The report has also found that that only 39% of asset managers already implement advanced digital methods of maintenance and risk management, of which 26% are using risk-based inspection (RBI) and 13% are using reliability centred maintenance (RCM).
60% of the top 50 oilfield service (OFS) contractors already improved margins and increased operational efficiency in the first half of 2019.
Wood Mackenzie VP for Refining, Chemicals and Oil Markets, Alan Gelder, has said that the loss of supplies from Saudi Arabia cannot be met for long by existing inventories.
The drone attack on the world’s largest oil processing facility, Abqaiq in the heart of Saudi Arabia’s oil industry, forced Saudi Aramco to shut in 5.7 million bpd of crude production.
The biggest M&A deal of 2Q19 was Occidental Petroleum’s acquisition of Anadarko Petroleum for US$55 billion.
US Light Tight Oil (LTO) represented less than 1% of global oil supply nine years ago but now represents close to 10% of total global oil supply, a percentage which is expected to continue its ascent going forward.
The research and business intelligence company is forecasting a 4% decline in global oilfield service revenue if oil prices stay flat next year.
The report reveals that gas is the only fossil fuel expected to continuously rise in demand through to 2035.
Adam Johnson, director of Leeds-based Tudor International Freight, has said the UK oil and gas industry should continue its preparations for a no-deal Brexit, despite Parliament's recent passing of legislation designed to avert such an outcome.
The company's South Riding Point terminal in the Bahamas was damaged by the hurricane.
Adam Weinstein, Validere, argues that the contamination of oil in the Druzhba pipeline earlier this year hints at an industry wide problem, and suggests that the answer lies in the Industrial Internet of Things and artificial intelligence.
Rickard Dalman, Operations Manager, Integrity Management at Oceaneering, explains how implementing a risk, reliability and maintenance approach can reap considerable dividends for asset owners.
Rystad Energy expects a new wave of UK field development projects to be sanctioned towards 2022.
The Net Zero Solution Centre will aim to accelerate the development and deployment of technologies to decarbonise offshore operations and develop the UK Continental Shelf as the first net zero oil and gas basin globally.
Wood Mackenzie senior analyst David Low discusses potential M&A activity in the Australian upstream sector over the next 12 months.