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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.
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.
OPEC+ is, as expected, holding firm to its decision to increase supply, gradually and carefully, over the coming months.
In its rebound from the 2020 downturn, Brent flirted with US$70 per barrel. Higher prices in 2021 mean higher cash flow for producers, perhaps even record-setting highs. Have the good times returned? Global natural resources consultancy Wood Mackenzie believes operators need to be cautious.
If the world acts decisively to limit global warming to 2°C by 2050, the scale of change will revolutionise the energy industry. Progressive electrification will squeeze the most polluting hydrocarbons out of the energy mix, nearly eliminating their markets. Oil demand will shrink, and with it, so will the power of major oil producers. Gas demand will remain resilient, but business models will need to evolve.
At present, few countries require producers to either pay a carbon tax or participate in an emissions trading scheme (ETS). But as governments seek to meet decarbonisation targets, that could soon change. Carbon charges are likely to come, and they will transform the upstream sector, affecting both asset values and the industry’s economics.
Asia’s ambitious biofuels blending targets will be a challenge to meet due to supply constraints and food security concerns, says Wood Mackenzie.
Granular subsurface data is key to understanding advantaged resources
Santos has sanctioned the Barossa project, which extends the life of Darwin LNG (DLNG) beyond 2040.
Wood Mackenzie’s latest report reveals that China’s march towards carbon neutrality by 2060 can complement both energy security and economic goals.
The latest acquisitions by NEO Energy and Waldorf Production continue what has been blockbuster start to the year for UK M&A with buyers and sellers buoyed by the recent recovery in prices. Just over two months into 2021 and UK disclosed deal spend has reached US$2.7 billion, almost equalling last year’s total, making it one of the hottest markets globally.
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.
Europe’s new 2030 emissions target of a 55% reduction over 1990 levels has made it the undisputed global leader in climate ambition. However, with the region still a long way from achieving this rapidly approaching goal, dramatic changes are needed.
Qatar Petroleum announced that it has taken final investment decision (FID) on the North Field East project.
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.
Australia needs an ambitious long-term Renewable Energy Target (RET) policy to unlock future investments, says 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.
What are the biggest emissions trends to watch this year? James Whiteside, Wood Mackenzie Global Head of Multi-Commodity Research, and Amy Bowe, Wood Mackenzie Head of Carbon Research, see five key themes
As Biden’s inauguration approaches, Wood Mackenzie experts share how his administration could impact trade, climate change goals, and changes to the energy sector in Asia Pacific.
Wood Mackenzie’s latest analysis reveals that sustainability and resilience will be at the heart of the oil and gas industry story in 2021.
2021 will be a defining year for the gas and LNG industry, says Wood Mackenzie in its latest outlook report.
Spot prices of trucked LNG in China were highly volatile last month.
Wood Mackenzie’s Asia Pacific upstream 2021 outlook report shows that the development of regional decarbonisation roadmaps is crucial to the future of the upstream industry.
Wood Mackenzie’s Australasian upstream 2021 outlook report shows at least US$11 billion of gas projects poised for FID in 2021.
Wood Mackenzie’s latest report shows that over three quarters or 77% of new LNG supply are at risk under a 2-degree scenario.
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.
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.
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.
On Wednesday, 18 November, the United States held its region-wide Gulf of Mexico (GoM) Lease Sale 256 and received 105 bids from 23 participating companies, with high bids totalling US$121 million.
Consolidation among the Independents will accelerate in the face of energy transition, says Wood Mackenzie.
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