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Few oil and gas companies commit to Scope 3 net zero emissions as significant challenges remain

28 October 2022

Scope 3 emissions account for 80-to-95% of total carbon emissions from oil and gas companies. But only a small number of these firms have set Scope 3 net zero ambitions, according to a recent report from Wood Mackenzie.

News Release

Offshore CCS projects could breathe new life into Gulf of Mexico

04 November 2022

As the US looks for innovative ways to reduce greenhouse gas emissions, offshore carbon capture storage (CCS) projects in the US Gulf of Mexico (GoM) could play an influential role in meeting future goals, according to analysis from Wood Mackenzie.

News Release

European gas storage plans for 2023 still stand despite cold snap

14 December 2022

Colder temperatures across Europe have increased month-on-month heating demand by 20% in December, but behavioural change in households and services means the amount of gas used in these sectors is 16% lower than previous average consumption patterns for similar temperatures says Wood Mackenzie, a Verisk business (Nasdaq:VRSK).

News Release

Bolivian gas production to decline faster than expected, exports to Brazil and Argentina to cease by 2030

18 January 2023

Bolivian gas production will decline more rapidly than expected, falling from 1,400 million cubic feet per day (mmcfd) in 2022 to as low as 400 mmcfd by 2030, according to a report from Wood Mackenzie, a Verisk business.

News Release

US Gulf of Mexico Lease Sale 259 shows optimism for the region

29 March 2023

The US Gulf of Mexico region-wide Lease Sale 259 held today attracted 353 bids from 32 companies, with high bids totalling US $264 million. The amount of activity surpassed the previous lease sale spend in 2021, demonstrating optimism for the region, according to Wood Mackenzie analysts.

News Release

Emissions crackdown could fast-track Australian CCS projects

06 April 2023

A revision to the Safeguard Mechanism, legislation that requires Australia’s largest emitters to cut direct emissions (known as Scope 1 emissions,) could trigger a spike in carbon, capture and storage (CCS) projects in the region, says Wood Mackenzie.

News Release

Latin America’s natural gas deficit to grow as new resource production remains a challenge

03 May 2023

With several challenges facing new gas developments in Latin America, supply will be unable to keep up with demand, driving the need for expanded imports to the region over the next decade, according to a new report from Wood Mackenzie.

News Release

With $9B BM-C-33 FID in Brazil, Equinor to increase its deepwater production outside of Norway to 400,000 boe/d by end of the decade

09 May 2023

Addressing Equinor’s announced final investment decision (FID) for Brazil’s $9 billion BM-C-33 project, Luiz Hayum, senior research analyst, Latin America and Sub-Saharan Africa Upstream Oil and Gas, said “The BM-C-33 is Equinor’s second FID in a long list of justified for development deepwater projects outside Norway. Once sanctioned, these projects will increase Equinor’s operated deepwater production outside Norway from near zero to 400,000 boe/d by the end of the decade.”

News Release

Australian operators need to collaborate to create super basins

16 May 2023

Australia’s oil and gas industry needs to urgently fast-track the creation of energy “super basins” to provide a pathway to greater sustainability and cut emissions, according to Anne Forbes, Upstream Research Analyst at Wood Mackenzie.

News Release

North American gas market to expand by 25 percent over the next decade, despite headwinds

17 May 2023

Near-term gas market expansion continues to be driven by global demand for US LNG exports, which will largely be supplied through continued growth in Permian associated gas and Haynesville production, according to a recent report from Wood Mackenzie.

News Release

TotalEnergies discovery in shallow water Nigeria largest in a decade

16 June 2023

Addressing TotalEnergies discovery at Ntokon in the shallow water Niger Delta, Gail Anderson, director of upstream research at Wood Mackenzie, said “Ntokon is likely to be Nigeria's biggest shallow water discovery in a decade. Despite the lack of exploration in recent times, this discovery shows that there is still plenty of running room in the shallow water Niger Delta.”

News Release

Woodside announces Trion field FID, Mexico’s first deepwater oilfield development

22 June 2023

Addressing Woodside’s announced final investment decision (FID) of Trion field, Diego Alviso Becerril, Senior Research Analyst, Upstream Research LATAM, said “This will be Woodside’s first incursion into Mexican waters and Mexico’s first deepwater oil field development. With first oil scheduled for 2028, the development concept considers a US$7.2 billion investment to recover 479 million barrels of equivalent (mmboe).”

