July 2020 UPDATE

Please kindly note that "Rystad Energy’s Company Newsletter" is now called "Rystad Energy Insights"

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INDUSTRY VIEW

"A mild second wave of Covid-19 is now Rystad Energy’s base case scenario for oil demand"
As Covid-19 infections continue to increase around the world and the implications of the pandemic’s spread are acknowledged in key markets in the Americas and Asia, Rystad Energy is now changing its base case scenario for oil demand, incorporating a mild second wave effect.
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"Frac is back: US fracking set for first monthly rise this year, the Permian is leading the recovery"
The Covid-19 downturn has caused a shocking decline in new fracking operations in the US, with monthly numbers plunging to a bottom of just 325 wells in June. 
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"Energy transition projects could replace up to 40% of the OFS industry’s lagging upstream revenue"
Hit by the Covid-19 downturn, the oilfield service market is not likely to rebound to last year’s activity level until 2023. However, suppliers could diversify some oil and gas capabilities and replace up to 40% of 2019’s revenue by servicing the renewable markets..
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"Oil & gas project sanctioning in 2020 set to fall by more than 75% despite activity in Norway, Russia"
Global project sanctioning is set for a staggering decline this year of over 75% from 2019 levels, as the Covid-19 epidemic has caused E&P spending to drop much lower than what was expected at the beginning of the crisis.
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"How further delays could hit the value and output of Guyana’s Payara-Pacora offshore project"
The development of Guyana’s world-class deepwater oil resources in the Payara-Pacora project of its prolific Stabroek block, whose addition is set to add billions of dollars to the country’s GDP, is already plagued by delays.
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"Oil and gas drilling set for at least a 20-year low in 2020, unlikely to recover to 2019 levels soon"
The COVID-19 pandemic has stymied oil and gas activity, a phenomena which has now affected the drilling market both in terms of wells drilled and in terms of related demand for drilling equipment.
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"If DAPL pipeline shuts down, hundreds of thousands of US oil barrels will lack an exit route in 2020"
A US district court has ruled that the largest outbound Bakken pipeline – the Dakota Access Pipeline or DAPL – shall be emptied within 30 days.
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"After a poor 2020, FPSO awards are set to recover to seven vessels next year"
Hit by the second industry downturn in five years, global awards for floating production, storage and offloading (FPSO) vessels will likely be limited to a single unit in 2020, as exploration and production firms slash budgets and activity. 
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"Covid-19 may forever spoil Angola’s plans to rebuild its declining oil production"
Angola’s oil output averaged 1.38 million barrels per day (bpd) last year and was forecast to reach 1.4 million bpd in 2020. 
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"Modelling a second Covid-19 wave: Oil demand in 2020 could lose another 2.5 million bpd"
As the number of confirmed new Covid-19 cases surges to new global highs of beyond 200,000 per day, a second wave of the pandemic is increasingly apparent in several countries – most notably in the United States.
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"Lowest of the century! Half-year discoveries total 4.9 billion boe, hit by travel bans and budget cuts"
Global discoveries of conventional resource volumes reached just 4.9 billion barrels of oil equivalent (boe) in the first half of 2020, Rystad Energy estimates, the weakest-performing first half of the 21st century.
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"Shale and tight gas developments set to support China's gas supply"
Global discoveries of conventional resource volumes reached just 4.9 billion barrels of oil equivalent (boe) in the first half of 2020, Rystad Energy estimates, the weakest-performing first half of the 21st century.
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"2020: The decade of mega PV begins"
Global utility PV installations grew from 4 gigawatts (GWAC) per year in 2010 to 52 GWAC per yr in 2019.
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"Pipeline cancellations yet again hit the Appalachian gas patch"
The Appalachian region has suffered several delays and cancellations of pipelines during the past year, raising questions around further growth prospects from the largest gas basin in the US. 
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"Hard hit service supply sector leans on learnings from the last downturn, segmental recovery expected towards 2022"
With two downturns in less than a decade, the service industry simply did not have enough time to fully rebound after the price crash in 2014, which saw prices fall by an average of 25% from peak. 
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