Public E&Ps set for record-breaking $834bn profits this year, says Rystad
Public exploration and production (E&P) companies are set to achieve new record-high profits in 2022, amid bumper cash flows and low levels of reinvestment.
Rystad Energy
OPEC ditches IEA numbers in favour of Rystad, WoodMac
OPEC members have opted to drop their use of data from the International Energy Agency (IEA) in their monthly reporting.
CCS service spending to top $50bn by 2025
Service sector spending on carbon capture and storage (CCS) developments is set to skyrocket this decade, quadrupling between 2022-25, Rystad Energy research suggests.
‘Largest energy crisis in decades’ as market reacts to Russian oil embargo plans
Oil prices could nearly double by the summer if more countries follow suit in banning Russian oil imports, analysts have forecast.
Boris Johnson wants ‘climate pass’ for gas industry to wean West off Russian supply
Boris Johnson wants a “climate change pass” for the gas industry to wean western countries off supplies from Russia.
Centrica to exit Russian gas supply deals
Energy group Centrica has said it will exit its gas supply deals with Russian firms, including state-owned major Gazprom.
Opportunities abound as Asia Pacific set for $4 billion subsea spend in 2022
Subsea opportunities will be plentiful in Asia Pacific over the coming years as international oil companies (IOCs) and national oil companies (NOCs) advance a backlog of projects, while offshore wind developers accelerate activity across the region.
NUPRC launches investigation into Trinity Spirit fire
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has launched an investigation into the Trinity Spirit disaster.
Bigger turbines spell big problems for installers, warns Rystad
Research from Rystad Energy suggests demand for larger offshore wind turbines will outpace the supply of capable installation vessels by 2024.
Drilling is in, IHS Markit says, as resources rise
The industry drilled more wells in 2021 than 2020, IHS Markit has reported, with notable successes in high impact wells adding new resources.
Private equity deals surge to £2.4 billion for UK North Sea
Private equity took a keen interest in the UK North Sea in 2021, with £2.4 billion worth of deals for the country’s oil and gas industry.
Cost of subsea tie-backs to surge £4.8billion in global market leader Norway
The world’s top market for subsea tie-backs will take an inflation-driven cost increase of £4.8billion on upcoming contract awards through to 2026.
Rystad still tipping Cambo FPSO contract for 2022 despite project uncertainty
While the future of the divisive Cambo field still hangs in the balance a key contract for the project may soon be allocated.
Upstream gas, LNG drive global investment to projected $628bn in 2022
Global oil and gas investments will expand by $26 billion this year on the back of upstream gas and LNG expenditure, according to analysis by Rystad Energy.
Signs point to a more positive year for the global energy supply chain
The Omicron virus variant has plunged the world into yet more uncertainty in recent months – but even so, 2021 will be remembered as the year when the pandemic loosened its grip on global energy markets and the supply chain could start to recover from last year’s 14% drop in global energy spending. Investments grew 7% this year, putting economies, energy demand and the supply sector on the road to recovery.
2021 sees oil and gas discoveries sink to lowest level in 75 years
Global oil and gas discoveries are on track to hit their lowest full-year level in 75 years if the final weeks of 2021 fail to yield any significant finds, according to analysis from Rystad Energy.
UK backs US oil release plans with eye on controlling prices
The UK will back President Joe Biden’s plans to release emergency oil supplies in an attempt to reduce the price of oil.
Outlook for lift vessels ‘constrained’ as oil and gas vies with offshore wind
Oil & Gas UK (OGUK) has warned that the decommissioning market is increasingly interacting with that of offshore wind, increasing pressure on project timeframes and onshore yard space.
Offshore wind spending ‘closing the gap on oil and gas’
Spending on offshore wind is closing the gap on oil and gas, and is expected to surpass it in key markets by 2030.
Oil price to gain on Asian fuel switching from LNG
Asian power demand is switching away from LNG and into oil burning, Rystad Energy has said, driven by high prices.
Rystad forecasts 20 FPSO awards for 2021 and 2022
A total of 20 FPSO awards are expected to be made in 2021 and 2022, bringing a boost to fabrication yards, according ot new analysis from Rystad Energy.
Transition concerns speed fossil fuel development
If energy demand is shifting away from fossil fuels, the most economically rational move for governments is to maximise development of resources now.
Offshore wind spending to top ‘eye-popping’ $810bn through to 2030: Rystad
Spending on offshore wind developments around the globe will top $810billion through this decade, according to new analysis from Rystad Energy.
Global interest expected in Santos Dorado sale
Santos is seeking buyers for a 20-30% stake in its large Dorado oil project and Bedout exploration portfolio offshore western Australia estimated to be worth up to $200 million. Significantly, there is expected to be global interest in the sales process, which could be particularly appealing for Asian national oil companies (NOCs).
Chevron’s Australian business is least resilient among big upstream players
Rystad Energy estimates that Chevron, based on the gas reserves of its discovered fields in Australia, holds the top position in terms of non-producing assets, totalling 21 trillion cubic feet (Tcf), among the major upstream companies operating in the country.