News Release

A revitalised oil and gas sector can play a key role in Indonesia’s energy transition

27 July 2023

Indonesia’s oil and gas sector must undergo a major overhaul in the way it operates if it is to realise the full potential of the country’s natural resources and support a successful energy transition, according to a new white paper by Wood Mackenzie, a global insight business for renewables, energy and natural resources.

News Release

Oil and gas exploration spending to recover from historic lows, average $22B per annum through 2027

16 August 2023

Exploration spend (excluding appraisal) will recover from historic lows to average US$22 billion per annum in real terms over the next five years, according to a new report from Wood Mackenzie.

News Release

New offshore oil and gas developments in Colombia face challenges to deliver on nation’s long-term energy security

28 September 2023

Offshore development of new gas assets has been identified as a key piece to Colombia’s long-term energy security, but significant challenges remain. The size, production capability and required infrastructure investments all make the situation uncertain, according to a recent report from Wood Mackenzie.

News Release

Wood Mackenzie launches Lens Carbon

13 October 2023

Wood Mackenzie, the global insight business for renewables, energy and natural resources, has launched Lens Carbon, a unique end-to-end solution that enables users to screen, analyse and value carbon management projects on a global scale.

News Release

7 Btpa of carbon capture needed to meet net zero by 2050

16 October 2023

Speaking at Wood Mackenzie’s Carbon Capture, Utilization and Storage Conference in Houston, Mhairidh Evans, head of CCUS research for Wood Mackenzie, said that urgency is needed to meet the seven billion tonnes carbon capture (Btpa) required to meet net zero goals in 2050.

News Release

Fast output recovery of oil and gas still challenging with easing of US sanctions on Venezuela

20 October 2023

Addressing the US Treasury Department’s partially lifted sanctions on Venezuela’s oil and gas sector, Adrian Lara, principal research analyst, Latin America Upstream Oil and Gas for Wood Mackenzie said, “Although still conditioned by a subsequent renewal, this new easing of sanctions can certainly be considered a positive move towards the recovery of the Venezuelan oil and gas sector. However, it does not guarantee a rapid or permanent recovery of production, given the required investment needed to deal with current infrastructure repairs and bottlenecks.”

News Release

COP28: Middle East could play a key role in decarbonising global economy

23 November 2023

Large oil and gas reserves in the Middle East have resulted in especially low domestic energy prices and provide little incentive to transition to low carbon alternatives, according to Wood Mackenzie’s Middle East Energy Transition Outlook report.

News Release

North Sea decommissioning faces challenges on several fronts, says Wood Mackenzie

16 December 2024

The likelihood of a “dash to decom” in the North Sea remains limited due to a number of speed bumps that are slowing the widespread shut down of offshore assets, Wood Mackenzie reports.

News Release

Shell and Equinor combination creates a new UK superpower, says Wood Mackenzie

06 December 2024

Addressing the announcement of Equinor and Shell combining UK offshore oil and gas assets in a newly incorporated joint venture, Gail Anderson, research director at Wood Mackenzie said, “This new venture will create the biggest producer on the UKCS and demonstrates the long-term attractiveness of the region.”

News Release

Republican control will shift US energy policy away from net zero, but sweeping agenda faces roadblocks

18 November 2024

Republican control in the US will move energy policy away from net zero targets, but President-elect Trump’s full agenda will face political and market opposition according to Wood Mackenzie analysis.

News Release

Guyana and Suriname could provide 12 mmtpa of cost-competitive LNG in the 2030s

04 November 2024

Several gas developments are underway in Guyana and Suriname that could offer new competitive LNG supply sources early next decade, according to a new report from Wood Mackenzie.

News Release

An additional £10 billion of North Sea value could be extracted from existing assets if the right fiscal and regulatory regime is established

23 October 2024

Up to £10 billion of North Sea oil and gas pre-tax value could be unlocked from existing assets if the UK government was to implement a fiscal system that encourages investment – and restores trust with the industry – according to new analysis by Wood Mackenzie.

News Release

Chevron moves closer to Canadian divestment target with $6.5B asset sale to CNRL

08 October 2024

Addressing Chevron’s announcement to sell Canadian assets to Canadian Natural Resources (CNRL) for US$6.5 billion Mark Oberstoetter, Upstream Research Director in Calgary, said “Chevron has shown commitment to its divestment target with two sale announcements in two weeks. Offloading Alaska assets to ConocoPhillips (COP) last week for US$300 million was a small step and made strategic sense given their lack of materiality in the Supermajor’s portfolio. Today’s announcement moves the company much closer to its US$10-15 billion divestment target.”

