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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.
Looking at behind-the-meter, Australia was the biggest residential storage market in the world in 2017, with a tripling of residential storage deployments over the previous year. High retail electricity rates and diminishing or expiring feed-in tariffs have encouraged residential solar customers to choose storage for self-consumption benefits. As a result, over the past few years, Australia has been the preferred testbed for new residential energy storage products, as several technology vendors have first introduced their residential product portfolios in the country.
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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