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The Oil & Gas Authority's (OGA) decision to launch the 31st supplementary offshore licensing round, focusing on the Greater Buchan Area offers a material opportunity for players active in the UK North Sea
By the end of 2017, offshore wind had only been deployed commercially across seven markets, with UK and Germany accounting for 68 percent of the grid-connected capacity. However, according to a recent report from Wood Mackenzie Power and Renewables, global offshore wind power demand will increase...
Following Ascend Performance Materials' decision to declare a force majeure on hexamethylene diamine (HMD), Wood Mackenzie Chemicals Head of Thermoplastics, Quentin de Carvalho, commented:
Sanctioning the Tortue FLNG project, offshore Mauritania/Senegal is a 'major milestone' for BP and its partners
Following today's announcement by Thailand's Department of Mineral Fuels (DMF) that PTTEP has won the auction round for both G1/61 (Erawan) and G2/61 (Bongkot) PSCs after putting an aggressive bid on the gas price and the profit share, Wood Mackenzie's research analyst Jean-Baptiste Berchoteau shares some insights.
Gibraltar is a gas and condensate field located in the Siriri block (formerly Samore) in the Llanos foothills of northern Colombia, close to the border with Venezuela. The block was originally operated by Occidental. The company exited in 2002 and Ecopetrol assumed control.A sidetrack from the original Occidental wellbore discovered a gas and condensate field in 2003 and gas production commenced…
The Las Monas Block is the most important asset for PetroSantander. The block contains five producing fields: Payoa, La Salina, Corazon, Corazon West and Payoa West. Crude is piped to the Barrancabermeja refinery while gas is sold to both the Bucaramanga and Barrancabermeja refineries. Las Monas also produces small quantities of LPG, though PetroSantander is focused primarily on oil production.
More than 680GW of new wind power capacity will come online globally over the 10-year outlook, according to new research by Wood Mackenzie Power & Renewables. Wood Mackenzie recently upgraded its Global Wind Power Market Outlook Update: Q4 2018 by 2% compared to the outlook published in the third...
Wind turbines are set to become even bigger and better in an effort to maintain consistent downward trends of Levelized Cost of Electricity (LCOE), according to new research by Wood Mackenzie Power & Renewables. “Rapid technology developments have been a large driver of elevating wind to a compet...
Commenting on the news that Chevron Phillips Chemical will cease paraxylene production in the U.S at the end of this year, Gordon Haire, Wood Mackenzie Chemicals Research Director, said:
On 3 December 2018, Qatar announced it will withdraw from OPEC on 1 January 2019, putting an end to its 57-year membership of the producers’ cartel. Qatar, which said it intends to focus on its gas production, made the announcement ahead of the 6 December OPEC meeting.
In a newly published report, Wood Mackenzie notes that the deepwater industry appears in good health, following a sustained cost reduction through the downturn. However this hard work is in danger of being undone, as impending cyclical cost inflation could raise break-even costs once again.
According to a new report from Wood Mackenzie Power & Renewables, an increasing number of major utilities have made strategic plays by investing in a relatively new European energy storage market over the past two years
Upstream oil and gas companies are accelerating the implementation of big data applications and digital technologies to help transform their businesses. But how close is industry to achieving this? Where does the US Lower 48 stand in this transformation? A new study drills down into digitalisation in the upstream sector and identifies the technologies and applications being employed today and evaluates their potential impact.
In the past 10 years, explorers in sub-Saharan Africa have turned up more giant discoveries than any other region. But converting volume into value is undoubtedly sub-Saharan Africa’s Achilles heel.
What next for the oil market as the US reimposes sanctions on Iran?
Commenting on UK Chancellor Philip Hammond's Budget announcement of a new tax on the manufacture and import of plastic packaging that contains less than 30% recycled plastic, Wood Mackenzie Head of PET, Philip Marshall, said:
Wood Mackenzie forecasts that global oil and gas development spend needs to increase by around 20% to meet future demand growth and ensure companies sustain production next decade.
New research from global natural resources consultancy Wood Mackenzie indicates Asia-Pacific's offshore wind capacity will rise 20-fold to 43 GW in 2027.
After a decade of stellar growth, Wood Mackenzie forecasts that solar demand in the Asia-Pacific will decline for the first time this year. Compared to 2017, the region's solar demand will dip 18% to 59 GW in 2018 due to declining installations in China, India and Japan.
Onshore wind energy in Eastern Europe, Russia and the Caspian will experience a compound annual growth rate of 9% from 2018 to 2027, according to new research by Wood Mackenzie Power & Renewables.
Chinese operators remain the leaders of the global wind asset market, according to new research from Wood Mackenzie Power & Renewables.
Is the Global Energy Transition on track? A new report by Wood Mackenzie, Thinking global energy transitions: the what, if, how and when, explores the forces shaping the energy transition, and pinpoints the sustainability tipping point – when the world shifts from the age of oil and gas to the age of power and renewables – will arrive by 2035.
Asia-Pacific's oil and gas sector looks set to rebound over the next 12 months as rising demand, stronger commodity prices and an uptick in M&A activity bring greater confidence to the region. Wood Mackenzie predicts rising Asian LNG demand, the return of China's NOCs to growth mode and new appetite for upstream investment to be key factors influencing the sector, not only Asia-Pacific, but also globally into 2019.
India’s renewables target of 175 GW capacity (100 GW of solar and 75 GW of wind) by 2022 is an ambitious endeavour. Even with significant cost declines, Wood Mackenzie expects about 76% of the target to be met by 2022 and this would still be a noteworthy achievement. Wood Mackenzie's solar analyst Rishab Shrestha explains why.
Norway's Equinor set to buy Chevron's 40% operating stake in the Rosebank field, offshore West of Shetland
The total volume of PET bottles collected in West Europe during 2017 was near 2 Mt, compared to an estimated 3.2 Mt of bottles placed in the market, according to Wood Mackenzie Chemicals' latest report on the RPET market in West Europe.
Wintershall and DEA set to merge to create independent exploration and production company
Qatar Petroleum announces plans for a fourth LNG megatrain
US major Chevron has confirmed it is in talks to sell its 40% operating stake in the Rosebank field, offshore West of Shetland
With many Independents and Majors chasing onshore shale and white hot Brazil and Mexico, the US Gulf of Mexico, once the coveted jewel of the oil industry, has become a lower investment priority in recent years. This has opened the space for private equity-backed companies who have stepped up to the plate, turned pennies into dollars and shown they have what it takes to compete.
In the 12 months up until June 2018, China was the second largest buyer of US LNG, accounting for approximately 3 mmtpa of US LNG, with Shell being the largest seller. However as the US-China trade dispute escalated, Chinese buyers have gradually reduced purchases of US LNG.
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