Ever Given on the move
The MT Ever Given has been partially re-floated, although there are conflicting reports about whether more work will be needed to free the container ship.
Rystad Energy
Oil prices, memes rise as Suez jam continues
The MT Ever Given remains stuck across the Suez Canal, driving up oil prices – and jokes on social media.
‘Oil price fever’ expected to continue after Brent breaches $70
The oil price “fever” is expected to continue, at least in the short term, according to Rystad Energy after Brent Crude broke past $70 a barrel.
Coal use set to surge in India despite renewables boom
Coal-fired power generation is projected to surge in India as the expanding wave of renewable energy capacity cannot keep up with electrification growth in the South Asian country, home to the world’s second biggest population.
Rystad expects $15bn of Australasia upstream projects to get nod
New upstream oil and gas projects worth about $15 billion will be sanctioned in Australasia this year, according to Rystad Energy’s forecast, marking a huge boost compared to the $1.2 billion committed to new projects in 2020.
‘Window of opportunity’ could emerge next year as oil supply deficits emerge, Rystad says
A “window of opportunity” could present itself for oil producers next year as analysts predict supply deficits may reach their highest level in years.
Myanmar set for more than $1 billion of upstream investment
With Myanmar’s general elections in the rearview mirror, upstream development expenditure could more than double to over $1 billion by 2023 compared to this year’s spend.
OPEC+ inaction could lead to 200 million barrel surplus next year, Rystad says
Oil markets could be saturated with millions of surplus barrels if OPEC+ fails to agree an extension to current production cuts, according to analysis from Rystad Energy.
West of Shetland oil and gas remains UK’s best bet for growth despite recent setbacks
The West of Shetland oil and gas (WoS) basin has long been held aloft as the UK’s last great hope for indigenous oil and gas production growth.
Oil bankruptcies rise in the third quarter
The number of bankruptcies in the energy sector rose during the third quarter as the coronavirus pandemic continued to take its toll on the oil and gas industry.
Oil companies on track to discover 10billion barrels in 2020 despite pandemic – Rystad
Oil companies are on track to discover 10 billion barrels this year, despite the coronavirus pandemic temporarily halting exploration activity this spring, according to Rystad Energy.
Indonesia plays hardball with Repsol over gas pricing
Repsol’s potential fast-track development of its Kali Berau Dalam (KBD) giant gas discovery in Indonesia is at risk as the company struggles to agree an attractive sales price with the government.
Important for North Sea to get exploration drilling ‘back on track’
Ensuring that North Sea exploration drilling gets “back on track” next year will be a key part of efforts to help the industry get back on its feet.
Rystad revises peak oil prediction, says demand wont return to pre-Covid levels until 2023
Global oil demand is expected to peak at just over 102 million barrels per day (bpd) by 2028, two years earlier than originally thought.
Borr Drilling sells third rig in a month in $4.5million deal
Borr Drilling has announced the sale of its third rig in a month as the firm seeks to consolidate its fleet size.
UK renewable energy capacity set to double by 2026, when offshore wind will overtake onshore
The UK’s ambitious goal to double its renewable energy capacity by 2030 will be achieved already by 2026, a Rystad Energy analysis shows, spurred by a wave of mostly wind power investments. Total installed capacity of solar and wind power plants will climb to 64 gigawatt (GW) in 2026 from close to 33 GW today, with offshore wind taking over the throne as the country’s biggest green energy source.
Drillers must scrap one quarter of floaters, Rystad says
Restructuring for offshore drillers will accelerate, Rystad Energy has predicted, and as much as one quarter of the global floater fleet could be scrapped.
UK chases Asia’s largest offshore wind farm in Vietnam
The UK proposes to help develop one of the world’s largest offshore wind projects in Vietnam, where the market is expected to boom.
Scots firms encouraged to partner with French counterparts for offshore wind projects
Scottish energy service firms are being encouraged to partner up with their counterparts in France in order to make inroads into its emerging offshore wind market.
Hurricane Energy downgrade ‘dashes hopes’ for UK production resurgance – Rystad
The “jaw-dropping” reserves downgrade from Hurricane Energy has “dashed hopes” of any major resurgence in UK offshore production, according to Rystad Energy.
Use of offshore rigs sees ‘largest monthly drop for 20 years’ – Rystad
Use of offshore drilling rigs globally has seen the largest monthly drop in 20 years, according to analysis from Rystad Energy.
Less than half of global green hydrogen pipeline to be operational by 2035 – Rystad
Biting costs mean less than half of the planned pipeline of green hydrogen projects globally is likely to be up and running by 2035, according to Rystad Energy.
Philippines eyes first LNG imports in 2022 as Shell seeks exit
The Philippines is accelerating plans to import LNG, as Shell seeks to exit the country’s largest gas field, creating more uncertainty for the waning domestic upstream sector.
Petronas seeks investors to revive Malaysian upstream as majors exit
After reporting a $5 billion loss, Malaysian national oil company (NOC) Petronas is eager to see new money flow into its domestic upstream sector, especially as the majors, such as ExxonMobil, seek to exit the Southeast Asian nation.
Energy transition may ‘push’ oil majors to sell or swap $100billion of assets – Rystad
Oil majors may be "pushed" to sell or swap more than $100billion of assets due to the energy transition, according to Rystad Energy.