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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.
Home to half of the world’s population and contributing a third to the global GDP, the Asia Pacific region is expected to maintain a 50% share of global primary energy demand and a 60% share of global carbon emissions until 2050. This trend is unlikely to change without strong policy action and investment. However, the region still has the potential to turn these challenges into opportunities and become a global leader in the energy transition.
The right economic and geo-political conditions mean that the outlook for the global floating liquified natural gas (FLNG) project sector is bullish according to a new report by Wood Mackenzie, a global insight business for renewables, energy and natural resources.
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.
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.
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.
As companies in the energy and natural resource sector struggle to find the balance between satisfying shareholder returns and meeting stakeholder low-carbon demands, new strategies are emerging that could be the catalyst to drive capital allocation decisions toward growth and closing valuation gaps, according to “Fuelling Change” a new Horizons report from Wood Mackenzie.
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).
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).
With Petrobras divesting in many of its mature assets, new mid-cap upstream operators entering the Brazilian market will invest US$10 billion in capital investments during the next decade, boosting the production from these assets through 2027 and increasing remaining reserves by 980 million barrels of oil equivalent (mmboe) by 2035, according to a report from Wood Mackenzie, a Verisk business.
Wood Mackenzie, the leading provider of decision intelligence for the world’s natural resources sector, has launched Lens Gas & LNG, a new data analytics solution that offers a uniquely integrated view that connects markets and assets on a global scale.
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.
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.
High natural gas prices will continue to drive down European demand to seven percent below the five-year average through March, leaving a best-case scenario of storage levels at 31% at winter’s end, in line with the five-year average, says Wood Mackenzie, a Verisk business (Nasdaq:VRSK).
With prices soaring 400%, government is challenged to find the delicate balance of energy security and net zero goals
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per day (mcm/d) – 40% of the pipeline’s overall capacity. The European gas market has reacted, with prices down by 5%; but the stability of Russian gas flows is by no means a given, according to analysts at Wood Mackenzie.
Italian major Eni has, for the fourth time in seven years, been named the upstream industry’s most-admired explorer, an accolade awarded as part of Wood Mackenzie’s industry-leading annual Exploration Survey.
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.
Shell has sanctioned the development of the Crux gas field in Australia’s Bonaparte Basin.
The recent run up in natural gas prices - hitting its highest at Henry Hub since 2008 - is a result of more muted market balancing mechanisms than in the past, say analysts from Wood Mackenzie, a Verisk business (Nasdaq: VRSK).
Five key lessons from today's energy crisis on how to manage the shift to lower-carbon sources while strengthening energy security
Wood Mackenzie, Inc. a Verisk business (NASDAQ:VRSK), and Ball Corporation (NYSE: BLL) announced today that they have formed a strategic agreement between the two organisations to accelerate the development of advanced analytics for energy markets.
The EU Commission proposed a carbon border adjustment mechanism (CBAM) as part of today’s “Fit for 55” package. James Whiteside, global head of multi-commodity research at Wood Mackenzie, said: “As the first mechanism of its kind, the CBAM is being designed in consultation with industry to avoid unintended consequences. “A CBAM that does not cover a substantial portion of the production chain will encourage carbon leakage - pushing emissions beyond the borders of the EU or shifting competition between EU and non-EU producers to the next stage of the value chain.”
Speaking after the Petroleum Industry Bill (PIB) was passed by the Nigerian National Assembly on 1 July, Mansur Mohammed, head of West Africa content on Wood Mackenzie’s sub-Saharan Africa upstream research team, said: “The Senate and House each passed different versions of the bill, which will now require reconciliation before it is sent to the president for assent into law. So there is still outstanding work to do before the PIB becomes law, but we see momentum behind the bill.”
Achieving the 2°C goal of the Paris Agreement will require more than simply avoiding carbon. To cap global warming at 1.5°C or even 2°C, carbon removal will be essential. Research from global natural resources consultancy Wood Mackenzie, a Verisk business (Nasdaq:VRSK), shows the key to effective large-scale carbon removal is unlocking potential economies of scale through basin-wide carbon capture and storage (CCS), effectively providing a community answer to a global problem.
Wood Mackenzie experts discussed key drivers of Asia Pacific gas markets at the Northeast Asia Gas Forum today.
The 2.5 million barrels per day (b/d) Colonial Pipeline moves roughly 45% of the US East Coast's supply of gasoline, diesel, and jet fuel from the Gulf Coast. The duration of the outage following the cyberattack on 7 May 2021 is uncertain. In the short term, Wood Mackenzie expects fuel demand and prices to rise in PADD 1, prompting refined fuel inventories to decline and PADD 1 refiners to maximize production.
Wood Mackenzie’s latest report shows that over three quarters or 77% of new LNG supply are at risk under a 2-degree scenario.
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.
The commissioning of the Trans Adriatic Pipeline's (TAP) initial 10 bcm per year capacity follows four and a half years of construction, EUR4.5 billion of capex and a variety of obstacles – especially in Italy, where the pipeline ends.
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