UK North Sea platforms ‘face production shut-ins’ as oil storage fills up
Offshore platforms in the UK North Sea “face the risk of production shut-ins” due to oil storage constraints, according to leading analysts.
Wood Mackenzie
Updated: Shell divides opinion with 2050 net-zero ambition
Energy giant Shell has revealed its ambition to transform into a “net-zero emissions business” by 2050, at the latest.
Global oil deal elusive as Saudi-Russia pact meets resistance
A global deal to cut oil production and save the market from a coronavirus-induced breakdown proved elusive on Friday as a diplomatic initiative led by Saudi Arabia suffered repeated setbacks.
Collapsing demand sets the terms in the OPEC+ battle for market share
Since OPEC+’s failure to agree on production restraint on 5-6 March, the implications of the Covid-19 pandemic have become far clearer, sparking a crisis in the oil market as prices fell and supply ramped up.
Silver lining for Asian LNG market after oil price crash
Lower long-term LNG prices could encourage coal-to-gas switching in Northeast Asia, while Chinese LNG demand is also expected to expand this year, albeit at a slower rate, as China gets back to work.
Asian NOCs set to maintain domestic upstream spend
While most international oil companies (IOCs) have stated they will make major spending cuts this year in response to the downturn, Asian national oil companies (NOCs) are expected to maintain domestic upstream spending to help employment and economic activity levels.
Upstream spend at risk in Asia Pacific
Demand destruction and sustained oil prices below $40 per barrel mean Asia Pacific is bracing itself for a brutal wave of cost cutting that will see its reliance on imports rise as upstream investment is hit hard.
Sector in survival mode could put energy transition ‘on back burner’, Woodmac warns
An oil and gas industry in “survival mode” could put plans to transition to a cleaner energy sector “on the back burner”, according to a top analyst.
Coronavirus ‘a crisis unlike anything the market has even seen’ for wind sector, Woodmac says
The spread of Covid-19 presents “a crisis unlike anything the market has ever seen” for the wind power sector, according to a top energy research firm.
All is not lost for the North Sea, yet
The North Sea oil and gas industry can survive the “unchartered waters” of the current crude price storm, at least in the short-term, an analyst has said.
Isabella discovery shows Total has Midas touch in North Sea
Total’s latest discovery shows the French energy giant still has the Midas touch when it comes to finding new North Sea reservoirs, an analyst has said.
Prolonged price war threatens return of ‘brutal’ cost cuts, experts say
A price war between two of the world’s biggest oil producers has sparked one of the worst crude routs in decades, putting companies under “huge pressure” and threatening “brutal” cost cuts.
Supply booms, demand languishes: all are punished
Oil price falls below $40 per barrel spell problems throughout the industry, with companies and countries alike facing tough times.
Opex and Woodmac partnership to create new service for oil and gas sector
Aberdeen-based data science and predictive analysis firm Opex Group has joined forces with global natural resources research and consultancy company Wood Mackenzie to launch a new service for the oil and gas industry.
Wind turbine orders hit £60bn over 2019, Woodmac finds
Global wind turbine orders reached almost £60 billion in 2019, according to new research by Wood Mackenzie (Woodmac).
Market experts warn of further oil price drops as virus fear grips
Market experts at Wood Mackenzie (WoodMac) and Rystad Energy have warned of a further fall in oil prices due to coronavirus.
Coronavirus’s greatest impact on upstream is oil and gas prices, not project delays – Woodmac
The upstream oil and gas sector’s biggest commercial fear from the Coronavirus (COVID-19) epidemic is its impact on demand and prices. Only a small proportion of global supply comes from the worst-affected regions.
The North Sea is selling but who is buying? Look outside sector
In a year when the UK will come under intense global scrutiny of its climate change policies, merger and acquisition activity in the basin will have energy transition as a new factor to contend with.
Coronavirus predicted to hit China’s wind market by up to 50%
China's energy market could be badly hit as the coronavirus has halted production on the countries wind turbine installations, according to Wood MacKenzie (WoodMac).
Updated: BP’s boss hailed for taking oil giant in very different direction
BP’s new chief Bernard Looney was applauded for taking the oil major in a “very different direction” with yesterday’s net-zero announcement.
Oil’s higher returns leave investors in a carbon footprint quandary
Investors who want to reduce their environmental footprints are in a “real quandary” because oil and gas still offers better returns than renewables, an analyst has said.
Woodmac: Coronavirus and the impact on gas and LNG
As with all commodities, the impact of the novel coronavirus (2019-nCoV) on Chinese gas demand will depend on both the severity and length of time required to contain the outbreak.
‘Tough choices remain’ for service companies, analyst says
Some supply chain bosses may have come into 2020 hoping it would be the year when they finally get rewarded for surviving five years of low rates and cost-cutting.
Floating wind turbines poised to grow but hampered by costs
Offshore wind generation is growing rapidly and is expected to make up 25 percent of total wind capacity by 2028, up from 10 percent in 2019, according to a new study from the research firm Wood Mackenzie.
Australia leads in bumper year for Asia Pacific FIDs
Looming wave of final investment decisions (FIDs) will provide massive boost for offshore oilfield service sector in Southeast Asia