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News Release
Increased uncertainty to colour upstream sector’s decision-making in 2020
- 09 一月 2020
The level of uncertainty and anxiety among upstream producers and supply chain has rarely been higher. In 2020, decision-making will be more heavily influenced by sentiment surrounding the energy transition, political upheaval and trade disputes than in previous years. This adds to the ever-present risks of unexpected supply-demand imbalance, niche cost inflation or a global economic downturn. What are the biggest trends to watch in the upstream oil and gas business in 2020? Fraser McKay, head of upstream analysis at Wood Mackenzie, sees five key themes.
News Release
Anchor's aweigh as Chevron gives nod to US Gulf of Mexico development
- 12 十二月 2019
Chevron has given the green light to the Anchor development in deepwater US Gulf of Mexico. This is Chevron’s first greenfield final investment decision as an operator since its sanction of Big Foot and Jack/St Malo in 2010.
News Release
Australia’s east coast gas prices to bottom out over next two years
- 20 十一月 2019
In the latest Australia east coast gas market research, Wood Mackenzie projects that the LNG netback price for Australia’s east coast could bottom out to A$6.50 – A$9 per gigajoule (GJ) over the next two years.
Comment
Brazil licensing round sets record as Majors eye November's prizes
- 10 十月 2019
Brazil's Licensing Round 16 set a record – the BRL 8.9 billion (US$2.2 billion) in signature bonuses is the highest yet for a Brazilian round. Of the 36 blocks on offer, 12 were awarded, all in the prolific offshore Campos and Santos basins. Malaysia’s Petronas, Qatar’s QPI, Spanish producer Repsol and the US’ Chevron all bid high. QPI and Petronas were the biggest spenders of the day, as well as Petrobras. Only Campos and Santos basin blocks were awarded, with frontier acreage failing to attract interest.
Comment
ExxonMobil farewells Norway with US$4.5bn Vår Energi deal
- 27 九月 2019
ExxonMobil is selling its Norwegian business to Eni/HitecVision-owned Vår Energi for US$4.5 billion, Norway’s biggest deal since the Statoil-Norsk Hydro merger in 2006.
News Release
Malaysia offers significant gas opportunities
- 24 六月 2019
According to research by natural resources consultancy Wood Mackenzie, Malaysia offers some of the most material and attractive upstream investment opportunities in Southeast Asia, primarily due to the need for additional gas supply.
Comment
Delek makes splash with US$965m deepwater Gulf of Mexico deal
- 12 四月 2019
Delek Group has bought Shell's stake in the Caesar-Tonga field, in the deepwater Gulf of Mexico
News Release
Exploration’s back in the black
- 04 二月 2019
After a difficult few years, the exploration sector is back in the black – and keen to stay there. New analysis from Wood Mackenzie shows that explorers’ success in 2018 reflects a disciplined approach that’s set to continue this year.
Comment
New opportunity in UK North Sea with Greater Buchan Area round
- 31 一月 2019
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
News Release
Is deepwater ready for cost inflation?
- 27 十一月 2018
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.
Comment
New wave of growth on the horizon for Asia-Pacific's oil and gas sector
- 15 十月 2018
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.
Comment
Merger does the business for Wintershall and DEA
- 28 九月 2018
Wintershall and DEA set to merge to create independent exploration and production company
News Release
Rise in new players in Southeast Asia's upstream sector
- 28 六月 2018
Since the fall in oil prices in 2014, oil majors and international oil companies (IOCs) have accelerated a shift towards resource themes and regions offering higher returns, lower complexity and shorter timeframes, away from the more challenging regions such as Southeast Asia. To date, close to 800 million barrels of oil equivalent (boe) of the region's resources have left the hands of majors and IOCs.
Comment
Concho Resources buys RSP Permian in Largest Permian Deal Ever
- 28 三月 2018
Andy McConn, research analyst at Wood Mackenzie, shares his thoughts following Concho Resources announced acquisition of RSP Permian Inc. in an $8 billion all-share deal, the largest purely Permian deal ever.
News Release
What will a fresh output cap at Groningen mean for the gas market?
- 01 二月 2018
A new cap on production from the Netherlands' giant Groningen gas field may have an impact on the security of Europe's gas supply, hurt Dutch treasury receipts and prompt a reassessment of the field's remaining value.
Comment
Mexico’s Deepwater Round 2.4 Receives Significant Bids
- 31 一月 2018
Mexico’s second deepwater licensing round closed today on a high note with 19 of 29 offered blocks awarded, raising more than US$500 million in cash payments. Shell dominated the auction, snapping up nearly half of all blocks awarded. In the Perdido Area, the company won five of six awarded blocks.
News Release
BP's double proves there's life in the old dog yet
- 31 一月 2018
BP announced it made two discoveries on the UK Continental Shelf in 2017 - Capercaillie, in the North Sea, and Achmelvich, in the West of Shetland. Wood Mackenzie believes the finds prove there's still life in the ultra-mature province.
News Release
Can upstream cost savings stick?
