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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.
Australian producers need to be at the forefront of green LNG to remain competitive, says Wood Mackenzie.
Santos has sanctioned the Barossa project, which extends the life of Darwin LNG (DLNG) beyond 2040.
Wood Mackenzie’s 2020 Energy and Commodities Summit Asia Pacific edition kickstarted yesterday. Experts shared their views on how the energy sector is changing in light of the oil price crash, Covid-19 and the latest carbon-neutrality trends.
Since OPEC+’s failure to agree on production restraint on 5-6 March, the implications of the Covid-19 pandemic have become far clearer, sparking a crisis in the oil market as prices fell and supply ramped up. The problem for these producers is the scale of the fall in oil demand, especially during April and forecast for Q2 2020. No matter the size of the varying forecasts, they all point to a challenging market that puts pressure on storage space and prices.
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.
In its latest short-term gas and LNG outlook report, Wood Mackenzie weighs the risks coronavirus, sustained low oil prices and LNG oversupply pose to the sector this year.
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?
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.
Santos announced today its plans to acquire ConocoPhillips’s northern Australian portfolio. This is a logical and attractive transaction for a number of reasons.
ExxonMobil putting its entire Gippsland Basin upstream portfolio up for sale represents big news for the Australian upstream and gas market.
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.
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 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.
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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