Insight
Energy Snapshot: Industry themes - September 2019
Report summary
Wood Mackenzie’s latest view on the outlook for Energy Transitions is for emissions to flatten, at a level above that required to keep temperature growth to 2℃. The question for oil and gas companies is how much exploration is required to meet emissions targets and whether they will be achieved? Investment is continuing in the oil and gas space, but 2019 has a low amount of volumes sanctioned, except for major LNG projects and M&A has also been quiet. More LNG projects are being FID’d and there remains a strong list of candidates seeking project sanction. Strong supply in Europe has pushed gas prices down to a level which raises the risk of US LNG shut-ins in the summer of 2020 Brent continues to be expected to average $62.50 through 2020, with OPEC restraint and one-off IMO effects. Specifically, the outlook for Venezuelan production has been downgraded and Brazilian production is expected to rise as new FPSOs ramp up.
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