- 15 十二月 2017
The impact of the 2014 oil price collapse is still being felt across the upstream sector. Operators have cut investment, deferred projects and implemented tough cost discipline, slashing US$910 billion from global capital expenditure estimates for 2015-2020. While many operators believe the cuts will stick, a new survey released today by natural resources consultancy Wood Mackenzie indicates the pictured is more nuanced.
News Release
Diamondback Energy and Endeavor Energy merger creates the largest pure play company in the Permian, according to Wood Mackenzie
- 14 二月 2024
Addressing Diamondback Energy, Inc. and Endeavor Energy Resources L.P.’s US$26 billion merger transaction, Alex Beeker, research director, corporate research for Wood Mackenzie said, “This deal creates the largest Permian pure play company, and it will trail just ExxonMobil and Chevron in terms of total Permian production.”
News Release
Better times head for the UKCS, but investment still a concern
- 17 一月 2017
Wood Mackenzie expects a modest recovery due to the improving oil price.
News Release
OPEC+ prepares for market uncertainty with continued 2 million b/d production cut
- 06 十二月 2022
Speaking after today’s OPEC+ meeting, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said “The decision by OPEP+ to continue with its recently agreed 2 million barrels per day (b/d) production cut through the end of 2023 is not a surprise, given the uncertainty in the market over the impact of the 5 December EU Russia crude oil import ban and the G7 price cap. In addition, the producers group faces downside risk from the potential for weakening global economic growth and China’s zero Covid policy.”
News Release
Wood Mackenzie appoints new Chief Financial Officer
- 27 三月 2023
Wood Mackenzie, a portfolio company of Veritas Capital, has appointed Simon Crowe to its global executive leadership team as Chief Financial Officer (CFO), effective 27th March.
News Release
Sakarya Phase One kick-starts Turkey’s upstream sector transformation, making nation less reliant on gas imports
- 20 四月 2023
Addressing Turkish Petroleum Corporation’s (TPAO) launch of Sakarya Phase One, Ashley Sherman, Research Director, Caspian & Europe Upstream Oil and Gas for Wood Mackenzie said “Sakarya Phase One redefines the scale of Turkey’s upstream sector, bringing its first deepwater output and a fundamental shift in domestic energy security. To date, Turkey has relied almost entirely on gas imports to meet its demand. Sakarya Phase One will put a sizeable dent into the country’s energy import bill, which reached an eye-watering US$97 billion in 2022. But Phase Two would be the real gamechanger, enabling Sakarya to cover almost 30% of Turkey’s gas consumption by 2030.”
News Release
Kan discovery in Mexico’s shallow water one of the largest since 2020
- 02 五月 2023
Addressing Wintershall Dea’s Kan-1 discovery, Adrian Lara, Principal Research Analyst Latin America Upstream Oil and Gas, said “With Wintershall Dea’s first operated exploration well drilled in Mexico, the announced expected resource of 200 to 300 million barrels of equivalent of oil and gas in place outperforms the original prospective resource estimated at 196 mmboe. The discovery is one of the largest in Mexico’s shallow-water since Zama, made by Talos in 2017 and Saasken made by Eni in 2020.”
News Release
US$500 billion (2023 terms) investment in global oil and gas asset development enough to meet peak demand in 2030s
- 20 七月 2023
Despite concerns about underinvestment in upstream, peak oil and gas demand can be met in the 2030s without a substantial increase to current annual asset development investment levels of US$500 billion in 2023 terms, according to a new Horizons report from Wood Mackenzie.
News Release
Saudi Aramco’s shift to abandon its 13 million b/d capacity target likely to be absorbed by the market
- 01 二月 2024
Addressing the Saudi Ministry of Energy’s instructions to Saudi Aramco to abandon its 13 million barrels per day (b/d) target and maintain 12 million b/d, Ann Louise Hittle, vice president of Oil Markets for Wood Mackenzie, said “Based on our forecast for oil demand to peak in 2030, the shift to a 12 million b/d target from 13 million b/d should be absorbed in the market and not cause a tightening in the supply and demand balance this decade.”
Comment
ExxonMobil (NYSE: XOM) Strikes Oil in Guyana with the Turbot-1 well
- 06 十月 2017
Following ExxonMobil's (NYSE: XOM) announcement this morning of its fifth new oil discovery after drilling the Turbot-1 well offshore Guyana, Pablo Medina, Wood Mackenzie's senior analyst, Latin America Upstream has the following comments.
Comment
BHP Shale Asset Divesture
- 20 九月 2017
Commenting on BHP Billiton's plans to divest its U.S shale unit, Jon Weintraub, research analyst at Wood Mackenzie, said: "BHP's announced divesture of its onshore U.S. business is a pretty momentous step-change in its corporate strategy and marks the culmination of its push to be a major shale player. We expect to see all options being considered with a substantial amount of interest from multiple pools of buyers."
News Release
Global upstream FIDs on track to double in 2017
- 17 七月 2017
In the first half of the year, the industry has already witnessed 15 project sanctions, almost comparable to project sanctions in the whole of 2016.
News Release
Return of Asian investment in US tight oil
- 08 五月 2017
If Asia's largest upstream players want to grow production, Wood Mackenzie expects them to diversify into the US tight oil market.

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