HMRC boosts projected decommissioning tax relief for oil firms by £1.1billion
HMRC has boosted projections by £1.1billion for the amount of tax repayments it expects to give oil firms for North Sea decommissioning.
Wood Mackenzie
Westwood Global appoints David Linden as its first Head of Energy Transition
Westwood Global Energy has appointed David Linden to its newly created role of Head of Energy Transition.
Qatar books key UK LNG supply deal as export push begins
Qatar Petroleum is set to ramp up exports of liquefied natural gas (LNG) to the UK as the Persian Gulf country seeks buyers for the output from a new project and several large supply contracts are due to expire.
North Sea ‘ripe for consolidation’, analyst says
The UK oil and gas sector is “ripe for consolidation”, an analyst said following Chrysaor’s announcement that it was merging with Premier Oil.
Chevron signs Rokan deal as Indonesia exit looms
Indonesia is taking proactive steps in a bid to avoid a sharp drop in upstream production as state-backed Pertamina takes over more legacy assets from international oil companies (IOCs).
North Sea net zero transition will cost £430billion, says OGTC – Wood Mackenzie report
Positioning the UK North Sea for a net zero future will cost more than £430billion, according to a new report from the Oil and Gas Technology Centre (OGTC) and consultancy Wood Mackenzie.
Taqa has largest North Sea decommissioning bill this decade – Wood Mackenzie
Taqa has the largest UK decommissioning bill of any North Sea operator this decade, according to Wood Mackenzie.
Petronas to stoke Chinese fury as Transocean drills in South China Sea
Analysts are expecting a backlash from Beijing as Malaysian national oil company (NOC) Petronas prepares to drill in gas-rich Block SK 316 in the South China Sea off the eastern Malaysian state of Sarawak.
Turkey announces major gas discovery
President Recep Tayyip Erdogan has announced the discovery of the largest ever gas find in Turkey off the Black Sea coast.
Oil will be ‘engine of value creation’ in BP’s net-zero drive, Looney says
BP’s chief executive Bernard Looney has said oil and gas would be a “smaller, but core part” of the business as it “pivots” to net zero.
BP backs away from frontier exploration
Despite challenges thrown up by the coronavirus outbreak, BP’s production in Africa was largely unchanged, although exploration and development has been pushed back.
Eni strikes one of the biggest gas finds in Southeast Asia for 20 years
Eni has confirmed the presence of a giant gas and condensate field in Block 114 in the Song Hong Basin off Vietnam.
Politics muddy Indonesia’s $48 billion refinery expansion plan after Aramco walks
Saudi Aramco’s experience may offer a cautionary tale to other investors considering multi-billion-dollar refining partnerships with Indonesian NOC Pertamina
Shell warns of Covid-19 impairments of up to £17.8billion
Shell has warned it will take impairments of up to £17.8billon ahead of its second quarter results due to the impact of the Covid-19 pandemic.
Woodmac: How has the price crash changed the upstream sector?
The oil price crash wiped $1.6 trillion off the valuation of the global upstream industry, according to energy researcher and consultancy Wood Mackenzie.
Implications of BP write-downs ‘are very real’ as some upstream assets become worthless
Energy giant BP is ”getting to grips” with a slump in the value of its offshore assets, with some now worth nothing at all, an industry expert said last night.
ExxonMobil is the least resilient oil supermajor – Wood Mackenzie
New research has named ExxonMobil as the least "resilient" supermajor to weather the current oil downturn.
Suppliers may be spared repeat of ‘hardball’ tactics on prices in this downcycle
An analyst has suggested the same “hardball” treatment that the supply chain was subjected to during the last downturn may not be repeated this time around.
China’s Q2 2020 oil demand shows signs of recovery
According to the latest analysis by Wood Mackenzie, China’s oil demand will recover to 13 million barrels per day (b/d) in Q2 2020, a 16.3% jump compared to Q1 this year.
North Sea gas market set to hit ‘deadlock’ over summer, Woodmac claims
The UK gas balance has reached a deadlock for the summer, according to energy research firm Wood Mackenzie (Woodmac).
NOCs to slash over a quarter of exploration budgets on average in 2020
National oil companies (NOCs) globally are estimated to cut exploration budgets by over a quarter on average in 2020, says Wood Mackenzie.
UK decommissioning ‘up in the air’ amid Covid-19 pandemic
The dust might be starting to settle on some issues around Covid-19, but the impact it may have on North Sea decommissioning is very much up in the air.
Transition to renewable energy at risk in Asia Pacific
Over the past five years, the Asia Pacific region made up over three-quarters of global power demand growth, and led the world in wind and solar capacity installations.
Asian NOCs eye once-in-a lifetime overseas M&A opportunities
Cashed-up Asian NOCs are actively screening international assets and companies for once-in-a lifetime acquisition opportunities amidst the global downturn.
Supply chain threatened with collapse, Woodmac warns
The upstream supply chain “faces the very real threat of collapse”, a new report from Wood Mackenzie has warned, setting the industry on the path of another crisis as demand recovers.