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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.
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.
As OPEC+ meets on 1 July, oil prices are supported by tightening oil market fundamentals for the second half of 2021. Global natural resources consultancy Wood Mackenzie forecasts total oil demand to rise 5.9 million barrels per day (b/d) year-on-year for 2021.
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.
Offshore driller Ensco is poised to buy smaller rival Rowan in an all-stock deal valued at $2.38 billion.
Royal Dutch Shell said on 20 June it would write off assets worth up to $22 billion on the back of weakening oil and gas demand due to the coronavirus pandemic and a weaker energy price outlook.
Arrow Energy sanctions Surat Gas Project
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?
Japan is planning to invest an additional $10 billion to develop infrastructure mainly in new and developing markets in the India sub continent and Southeast Asia, reflecting a shift in priorities.
The US is poised to impose fresh sanctions on Venezuela, ratcheting up the stakes in the country's political crisis by curbing the Maduro government's access to cash from crude exports.
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.
Rig provider Transocean is set to merge with Ocean Rig in a $2.7 billion deal, a move Wood Mackenzie says is a winning one for the rig market.
What does the EU's agreement to buy US LNG - announced after a meeting between European Commission president Jean-Claude Juncker and US President Donald Trump - mean for producers and consumers?
OPEC+ took the market by surprise when it decided to roll over its quota, saying that rather than anticipate a demand recovery, the group would wait to see it actually recover. The market was expecting a substantial increase in production because a tightening in the supply and demand balance is already evident.
Spot prices of trucked LNG in China were highly volatile last month.
Tense negotiations and rumours of a rift between Saudi Arabia and UAE ended with a compromise deal for OPEC+ on 3 December 2020. Despite concerns on oversupply for Q1 2021, the group agreed to increase output by 500,000 b/d in January. Production restraint is set at minus 7.2 million b/d instead of the Q4 2020 level of minus 7.7 million b/d.
Commenting after Shell announced its intention to become net-zero company by 2050, Luke Parker, vice president, corporate analysis, at Wood Mackenzie, said: “This is an evolution of the net carbon footprint ambition that Shell unveiled in November 2017.
After a marathon meeting, running late into the night of 5 December, the OPEC+ group has agreed to continue its current production restraint of 1.2 million barrels per day (b/d), and will add a further 0.5 million b/d of supply cuts through to March 2020.
In 2017 Technip and FMC Technologies completed one of the hallmark oilfield service company mergers of the cycle. The business plans to split in the first half of 2020 – but not back into Technip and FMC - rather into ‘upstream’ and ‘mid/downstream’.
After a contentious campaign, Andrés Manuel López Obrador has won the presidency. Now, the energy industry is trying to determine the incoming administration’s strategic priorities and the implications for Mexico’s energy reforms and its upstream, downstream, gas and power markets.
The Trump administration has been championing US energy exports as its preferred instrument for narrowing its trade deficit in the wake of the US shale boom. A combination of rising export capacity in the US, LNG import demand growth in China, and political cheerleading has underpinned an uptick in LNG exports to China this year via third party, spot trades. Will Trump's trip to Beijing seal the deal for some major LNG deals?
Wood Mackenzie’s Global Energy Summit Upstream Focus Day has addressed some of the biggest issues facing the industry.
OPEC held its scheduled bi-annual meeting virtually on 30 November 2020. Though the group was unable to reach an agreement at that meeting, up for discussion is whether the production restraint would be eased starting 1 January 2021.
Wintershall and DEA set to merge to create independent exploration and production company
Following the conclusion of the COP26 on November 13, Wood Mackenzie experts weigh in on the key developments of the conference.
Qatar Petroleum announced that it has taken final investment decision (FID) on the North Field East project.
Anglo-Dutch supermajor Shell today slashed its dividend by 66%, the first time the company has cut cash distributions to shareholders since World War II. The annual pay-out will fall from US$14.9 billion to US$5.1 billion, freeing up US$10 billion of capital.
Chevron continuing to high-grade its portfolio and putting its 16.7% stake in the NWS up for sale makes a lot of sense.
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