Projects could now be viable at $60 oil, says Wood Mac
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.
Wood Mackenzie
Opinion: Energy import costs likely to rise but structure of energy sector unchanged – Wood Mac
The UK has voted to leave the European Union. A majority of 51.9% voted to end a 43-year membership of the EU.
Global upstream investment slashed by $1trillion since oil price fall says Wood Mac
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.
OGUK 2016: No easy solutions to secure long term future of North Sea.
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.
OGUK 2016: The three certainties in life: Death, taxes and decommissioning
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”.
OGUK 2016: Compromise key for North Sea future, industry expert says
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.
Wood Mac affirms UK will be at forefront of decommissioning
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.
Wood MacKenzie warns of oil shortage in next 20 years
A new study is warning of a world-wide oil supply shortage within the next 20 years, according to Wood MacKenzie.
WoodMac’s Back to the Future report raises hopes for higher oil prices
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 slump seen delaying $380billion worth of developments
Oil’s collapse has delayed $380billion worth of investment on 68 major upstream projects, according to industry consultant Wood Mackenzie Ltd.
Real growth in the LNG market is “post 2016”
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.
Wood Mackenzie sees political risk playing greater role in oil prices
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.
Low oil price could prove “transformative” for oil majors
Wood Mackenzie said the global decline in oil price has had a “transformative” impact on the oil majors. Analysis by Wood Mackenzie identified four key themes which will continue into the next year in terms of companies’ budgets and strategies. Tom Ellacott, head of corporate upstream analysis, said key trends for oil majors already identified included weak financial performance in the third quarter of the year, a boost in production levels, deep cost cutting and tighter allocation on limited capital.
Wood Mac says E&P companies in Africa need to work “smarter”
Wood Mackenzie said exploration and production companies in Africa will need to bring project costs down even further and find a "smarter" way of working. The company said Africa’s host government have a key role to play in ensuring that local content requirements are reasonable and fiscal terms are competitive in order to attract investors and unlock new project sanctions. Only one third of the continent’s pre-sanction projects have been estimated as economical at less than $50 per barrel.
Oil demand boost as threat of Grexit recedes
Oil and gas experts expect European crude demand to grow as a result of the economic agreement struck between the EU and Greece yesterday. The deal has reduced the prospect of a so-called Grexit from the eurozone. In its latest review of the market, Scottish consultancy Wood Mackenzie (WoodMac) said: “If Greece remains in the eurozone and the current crisis is contained, the outlook for Europe's oil demand is much improved over the decline seen in 2014.
ONS: Increased brownfield investment set to boost Norwegian reserves
More than half of the £120billion due to be invested in the Norwegian North Sea in the next decade will be spent boosting oil recovery from existing fields, according to new analysis prepared for ONS 2014.