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Potential low-carbon (green or blue) hydrogen demand from the global refining sector could reach 50 million tonnes per annum (Mtpa) by 2050, says Wood Mackenzie.
US President Joe Biden has a transformational goal: he wants the country to achieve net-zero emissions by 2050, building on the net-zero power sector he wants in place by 2035. Can the US meet this challenge? According to new research released today by global natural resources consultancy Wood Mackenzie, a Verisk business (Nasdaq: VRSK), the US is likely to struggle to achieve Biden’s ambitions. Technological limitations, policy design, market structures and even the United States’ political and constitutional foundations may hamper progress.
We may only be halfway through 2021, but it is already shaping up to be a breakthrough year for carbon capture and sequestration (CCS) to emerge as a viable tool for upstream companies to decarbonise operations. Although the concept has been around for decades, CCS is moving into the mainstream. All the industry’s largest companies now plan to use sequestration to help them reach their decarbonisation targets.
Proposed changes to Chile’s mining royalty regime will not have a drastic impact on the country’s production landscape in the near-term. However, analysis from global natural resources consultancy Wood Mackenzie, a Verisk company (Nasdaq:VRSK), indicates there is clear risk the amendments could compromise continued appetite to make large-scale, long-term investments in Chile’s copper sector.
The energy transition represents US$14 trillion worth of uncertainty for upstream oil and gas, according to a new report by Wood Mackenzie.
The UK government and the country’s oil and gas sector recently agreed a deal to leverage the upstream industry's capabilities, accelerate the energy transition and help the North Sea reach net zero by 2050.
Wood Mackenzie’s Australasian upstream 2021 outlook report shows at least US$11 billion of gas projects poised for FID in 2021.
The coronavirus pandemic will have a significant impact on the global solar PV market. Construction and development is slowing as countries around the world enforce unprecedented lockdowns. As the world economy faces severe economic disruption, Wood Mackenzie has downgraded its forecast for 2020 installations from 129.5 gigawatts (GW) to 106.4 GW, a reduction of 18%.
The OPEC oil producers' group and its non-OPEC allies are poised to deepen its production cuts by 1.5 million barrels per day as the coronavirus (Covid-19) outbreak eats into global oil demand.
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.
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.
Veritas Capital (“Veritas”), a leading investor at the intersection of technology and government, today announced that an affiliate of Veritas has completed the purchase of Wood Mackenzie from Verisk (Nasdaq: VRSK).
US commercial solar project acquisitions continue to attract investor attention as interest in ESG investing grows. Today’s buyers and sellers of commercial solar projects are contending with the opposing dynamics of higher interest rates and increasing power prices. These findings come from the Commercial Solar PV Project Acquisition Trends report released today by Wood Mackenzie, a Verisk business (Nasdaq: VRSK), and Open Energy Group (OEG), a technology-driven marketplace for renewable energy asset sales and project finance.
Wood Mackenzie’s research indicates that UK North Sea oil and gas producers are making more profits than ever before, in an era where the industry is in progressive decline.
Cumulative global capex spend in the offshore wind sector is expected to hit US$1 trillion by 2031, according to a new report by Wood Mackenzie. However, investors will no longer only be competing on price alone.
Five key lessons from today's energy crisis on how to manage the shift to lower-carbon sources while strengthening energy security
Sub-Saharan Africa offers an alternative vision of how the energy transition will change power generation, according to research released today by global energy consultancy Wood Mackenzie, a Verisk business (Nasdaq: VRSK).
The world has the means, motive and opportunity to cap global warming to the 1.5°C limit agreed in the Paris Climate Accord, new research released today by Wood Mackenzie, a Verisk company (Nasdaq: VRSK) shows. But there will be tangible economic implications of an accelerated energy transition. While global economic output is likely to take a hit until 2050, it could be recoverable by the end of the century, according to Wood Mackenzie.
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key themes – OPEC+ production, Covid-19 developments, and the energy transition.
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.
Wood Mackenzie today delivered a comprehensive roadmap for the North Sea’s future to the OGTC, setting out the critical technologies needed to deliver an integrated net zero energy system on the UK Continental Shelf (UKCS), positioning the UK as a world-leader in the move to a low carbon world.
The US offshore wind industry is set to power up over the coming decade. New research from Wood Mackenzie shows that as the sector ramps up from near-zero today, it could deliver as much as 25 gigawatts (GW) in 2029, capturing almost half of the US market for new wind power installations.
Faced with the double whammy of the oil price crash and the coronavirus pandemic, Africa’s upstream sector looks set to slash capital spending by around 33% in 2020. Similar cuts to operating costs are also targeted by producers to stay cash-flow neutral. Unlike the 2015-16 price crash, this time nothing is sacrosanct: some operators will even wield the axe on committed spend, as well as the discretionary expenditure.
OPEC+ gathers today and tomorrow to decide if the group should roll over its production restraint agreement or consider deeper cuts. The current agreement to reduce output by 1.2 million b/d runs to end March 2020. Ann-Louise Hittle, vice president, Macro Oils, said: “The idea of deeper cuts has been broached, but we consider that less likely to reach full agreement than a rollover of the standing agreement. The need for production restraint is clear. Slower US production growth is not enough to offset the ongoing imbalance between global supply and demand.”
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.
Has the oil and gas industry finally turned around its reputation for always delivering upstream projects behind schedule and overbudget? Emerging signs of improved execution suggest companies are getting it right after a period of dismal performance on project returns, according to a new Wood Mackenzie report.
Analysis of global oil cost curves indicates that many conventional pre-FID projects – even deepwater developments - are now competitive on a breakeven basis with US Lower 48 tight oil. However, this competitiveness has come at the expense of volumes. The trade-off of cost efficiency versus volumes means that in the medium- to long-term, the cost of supply is set to increase, highlighting the US Lower 48’s role as an important marginal barrel producer.
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.
We took a closer look at the impact of the UK government’s proposal to ban the sale of new petrol and diesel cars by 2040.
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.
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