News Release

Iraq aims to ramp up oil and gas output

16 August 2024

Iraq’s upstream sector is undergoing rapid change, with an increasingly diverse corporate ecosystem, and significant investment being funneled into boosting oil and gas production. That said, crucial infrastructure issues still need to be overcome, and a lack of exploration activity remain a challenge. Iraq’s gas output could more than double by 2030 to reach 4.4 bcfd and oil output could hit 5.5 million b/d, in that same time frame, according to the report “Iraq’s upstream opportunities: a review” from Wood Mackenzie.

News Release

ConocoPhillips acquisition of Marathon Oil creates third largest producer in the US Lower 48, says Wood Mackenzie

30 May 2024

Addressing ConocoPhillips (COP) acquisition of Marathon Oil (MRO) in an all-stock transaction valued at US$22.5B, Alex Beeker, research director, corporate research for Wood Mackenzie said, “The addition of Marathon further solidifies ConocoPhillips in a league of its own, with few true peers. For ConocoPhillips, this is a diversified and balanced move across multiple geographies.”

News Release

As project economics rebound, upstream FIDs to increase in 2024, with focus on deepwater resources

14 March 2024

Up to 30 upstream projects larger than 50 million of barrels of oil equivalent (boe) could reach FID in 2024, an increase from 22 in 2023, according to a new report from Wood Mackenzie.

News Release

Key energy takeaways from Canada’s 2025 election

01 May 2025

Newly elected Prime Minister of Canada, Mark Carney, has made energy a key initiative of the new government, with goals to expand both conventional and clean energy, but decoupling energy flows away from the US may prove to be a challenge, according to Wood Mackenzie.

News Release

US tight oil to face higher costs from tariffs, but significant increases offset from deflation elsewhere

07 May 2025

US Lower 48 tight oil well costs will see pressures from tariffs, but significant increases will be offset by cost deflation elsewhere, particularly in declining prices for proppant, drilling rig and pressure pumping, according to a recent analysis from Wood Mackenzie.

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Search results: 1378

Few oil and gas companies commit to Scope 3 net zero emissions as significant challenges remain

Offshore CCS projects could breathe new life into Gulf of Mexico

European gas storage plans for 2023 still stand despite cold snap

Bolivian gas production to decline faster than expected, exports to Brazil and Argentina to cease by 2030

US Gulf of Mexico Lease Sale 259 shows optimism for the region

Emissions crackdown could fast-track Australian CCS projects

Latin America’s natural gas deficit to grow as new resource production remains a challenge

With $9B BM-C-33 FID in Brazil, Equinor to increase its deepwater production outside of Norway to 400,000 boe/d by end of the decade

Australian operators need to collaborate to create super basins

North American gas market to expand by 25 percent over the next decade, despite headwinds

TotalEnergies discovery in shallow water Nigeria largest in a decade

Woodside announces Trion field FID, Mexico’s first deepwater oilfield development

A revitalised oil and gas sector can play a key role in Indonesia’s energy transition

Oil and gas exploration spending to recover from historic lows, average $22B per annum through 2027

New offshore oil and gas developments in Colombia face challenges to deliver on nation’s long-term energy security

Wood Mackenzie launches Lens Carbon

7 Btpa of carbon capture needed to meet net zero by 2050

Fast output recovery of oil and gas still challenging with easing of US sanctions on Venezuela

COP28: Middle East could play a key role in decarbonising global economy

North Sea decommissioning faces challenges on several fronts, says Wood Mackenzie

Shell and Equinor combination creates a new UK superpower, says Wood Mackenzie

Republican control will shift US energy policy away from net zero, but sweeping agenda faces roadblocks

Guyana and Suriname could provide 12 mmtpa of cost-competitive LNG in the 2030s

An additional £10 billion of North Sea value could be extracted from existing assets if the right fiscal and regulatory regime is established

Chevron moves closer to Canadian divestment target with $6.5B asset sale to CNRL

Iraq aims to ramp up oil and gas output

ConocoPhillips acquisition of Marathon Oil creates third largest producer in the US Lower 48, says Wood Mackenzie

As project economics rebound, upstream FIDs to increase in 2024, with focus on deepwater resources

Key energy takeaways from Canada’s 2025 election

US tight oil to face higher costs from tariffs, but significant increases offset from deflation elsewhere

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