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NOCs slashing exploration budgets by over 25% this year

National oil companies (NOCs) globally are estimated to cut exploration budgets by over a quarter on average in 2020, says Wood Mackenzie. The analysis is...

Coronavirus pushes oil towards the abyss

The crude oil market is staring into an abyss. The challenges are physical – dealing with extreme oversupply – and financial, with market participants...

Gas sector impacted by triple whammy of coronavirus, oil price crash...

In its latest short-term gas and LNG outlook report, Wood Mackenzie weighs the risks coronavirus, sustained low oil prices and LNG oversupply pose to...

Guyana can learn from the Venezuelan crisis

Venezuela provides a window to a dystopian future. The country’s neighbour to the east, Guyana, is developing its first offshore oil and gas finds...

Can the North Sea oil and gas industry survive the downturn?

The North Sea oil and gas industry has weathered several storms in its 50-year existence. But the events of the past few weeks mean...

How will the oil price crash hit the upstream sector?

(Wood Mackenzie Analysis) The coronavirus outbreak has derailed OPEC+, thrown the oil market into turmoil and sent an already unloved sector into freefall, setting in...

“We need more Guyanas, a lot more, and we need them...

UK-based energy consultancy group Wood Mackenzie says the warning signs are everywhere – “the industry isn’t finding enough oil.” The analyst, in a new...

Over 50 prospects identified on Suriname’s Block 58

Apache Corporation has identified over 50 prospects on Block 58 offshore Suriname where it has made the first deepwater discovery in the South American...

Guyana is one of the main beneficiaries of deepwater reinvention

Deepwater and tight oil are two of the great growth themes in the oil and gas industry, but are often considered to be at...

Why explorers are in the grip of an existential crisis

The energy transition is challenging the raison d'etre of conventional exploration, which has always been the industry's primary engine for growth. So says Andrew Latham,...