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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.
Today China announced retaliatory tariffs on $60 billion worth of American imports, in response to the Trump administration's latest trade threats. The list included a 25% tariff on LNG.
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.
A new study by Wood Mackenzie, examines this shift in the oil market, and assesses the challenges and opportunities facing the market and US producers and midstream operators.
Mexico’s second deepwater licensing round closed today on a high note with 19 of 29 offered blocks awarded, raising more than US$500 million in cash payments. Shell dominated the auction, snapping up nearly half of all blocks awarded. In the Perdido Area, the company won five of six awarded blocks.
OPEC and non-OPEC producers agree to extend production curbs through 2018
Those hoping that recent oil-price weakness will prompt US producers to pull back drilling activity and ease the glut of oil supply may need to keep waiting.
Gas demand may be nearing a new peak due to stringent fuel efficiency standards and shifting demographics.
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