June 2020 UPDATE

UPCOMING EVENTS

EMEA Digital Energy Forum
Online Event
July 1, 2020

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Canadian Digital Information Session
Online Event
July 16, 2020

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UPCOMING WEBINARS

COVID-19 webinar: A second wave? Uncertain path to recovery in OECD and emerging economies
Content webinar
July 2, 2020

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We are adapting to the current digital workplace and hosting numerous webinars going forward, some on short notice. Follow our webinar page to make sure you don't miss out on any relevant content for you.


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INDUSTRY VIEW

"How Covid-19 benefits coal: The case study of Vietnam"
The case of Vietnam is a good example of how a country with its own rich gas resources will fail to meet domestic production expectations, requiring an increase in liquefied natural gas (LNG) imports instead. 
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"Global OFS demand is set for a 25% decline in 2020. Here is how the recovery will unfold"
Global demand for oilfield services (OFS), measured in the total value of exploration and production (E&P) company purchases, is set for a massive 25% yearly drop in 2020 as a result of the Covid-19-caused downturn.
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"Rystad Energy’s annual review of world oil resources: Recoverable oil loses 282 billion barrels as Covid-19 hastens peak oil"
The 2020 release of Rystad Energy’s annual review of world oil resources reveals that the Covid-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas and as a result reducing the world’s recoverable oil by around 282 billion barrels.
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"US NGL output set to fall by 20% by end-2021 from March’s all-time high, but Permian will hold up"
The US output of natural gas liquids (NGL), which reached an all-time high of 5.3 million barrels per day (bpd) as recently as March 2020, is poised for a steep two-year decline.
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"US fracking slowdown set to add at least two years of backlog work as DUC wells pile up"
The slowdown in US fracking activity that the Covid-19 pandemic-driven downturn brought this year has caused an inventory increase of about 750 drilled but uncompleted (DUC) wells just in the last three months. 
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"More than 100,000 oil and gas jobs already lost in the US, wages seen falling at least 8-10% in 2021"
The US oil and gas labor market is amongst the world’s most severely hit by the downturn that the Covid-19 pandemic has brought.
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"Covid-19 monthly update: 2020’s oil demand recovery slows down, road fuels upgraded for 2021"
Rystad Energy’s now-monthly comprehensive Covid-19 report calculates the effect of the novel coronavirus on our lives and offers updated estimates for global fuel markets.
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"Global upstream investments set for 15-year low, falling to $383 billion in 2020"
Following the publication of the upstream industry’s first quarter results, a Rystad Energy analysis reveals a gloomier investment-budget picture than previously thought. 
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"Clean and up-to-date: Rystad Energy launches its Renewables Solution – a global data, analytics and advisory product set"
Renewable energy is a fundamental component of the energy transition, and the share of utility-scale renewable generation in the global power mix is poised to explode in the coming years with a strong pipeline of projects around the world worth several billion dollars. 
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"The future is here: Rystad Energy hires 30 summer interns to train the next generation of experts"
Rystad Energy is proud to announce that it is moving ahead with its annual internship program and has hired 30 students from recognized Norwegian and international universities.
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"Glut no more: Fresh OPEC+ cuts point to crude and condensate supply deficits through 2021"
The forced oil production shutdowns and the extension of the generous OPEC+ voluntary cuts into July are deep enough to create a monthly deficit starting from June 2020 and continuing uninterrupted until at least the end of next year.
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"Offshore wind expenditure set to match upstream oil and gas in Europe in 2021, surpass it in 2022"
The oil market collapse caused by the Covid-19 pandemic is set to delay several oil and gas developments in Western Europe, putting capital expenditure in the offshore sector on a continued downwards trajectory through 2022.
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"Worlds apart: First quarter dividend payments grow for US shale E&Ps while global service firms suffer"
While the oilfield service (OFS) market has taken a massive hit in earnings and profit margins, US shale operators had an impressive quarter under the circumstances, which even ended up in increased dividends.
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"Permian CO2 emissions intensity from flaring set to reach record low in second half of 2020"
The flaring-related CO2 emissions intensity of oil production in the US Permian basin is set to reach historically low levels in the second half of 2020, averaging at between 4 and 5 kilos (kg) of CO2 per barrel of oil produced.
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"Among oil majors promising renewable investments, only one stands out as leader of the pack"
A closer look at the numbers reveals that some $10 billion, or 55% of the amount, is expected to be invested by a single company, Equinor, the only operator poised to direct a majority of its greenfield capex towards renewable energy projects.
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"Up for grabs: Covid-19 drives reserves of global oil and gas assets for sale to above 12.5 billion boe"
Oil and gas companies currently have assets for sale with recoverable reserves of more than 5 billion barrels of liquids and 7.5 billion barrels of oil equivalent (boe) of natural gas.
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"Brazil's oil production sees a new growth wave"
Despite the steep declines from its mature fields, Brazil’s oil production is expected to grow in the medium term, supported by supply additions from projects currently under development.
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"Hydrogen wars: Gigawatt projects launch around the world, China in the lead"
Companies on three separate continents have proposed a handful of gigawatt (GW) scale hydrogen projects using three different power technologies, battling it out to emerge as the first true market leader.
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"Tier 1 activity in US LTO set to reach record high share of 47% in 2020"
Our previous assessment of the remaining Tier 1 or premium inventory in major US liquid basins suggested that capital discipline boosted drilling activity in Tier 1 acreage to record highs in 2019, with another 8 to 16 years of Tier 1 drilling left if operators kept up the pace of 2019. 
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"Every crisis has a silver lining – a few bright spots for energy services"
The first quarter financials of the global oilfield services market painted a grim picture of the damage done to the service companies at the hands of the Covid-19 pandemic.
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New! Renewables Solution – a global data, analytics and advisory product set

Rystad Energy is an independent energy research and business intelligence company providing data, tools, analytics and consultancy services to the global energy industry. Our products and services cover energy fundamentals and the global and regional upstream, oilfield services and renewable energy industries, tailored to analysts, managers and executives alike. We are headquartered in Oslo, Norway with offices across the globe.

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