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This attack has material implications for the oil market, as a loss of 5 million barrels per day of supplies from Saudi Arabia cannot be met for long by existing inventories and the limited spare capacity of the other OPEC+ group members. A geopolitical risk premium will return to the oil price.
Woodside has confirmed it is in discussions with BHP over a potential merger involving BHP’s entire petroleum business.
Wood Mackenzie’s latest analysis shows 2020 is on track to be the quietest year for upstream transactions in the Asia Pacific region since the beginning of the 21st century.
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.
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?
According to a new report by Wood Mackenzie, Southeast Asia could take centre stage in the region's upstream M&A activity in 2019, with up to US$14 billion worth of assets potentially switching hands.
According to Wood Mackenzie's latest analysis, decommissioning Asia Pacific's offshore assets – nearly 2,600 platforms and 35,000 wells – could cost over US$100 billion.
China’s renewables manufacturing has emerged from 2021 bigger and more competitive than ever before. Western markets are benefitting from trading with the IKEA of the energy transition, but balancing reliance on China’s technology providers with local interests is now a key political as well as environmental challenge, says Wood Mackenzie.
Following the military coup in Myanmar on Monday, February 1st, Wood Mackenzie and Verisk Maplecroft experts weigh in on what this means for the oil and gas industry.
Wood Mackenzie’s latest analysis shows over US$5 trillion of investments would be needed for China to reach its pathway for carbon-neutrality by 2060.
In the same week that Shell agreed to explore for shale oil in China, BP is reported to be exiting its two Sichuan basin shale gas blocks.
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.
India's oil demand is expected to grow by 3.5 million barrels per day (b/d) from 2017 to 2035, accounting for one-third of global oil demand growth. India's demand is driven by rising income levels, an expanding middle class and a growing need for mobility.
OPEC and non-OPEC producers agree to extend production curbs through 2018
If high interest rates persist, transitioning to a net zero global economy will be even harder and more costly. The higher cost of borrowing negatively affects renewables and nascent technologies, compared to more established oil and gas, and metals and mining sectors, which remain somewhat insulated.
BP confirmed today that it picked up over 40% stake in the Asian Renewable Energy Hub project to produce and export green hydrogen in Australia.
About 650,000 barrels per day (b/d) of Russian crude oil are to be relocated from advanced economies, and the solution could be ‘crude swapping’, says Wood Mackenzie.
Last week, Japan’s Ministry of Economy, Trade and Industry (METI) released a draft of its upcoming 6th Strategic Energy Plan which included major changes to the FY2030 power generation mix targets.
On 22 September, China announced its ambition to be carbon-neutral by 2060. Wood Mackenzie experts weigh in on what this means.
The near-term impact of the coronavirus outbreak on oil demand remains uncertain as much depends upon when and how China’s manufacturing industry restarts after the currently extended Lunar New Year public holiday.
Indonesia heads to the polls on 17 April 2019. Wood Mackenzie and sister company Verisk Maplecroft discuss what this means for the energy, and mining and metals sectors.
The oil price crash has hit the upstream sector hard. Deep cuts are being made across the board, but it will have a dramatic impact on the industry’s project pipeline. Global natural resources consultancy Wood Mackenzie believes almost all pre-FID projects will be deferred. Of the 50+ projects we identified with potential to go ahead this year, only 10 have a chance of proceeding, but all are at risk.
After over a year of trade tensions, the US and China signed a “phase one” trade deal on 16 January. As part of the deal, China has agreed to increase the value of energy imports by US$52.4 billion above 2017 levels over the next two years. What could it mean for the oil market?
The acceleration of the energy transition means gas resource holders increasingly face a choice: follow the established pathway and develop new LNG export facilities or pivot into developing blue ammonia.
Economic growth, stability in energy prices, energy transition, dual-control targets and relations with the US, are the top five themes to watch out for in China’s energy outlook this year, says Wood Mackenzie.
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?
Shale gas in China has seen significant progress over the last decade, growing to nearly 600 wells and 9 bcm of production last year. In its latest analysis, Wood Mackenzie projects Chinese shale gas production to almost double to 17 bcm in 2020.
Demand across most commodities in China is expected to slow down in the second half of 2021, according to Wood Mackenzie’s new monthly China Economic Focus report.
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.
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.
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