Production

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Canada leads global list of those in trouble, set to see above 1.1 million bpd halt

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The COVID-19 pandemic has devastated global oil demand triggering the start of shut-ins at operations around the world, led by Canada. A Rystad Energy analysis shows that Canada is the oil producer most affected so far, with the damage estimated...
News

OPEC, allies agree to slash production by 10 million barrels per day

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(Bloomberg) - Major oil producers agreed to slash output as feuding members of the OPEC+ coalition buried differences in an effort to lift the market from a pandemic-driven collapse. The Organization of Petroleum Exporting Countries and its allies, meeting by...
News

OPEC+ is set to face oil challenges head-on in Thursday’s virtual meeting

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(Market Watch) In a sign of the times, the Organization of the Petroleum Exporting Countries and allied oil producers will hold a virtual meeting Thursday to make a decision on global crude production that could make or break the...
Exploration

US rig count set for dramatic 65% free-fall

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US oil and gas companies are putting the brakes on drilling due to the combined global effect of the COVID-19 pandemic and declining oil prices, according to new research from industry analyst Rystad Energy. In a recent report, Rystad Energy...
News

World running out of oil storage capacity

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If OPEC does not act, lack of storage will begin to force shut-in of crude oil production at some locations around the world since oil demand will be unlikely to recover substantially in the coming weeks, according to a...
News

Oil higher as hopes build for production cut amid coronavirus threat to demand

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(Reuters) - Oil rose on Tuesday amid hope that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected and...
Exploration

“We do not see Exxon turning off the taps in Guyana” – Rystad Energy

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The fall in oil prices triggered by the Saudi Arabia-Russia price war and the COVID-19 global pandemic has resulted in a number of oil and gas companies readjusting their 2020 exploration and production programmes. US oil major ExxonMobil said...
Exploration

Coronavirus pushes oil towards the abyss

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The crude oil market is staring into an abyss. The challenges are physical – dealing with extreme oversupply – and financial, with market participants from wellhead to forecourt under severe duress. Ann-Louise Hittle and Alan Gelder, who, respectively, lead...
Exploration

Political turmoil, price uncertainty will delay FIDs in Guyana for months – Rystad Energy

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Political turmoil in South America’s newest oil producing nation Guyana, coupled with falling oil prices and the COVID-19 pandemic will delay Final Investment Decisions (FIDs) for offshore projects by several months, according to Norway-based energy research and business intelligence...
Exploration

Global E&P CAPEX will reach 13-year low as COVID-19, price war persist – Rystad Energy

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Global capital expenditure (CAPEX) for exploration and production firms (E&Ps) is expected to drop by up to $100 billion this year, about 17% versus 2019 levels, under Rystad Energy’s updated base case scenario of $34 per barrel in 2020...
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Shearwater mobilizes Amazon Warrior for 3D survey offshore Suriname

Norwegian marine geosciences company Shearwater is deploying its Amazon Warrior vessel for a 150-day, 6,042 sq km 3D seismic...

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