Special reports

Rystad is estimating that the industry's revenues will fall this year by 51% in a US$30 Brent scenario and by 77% if the Brent falls to US$20, compared to levels seen in 2019.

Rystad Energy's Head of Oil Markets, Bjornar Tonhaugen, has commented on the recovery of oil prices from negative levels yesterday.

As shut-ins, reductions in spending and activities weigh in, 4Q20, which was projected to see a y/y oil production increase of 650 000 bpd, is now instead forecast to see a reduction of 1.5 million bpd.

Canada will invest CAN$2.5 billion (US$1.8 billion) in measures to help the oil and gas industry during the coronavirus outbreak.

New licensed offshore acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, according to Rystad Energy.

US crude oil stock builds hit a new weekly record in the week ending April 10 (week 15) as about 17.2 million bbl was sent into storage.

The world's leading oil producers reached a deal over the weekend to cut global output by approximately 10%.

A Rystad Energy analysis shows that Canada is the oil producer most affected so far by the slump in global oil demand, with the damage estimated to reach above 1.1 million bpd in shut-in production in 2Q20.

Subsea UK says that underwater engineering companies have the relevant products and manufacturing expertise, particularly in breathing apparatus and life support equipment, valves, and control systems, to support the UK in tackling the pandemic.

With additional oil coming, the largest production shut-ins in the country’s history are not far off, according to Rystad.

In the second part of this two-part article, Derek Crombie, Lloyd’s Register, introduces the final three questions that need to be answered when choosing petrophysics analysis software.

The Global Energy Show has confirmed new dates for the exhibition and conference, which will now be June 8 – 10, 2021 in Calgary, Canada.

At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the combined effect on oil and gas activities of the Covid-19 virus and the oil price war.

In the first part of this two-part article, Derek Crombie, Lloyd’s Register, introduces the first two questions that need to be answered when choosing petrophysics analysis software.

Rystad estimates total gas flaring declined to 700 million ft3/d in 1Q20, with 550 million ft3/d flared at the wellhead – the lowest quarterly flaring rate since 3Q18.