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After the fallout and uncertainty around the UK windfall tax, companies and government may put their differences aside and agree on an EPL successor.
Continental Europe is intensifying efforts to bolster energy security through increased gas production.
This year will be one of contradictions in European power and renewables markets.
What will the European Union’s Net-Zero Industry Act (NZIA) mean for Europe’s upstream oil and gas industry?
Government subsidies have long been discussed following mounting setbacks for the offshore wind sector. Today, we saw another breakthrough.
Geothermal energy is gaining momentum - driven by new tech, major investments and big tech partnerships. Is it the next big player in renewables?
Exploring Europe’s energy storage gigawatt-scale revolution, and the hydrogen roadmap to 2030 and beyond
The commissioning of the Trans Adriatic Pipeline's (TAP) initial 10 bcm per year capacity follows four and a half years of construction, EUR4.5 billion of capex and a variety of obstacles – especially in Italy, where the pipeline ends.
Privately-held UK Independent Chrysaor is buying London-listed Premier Oil by way of reverse takeover. Premier’s US$2.7 billion of debt and hedging liabilities will be repaid and cancelled via a US$1.232 billion cash payment, plus Chrysaor shares.
Wood Mackenzie today delivered a comprehensive roadmap for the North Sea’s future to the OGTC, setting out the critical technologies needed to deliver an integrated net zero energy system on the UK Continental Shelf (UKCS), positioning the UK as a world-leader in the move to a low carbon world.
According to a new report by Wood Mackenzie, oil products demand in Asia Pacific is expected to fall by 1.8 million barrels per day (b/d) year-on-year in 2020.
Steve Jenkins, vice president of Wood Mackenzie’s petrochemicals team, comments on this morning’s announcement from BP that it is selling its petrochemicals business to INEOS in a US$5 billion deal.
Speaking after BP announced it was writing down as much as $17.5 billion when it reports its second quarter results, Luke Parker, vice president, corporate analysis, said: “The impairment shouldn’t come as a big surprise, but the implications – near-term and long-term – are significant.”
The success of Europe’s transition to net-zero emissions by 2050 will hinge on the flexibility of its power system.
The global liquefied natural gas (LNG) industry is about to face its first seasonal demand contraction since 2012, with demand in summer 2020 expected to fall 2.7% or 3 million tonnes (Mt) year-on-year, says Wood Mackenzie.
The UK gas balance has reached a deadlock for the summer. Resilient UK production, Norwegian imports and baseload LNG imports are overwhelming the market with supply. And with lockdown placing huge pressure on electricity and fuel markets, demand will be weak throughout the summer.
European gas storage is almost full to the brim – and with the mild weather, coronavirus lockdowns hitting demand and an over-supplied market, levels are not likely to drop soon. New analysis from natural resources consultancy Wood Mackenzie suggests October may prove critical for the market – and highlights a potential solution to the storage crunch.
Commenting after Shell announced its intention to become net-zero company by 2050, Luke Parker, vice president, corporate analysis, at Wood Mackenzie, said: “This is an evolution of the net carbon footprint ambition that Shell unveiled in November 2017.
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. The problem for these producers is the scale of the fall in oil demand, especially during April and forecast for Q2 2020. No matter the size of the varying forecasts, they all point to a challenging market that puts pressure on storage space and prices.
The coronavirus pandemic is reducing oil demand. The OPEC+ production restraint agreement fell apart on 6 March and Saudi Arabia is rapidly increasing supply. The result: Brent crude has plunged to less than US$30/bbl. This will have a significant impact on currently producing fields and future supply. How low can the price go before different sources of production become uneconomic? Where are production shut-ins most likely? Can governments influence the result?
The North Sea has weathered several storms in its 50-year existence. But the events of the past few weeks mean the sector is entering uncharted waters. The coronavirus pandemic and collapse in OPEC+ production restraint has seen Brent reach its lowest point since 2003.
Survival mode has returned to the oil and gas sector as the oil price rout deepens. Corporate financials are in better shape than during the 2014/2015 crash, but room for manoeuvre is limited. Can companies cope with prices this low?
The travel ban announced by US President Donald Trump today is likely to have an immediate impact on jet fuel demand and prices across Europe and the US.
As global markets reel in the wake of the oil price crash, Wood Mackenzie’ corporate analysis team believes the price collapse could be the trigger for a new phase of deep industry restructuring - one that rivals the changes seen in the late-1990s.
The OPEC+ meeting broke up without a deal, what does it mean for the markets?
Speaking after French major Total announced it planned to buy a 50% stake in Indian company Adani Green Energy’s solar unit, Tom Heggarty, principal analyst with Wood Mackenzie’s Energy Transition Practice, said: “Total has been extremely active in the power and renewables M&A market as it seeks to diversify its activities and grow its exposure to the zero-carbon power sector."
It will be a noteworthy year for the North Sea – companies will increase production for the first time since 2017 and the outlook for both exploration and investment is looking healthy. The region will remain a global hotspot for deals as the corporate landscape continues to evolve. Crucially, the North Sea will also see major steps towards decarbonisation.
If European member states deliver their individual National Energy and Climate Plans, renewables will account for around 53% of power supply in 2030. Europe is on track to hit this target, although the performance of individual countries will vary, according to analysis from Wood Mackenzie.
Total announced today its partnership with Adani Group which includes two LNG terminals, Dhamra in East India and potentially Mundra in the West, as well as Adani Gas Limited, one of the 4 main distributors of city gas in India of which Adani holds 74.8% and of which Total will acquire 37.4%.
First oil from Johan Sverdrup – Norway’s sixth-largest discovery, with reserves of around 2.7 billion barrels – is a red-letter day for the partners and the Norwegian state. The decision to sanction the development was the country's largest final investment decision in more than 30 years.
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