A Rystad Energy analysis shows that global E&P revenues are now forecasted to fall by about US$1 trillion in 2020, a drop of 40% to US$1.47 trillion from last year’s US$2.47 trillion.
The oil price has reversed morning losses and now enjoys limited gains.
Oil prices have declined for a second day on storage concerns.
OGUK has warned that up to 30 000 jobs could be lost in the sector as it called for the transition to net zero to be put at the heart of recovery plans.
The Oil and Gas Authority’s (OGA) new Wells Strategy report highlights how well intervention activity is set to increase.
Rystad Energy expects total 2020 Canadian upstream spending to fall below CAN$21 billion.
The March/April issue of Oilfield Technology is now available online! This issue features an array of technical articles, case studies and regional reports.
Nigeria’s state oil company has delayed publishing its future oil export plans as it negotiates with local companies and international majors about how to cut output.
Rystad Energy’s Head of Oil Markets, Bjornar Tonhaugen, has said that oil prices will likely continue falling until significant upstream shut-in volumes commence.
The cancellation has been been prompted by Norway banning all events of more than 500 people until 1 September 2020 due to the Covid-19 pandemic.
As enthusiasm subsided and prices fell again today, Rystad's Energy Head of Oil Markets, Bjornar Tonhaugen, has commented on developments.
Michael McCabe, Intelligence Fusion, considers how the coronavirus pandemic and the turbulence in the oil industry potentially poses a physical security risk to oil and gas companies.
Rystad Energy’s Head of Oil Markets, Bjornar Tonhaugen, has supplied a daily market comment, as oil prices rose slightly today before returning to flatter levels with marginal deviations.
James McCallum, Xergy, argues that using digital technology and data in new ways to bring new talent to the oil and gas industry will be key to unlocking its survival and recovering from the Covid-19 pandemic and low oil prices.
Rystad estimates that the total number of started frac operations will end up below 300 wells in April 2020.