Current Challenges for the UK and Norway in the Face of COVID-19
Westwood Global Energy’s analysis looks at production, cost, and revenue estimates in the UK and Norway, should oil prices remain low. The research group also provided an outlook on drilling activity.
OGUK Survey Aims To Find Supply Chain Solutions
Results of the survey will provide support for the UK’s initiatives to help businesses affected by the industry downturn and the COVID-19 pandemic.
Global Gas Prices Expected To Drop Further Than Expected in 2020
The drop in gas prices, although greater than forecast, will not be to the same extent as oil prices.
UPDATE: Schlumberger Cuts Executive Salaries, Workforce
The company's North American business will accelerate a restructuring that includes job cuts and furloughs over the next couple of months.
Aker Solutions Joins Ranks of Service Companies To Reduce Capex and Workforce
Sandvik and SNC-Lavalin made similar announcements in late March and would take further action if necessary.
Oil and Gas in the Perfect Storm
The market in 2020 will be oversupplied by 3–5 million B/D and global inventory will surpass 400 million bbls over the next few months, according to ADI Analytics.
Status Updates of North American LNG Projects Offer a Mixed Bag
Several companies have provided updates on their North American LNG projects, including Pembina, LNG Canada, and Sempra. The outlooks vary from plans to move ahead to others seeking money to stay afloat.
COVID-19 May Impact More Than Half of all Oil and Gas Projects Being Sanctioned
Revised estimates of project sanctioning total $61 billion in 2020, which is down from $192 billion forecast in 2019.
European Gas Demand and Power Consumption Estimates Revised on COVID-19
Gas demand is expected to grow by just 2 Bcm in 2020, down from previous expectations of 6 Bcm. The Netherlands, UK, Germany, and Spain are expected to see the biggest impact.
Europe's Oilfield Service Companies at Risk of Bankruptcy Amid $5 Billion in Cuts
More than 200 companies could become insolvent in the UK and Norway. This number may be larger when including the rest of Europe.
Offshore Industry More Resilient Than Shale Amid COVID-19 Impact
Because offshore project lead times are longer than in shale, production is likely to come on line in 2–5 years when oil prices may be higher. But the number of FPSOs to be sanctioned this year may be cut by half.
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01 April 2020
24 March 2020