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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?
As global markets reel in the wake of the oil price crash, Wood Mackenzie’ corporate analysis team believes the price collapse could be the trigger for a new phase of deep industry restructuring - one that rivals the changes seen in the late-1990s.
The OPEC+ meeting broke up without a deal, what does it mean for the markets?
The government of PNG has called-off negotiations on the development of the ExxonMobil-operated P’nyang gas field.
Wood Mackenzie has identified five themes related to project sanctions, exploration, M&A, energy transition and IMO 2020 that will impact Asia Pacific’s upstream industry in 2020.
Wood Mackenzie’s latest report reveals that LNG sellers with contracts linked to JCC (Japan Crude Cocktail) could lose some US$15 billion in unearned revenues. This is a result of the IMO 2020 regulation limiting sulphur content of marine fuels to up to 0.5%, which directly affects the price of sour crudes such as those composing the JCC mix. The IMO 2020 kicks in on 1st January 2020.
In the latest Australia east coast gas market research, Wood Mackenzie projects that the LNG netback price for Australia’s east coast could bottom out to A$6.50 – A$9 per gigajoule (GJ) over the next two years.
The energy transition is undoubtedly impacting corporate upstream strategies in significant and disruptive ways. Coupled with the post-2014 downturn in oil prices, Wood Mackenzie sees seismic changes in the way the industry allocates capital across development, exploration and in particular M&A.
Santos announced today its plans to acquire ConocoPhillips’s northern Australian portfolio. This is a logical and attractive transaction for a number of reasons.
Wood Mackenzie has identified the five most likely disposal candidates after ExxonMobil signalled the start of its Asia Pacific divestment programme. Together, these opportunities are worth US$5 billion, and could contribute a third of the Supermajor's global divestment target.
ExxonMobil putting its entire Gippsland Basin upstream portfolio up for sale represents big news for the Australian upstream and gas market.
Wood Mackenzie believes that discovering new value requires going beyond isolated datasets. The solution lies in data consortiums – cooperative platforms where companies can safely share quality data.
Wood Mackenzie senior analyst Daniel Toleman shares his thoughts on the event of Prelude's first LNG cargo.
According to research by Wood Mackenzie, a second wave of LNG investments is building, both in Australia and globally, and these projects need to compete to progress
Following PM Scott Morrison's win in the recent 2019 Australia election, Wood Mackenzie and Verisk Maplecroft analysts share their thoughts.
Australia's general election is around the corner and Labor looks set for victory. Labor has announced its commitment to reduce Australia’s carbon emissions by 45% between 2005 and 2030, and to reach net-zero pollution by 2050. It has also proposed changes to existing mechanisms to lower energy and gas prices.
Santos' announced the confirmation of a significant gas resource at Corvus-2 appraisal well. Wood Mackenzie senior analyst Daniel Toleman comments on the announcement.
In a newly published report, Wood Mackenzie notes that the deepwater industry appears in good health, following a sustained cost reduction through the downturn. However this hard work is in danger of being undone, as impending cyclical cost inflation could raise break-even costs once again.
Wood Mackenzie forecasts that global oil and gas development spend needs to increase by around 20% to meet future demand growth and ensure companies sustain production next decade.
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.
A sizeable discovery is significant for Quadrant, whose private equity backers are looking to exit, and Carnarvon, which is a pure-play explorer. A standalone oil discovery is easier to monetise than gas, as it does not require LNG contracts or gas infrastructure.
BP has bought BHP Billiton's US Lower 48 assets in a $10.5 billion deal. Wood Mackenzie believes the deal will be transformative for BP.
Global natural resources consultancy Wood Mackenzie sees OPEC maintaining its role as a key oil supplier through to 2040, although output from non-OPEC producers will help ensure adequate supply in the years to 2030.
In contrast to the 2018 GSOO released today by the AEMO, Wood Mackenzie’s East Coast Gas report identifies a potential gas shortfall between 2023 and 2025, significantly earlier to the GSOO’s estimate of 2030.
In a recent study, Wood Mackenzie forecasts Australia's East Coast gas prices to rise up to 30 percent to between A$10 and A$13 /per gigajoule by the mid 2020s.
The impact of the 2014 oil price collapse is still being felt across the upstream sector. Operators have cut investment, deferred projects and implemented tough cost discipline, slashing US$910 billion from global capital expenditure estimates for 2015-2020. While many operators believe the cuts will stick, a new survey released today by natural resources consultancy Wood Mackenzie indicates the pictured is more nuanced.
2018 looks set to be a brighter year for upstream oil and gas companies
OPEC and non-OPEC producers agree to extend production curbs through 2018
According to research by Wood Mackenzie, the APAC upstream sector holds considerable value as the majors divest mature and mid-life assets in the region.
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