenzie.
There is much at stake for North Sea oil and gas in the next Scottish independence referendum, whenever it happens, according to a new report.
Upstream oil and gas companies may be quietly optimistic about the outlook for 2017 but many remain cautious, according to a report by Scottish energy consultancy Wood Mackenzie (WoodMac).
Energy consultancy Wood Mackenzie (Woodmac) has predicted a bonanza of mergers and acquisitions (M&A) activity on the UK continental shelf in 2017.
Investment in global upstream oil and gas projects will grow this year for the first time since crude prices tumbled in 2014, a new report says.
Norway’s upstream sector will stage a recovery this year thanks to an upturn in exploration activity, large financial investment decisions (FIDs) and company consolidations, a new report said.
The oil and gas industry will turn cash flow positive in 2017 if the Opec production deal drives crude prices back above $55 per barrel, analysts from Wood Mackenzie said.
Smarter choices and cost cutting will see oil and gas companies’ exploration efforts worldwide returning to profitability in 2017, a new report has claimed.
Oil majors are getting the economics of exploration right after taking the crude price downturn by the horns, a new report said.
An estimated $50billion has been removed from a forecast of capital investment in Norway over the next four years.
The UK North Sea has had one billion barrels worth of projects cut from its future pipeline as it battles its most enduring downturn yet, according to Wood MacKenzie.
Most of the oil projects planned over the next decade are economically viable with prices below $60 a barrel as explorers succeed in squeezing costs, consultant Wood Mackenzie Ltd. said.
Fresh analysis by Wood Mackenzie has shown 70% of new drilling in US tight oil plays and pre Final Investment Decision (FID) conventional oil projects are commercial at $60 oil.
The UK has voted to leave the European Union. A majority of 51.9% voted to end a 43-year membership of the EU.
The oil and gas industry will cut $1 trillion from planned spending on exploration and development because of the slump in prices, leading to slower growth in production, according to consultant Wood Mackenzie.
There no easy solutions to the longer term future of the North Sea oil and gas region, but the prize continues to be worth fighting for, said a senior industry analyst.
Benjamin Franklin said only two things were certain in life − death and taxes. But according to Stephen Halliday, group president of Wood Mackenzie, a third can be added – decommissioning. Mr Halliday said the UK can defer decommissioning for as long as possible, but “it is coming” and the North Sea will be the first basin “to the line”.
Oil and gas majors must compromise to deliver an upturn in the sector’s fortunes, an industry analyst said yesterday. Stephen Halliday, group president of consultancy group Wood Mackenzie, said the energy industry was competitive by nature and that for serious progress to be made, the sector’s leadership had to get in a room together and collaborate. It comes days after PwC published a report saying the industry needed a “change in guard at the top” to disrupt its “we’ve always done it this way” mentality.
The UK oil and gas industry is set to become a pioneer in decommissioning activity globally and has the opportunity to become leaders in this field according to Wood Mackenzie.
A new study is warning of a world-wide oil supply shortage within the next 20 years, according to Wood MacKenzie.
Oil and gas experts have stepped back in time, appropriately to the year blockbuster film Back to the Future was released in cinemas, to predict a strengthening of crude prices next year.
Oil’s collapse has delayed $380billion worth of investment on 68 major upstream projects, according to industry consultant Wood Mackenzie Ltd.
Growth in the LNG market is not likely to happen until next year, according to new research on the current marketplace. Wood Mackenzie’s latest review of the global LNG industry found the market was characterised by weak Asian demand last year, with a year on year decline of 2%. Many LNG players are said to have shifted their focus from developing markets and have been employing new regasification capacity as a result.
The ramping up of tension between Saudi Arabia and Iran makes it highly unlikely Saudi Arabia will cut its output to help Iran regain market share, according to Wood Mackenzie.