UK North Sea operators eye ‘near-record’ profits in 2022
North Sea operators will deliver 'near-record' cash margins in 2022, according to Wood Mackenzie, amid higher oil and gas prices and following 'brutal' cuts of previous downturns.
Wood Mackenzie
WoodMac: Global upstream faces ‘peak uncertainty’ in 2022
The oil and gas sector will enter 2022 with record cash flows amid high commodity prices, but increasing pressures on finance in the wake of COP26 make for an uncertain outlook.
Wood Mackenzie appoints new head of carbon research
Energy consultancy Wood Mackenzie has unveiled its new head of carbon research.
Can Asia avert a gas supply crisis?
With domestic supply in decline, Asia urgently needs to address its growing gas and energy needs. In the past few months, multiple energy crunches across the globe highlights that a flexible and reliable supply of energy is critical to keep markets and prices stable. In Asia, a growing gap between booming gas demand and falling supply is cause for significant concern.
WoodMac: UK North Sea needs ‘rapid action’ to mirror Norway’s platform electrification successes
A “tough challenge” awaits if the UK is to replicate Norway’s successes in decarbonising offshore assets, Wood Mackenzie has forecast.
Australia is ahead of the pack for green hydrogen export potential
Suppliers with access to low-cost renewables will have a competitive advantage when it comes to green hydrogen production. Australia and the Middle East sit in the top echelons for solar irradiance and offer massive green hydrogen potential, according to Wood Mackenzie’s latest analysis.
China’s maiden SPR auction unlikely to affect global oil markets, Woodmac says
China begins the sale of its strategic petroleum reserves (SPR) today, which is unlikely to have material impact on crude oil markets globally, reckons Wood Mackenzie.
Carbon capture and the future of LNG in Asia
Carbon capture and storage (CCS) will play an important role in decarbonising liquefied natural gas (LNG), but the pace of progress remains too slow, writes Gavin Thompson, Asia Pacific vice chair, Wood Mackenzie.
Cambo could be ‘huge spanner in the works’ for North Sea investment appetite
The cacophony around Cambo could throw a “huge spanner” into the works with regards to investment appetite in the North Sea, an industry expert has said.
Ithaca makes first UK North Sea find of 2021 at Fotla
Ithaca Energy’s oil find at Fotla has been described as a “ray of light” for UK exploration, in what has otherwise been a tough year.
Wood Mackenzie – CCS could have ‘material impact’ on LNG emissions
Carbon capture and storage (CCS) could have a “material impact” on the carbon emissions of liquefied natural gas (LNG) projects, according to analysts.
Oil price upcycle gives industry golden opportunity to decarbonise, Wood Mackenzie says
Oil and gas companies have a golden opportunity use the windfall from the recent commodity price upcycle to accelerate their decarbonisation drives, a new report says.
Firth of Forth net-zero hub key to achieving climate goals – Wood Mackenzie
The development of a “net-zero hub” on the Firth of Forth is key to achieving Scotland’s climate change goals, according to global natural resources consultancy Wood Mackenzie.
Cost to bury carbon near tipping point as emissions price soars
Skyrocketing carbon prices and a “code red” warning about the threat posed by climate change are giving fresh momentum to a technology that captures and removes greenhouse gas emissions so they can be buried.
Woodside-BHP $14.7bn merger deal would create a ‘super independent’
Woodside today confirmed it is in discussions with BHP over a potential merger involving BHP’s entire petroleum business. This merger “would create a new international super independent built for scale and resilience, with a long-term focus on LNG but exposure in the medium term to high-margin, deepwater oil,” said Andrew Harwood, Asia Pacific research director at Wood Mackenzie.
Indian gas boom dampens demand for LNG, but not for long
While the current boom in domestic gas production will derail liquefied natural gas (LNG) demand growth in the short-term, the lack of significant pre-FID domestic supply and no discoveries of note in blocks awarded under the OALP rounds should ensure that beyond 2024 India’s LNG demand roars back, writes Gavin Thompson, Wood Mackenzie Asia Pacific vice chair.
Room for buyers to grow in Shell’s Nigerian portfolio
Shell is making plans to exit its onshore business in Nigeria, but Wood Mackenzie has called for caution from prospective buyers.
Oil and gas: a risky business
Oil and gas faces an existential crisis as global efforts to reduce carbon emissions gather strength and pace. In this new paradigm, definition and assessment of risk is critical.
Asia Pacific offers a myriad of opportunities for UK companies
The diverse Asia Pacific regions offer a myriad of opportunities, ranging from decommissioning, late-life field rejuvenation, offshore wind, as well as carbon capture and storage (CCS), for adventurous UK companies.
Asia Pacific solar capacity set to triple by 2030
As national carbon-neutral targets come into focus, Asia Pacific solar photovoltaic (PV) capacity could triple by 2030 to 1500 gigawatts (GW), with Indonesia potentially the fastest expanding market by the end of the decade, according to new research from Wood Mackenzie.
Nigeria’s PIB heralds progress for royalty payments
The Nigerian Senate and House of Representatives have passed the Petroleum Industry Bill (PIB) in a bid to draw in more investment, from foreign and domestic sources.
Industry collaboration on carbon capture is key to unlock net-zero economy
Carbon capture and storage (CCS) is seen as an essential requirement by the oil and gas industry for it to meet the targets of the Paris Agreement, however the only way it will become commercially viable is if companies collaborate to create shared-CCS hubs, according to Wood Mackenzie.
Southeast Asia emerging as key solar market hotspot
Southeast Asia is emerging as a hotspot for global solar investment with over $10 billion invested just last year. In 2020, the region represented 12% of the global solar market and installed capacity has more than doubled every year since 2018, Rishab Shrestha, analyst at Wood Mackenzie told the APAC power and renewables summit today.
Asia Pacific solar and wind investments to hit $1.3 trillion by 2030 says Woodmac
Investments in Asia Pacific wind and solar power could double to $1.3 trillion over the current decade to 2030 compared with the period 2011-20, predicts Wood Mackenzie. However, in most Asian markets, subsidy-free renewable power will not be able to compete with coal power until 2025 or later, cautioned the energy research company.
China set to become world’s largest LNG importer in 2021
Surging demand will see China become the world’s largest importer of liquefied natural gas (LNG) this year, stealing the crown from Japan, according to forecasts from energy research company Wood Mackenzie.