March 2020 UPDATE

UPCOMING EVENTS

Smart Energy Conference and Exhibition
April 7, 2020
Sydney, Australia
For more information,
please click here


UPCOMING WEBINARS

Americas Regional Webinar:
The future of US oil production and what it means for service costs

Content Webinar

March 27, 2020

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EMEA Regional Webinar:
UKCS Update: How have recent events shaped the E&P and oilfield service outlook for the region

Content Webinar

April 1, 2020

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Rystad Energy's COVID-19 webinar:
A focus on the Americas

Content Webinar

April 1, 2020

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Global E&P Update:
The path to recovery in the oil market

Content Webinar

April 2, 2020

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2020 - Unprecedented shock for oil market amid COVID-19 and OPEC+ price war
Content Webinar

April 7, 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

"COVID-19 demand update: Oil seen down 4.9%, jet fuel down 20%, road fuel down 5.6% in 2020"
Rystad Energy is creating a weekly comprehensive report calculating the effect of the novel coronavirus in our lives and updating estimates for global fuel markets.
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"Above a million OFS jobs will likely be cut in 2020 as COVID-19 and low oil price take toll"
More than a million jobs in the oilfield service industry (OFS) are likely to be cut in 2020 due to low project volumes brought upon by the Covid-19 epidemic and the ongoing oil price war, a Rystad Energy impact analysis shows, also revealing that shale services will bear most of the reductions.
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"Oil production cuts in Western Canada are imminent as storage is days away from full capacity"
The Covid-19 virus and the ongoing oil price war have created such a large global supply surplus that Western Canada’s oil production will need to be cut from April by some 11%, or 440,000 barrels per day (bpd), Rystad Energy estimates, as the country is days away from running out of available storage capacity.
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"COVID-19 and oil price war could derail two-thirds of the world's oil & gas project sanctioning in 2020"
The effect of the COVID-19 virus on global demand for oil and gas, along with an ongoing price war that has sent oil prices tumbling at an unprecedented rate, are poised to wreak havoc on new project development plans for this year.
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"History's largest oil glut months away from topping world storage while tanker freight rates explode"
The largest oil supply surplus the world has ever seen in a single quarter is about to hit the global market from April, creating an imbalance of around 10 million barrels per day (bpd).
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"COVID-19 could decelerate energy transition by giving coal an unforeseen boost"
The COVID-19 pandemic has shaken energy markets to the core this year, creating incredible volatility for fuel prices.
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"Gas demand growth in Europe nearly erased as COVID-19 sends continent into lockdown"
European gas demand in 2020 is likely to drop by 0.7% compared to our pre-coronavirus forecast, according to Rystad Energy’s most likely scenario.
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"A crude tsunami: Up to 3 million bpd of extra oil can hit the market from April, more coming in May"
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates.
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"Shock COVID-19 demand update: oil seen down 2.8%, jet fuel down 12%, road fuel down 2.2% in 2020"
Rystad Energy is creating a weekly comprehensive report calculating the effect of the novel coronavirus in our lives and updating estimates for global fuel markets.
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"More than 200 OFS firms in Europe could go bankrupt as COVID-19 slashes $5 billion off the market"
Around 20% of Europe’s mid- and small-sized oilfield service companies, the vast majority of which are British or Norwegian, are set to become insolvent as the effect of the Covid-19 epidemic will hit the continent’s OFS market hard and cut purchases by about $5 billion year-on-year, a Rystad Energy impact analysis shows.
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"Low oil price? No problem. US shale firms are set to save up billions in record-high hedging gains"
Even though oil prices plunged to as low as $30 per barrel this week and are likely to go even lower as OPEC+ plans to increase production from April, US shale oil operators expect to save billions in record-high hedging gains in 2020, a Rystad Energy impact assessment shows.
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"Demand for oil seen down 0.6%, jet fuel down 11%, road fuel flat, and air traffic down 16% in 2020, according to Rystad Energy's COVID-19 report"
Rystad Energy compiled a comprehensive report calculating the effect of the novel coronavirus in our lives and updating estimates for global fuel markets.
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"$20 oil not far off as OPEC+ is capable of unleashing 2.5 million extra bpd on the market"
Oil prices could fall into the low $20s for the global market to rebalance, as Rystad Energy expects an increase in global supplies in the next three months.
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"Out of service? OFS firms brace for bankruptcies as price war could slash $250 billion off E&P budgets"
The total capital and operational expenditure of exploration and production companies (E&Ps) is now likely to be cut by $100 billion in 2020 and another $150 billion in 2021 if oil prices remain at a $30 level, a Rystad Energy impact analysis revealed – a development that will heavily impact service company revenues, driving some out of the market.
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"US drilled but uncompleted wells first to feel fright as oil price bungee jumps"
In the wake of one of history’s largest oil price declines in a single day, a Rystad Energy impact analysis shows that US drilled but uncompleted wells (DUCs) will be the first assets to be threatened by the newly formed low price environment, as their breakeven costs are now only dollars away from market prices.
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"US light oil production guided to grow by 8.1% in 2020, despite lower capex"
Light oil production in the United States is guided to grow by 8.1% year-on-year, according to Rystad Energy’s analysis of the latest shale E&P guidance, despite an expected decrease in capital expenditure, which is estimated to drop by 11% compared to 2019.
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"Coronavirus now poised to wipe out most of 2020 oil demand growth, no OPEC cure in sight"
The spread of coronavirus continues to deepen the severity of the blow to global fuels demand. Rystad Energy now expects more than half of global oil demand growth to be lost in 2020.
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"A burning issue: Japan wants to go green but fossil fuels prove hard to snuff out"
Japan’s goal to greatly decrease the use of fossil fuels in energy production by 2030 may be hard to achieve.
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"Deadlocked in Papua New Guinea: Multibillion LNG projects set for delays as negotiations hit wall"
The decision by the government of Papua New Guinea (PNG) to halt talks with ExxonMobil about the state’s share of revenues from the planned P’nyang gas field development is set to delay two key liquefied natural gas (LNG) projects that would double the country’s gas output, Rystad Energy estimates show.
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"Get ready for deep cuts in oilfield service market"
Russia’s decision to walk away from the suggested OPEC+ deal is sending shivers down the spine of the oil service industry, which was already troubled by the new coronavirus.
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"Upstream Analytics Australasia"
Read the 3rd edition of our Australasia regional newsletter.
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"New data confirms the end of the disposal investment cycle in Permian may be near"
In Texas, water injection and disposal well information is reported on an annual basis via an H-10 monitor form to the Railroad Commission of Texas (RRCT), meaning that complete fact-based coverage for water injection and disposal in Texas is currently available through December 2018.
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"Project Energy Connect gets approved"
Project Energy Connect, which aims to increase interconnection between South Australia, New South Wales and North West Victoria, has finally been approved.
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"Johan Sverdrup and Johan Castberg to drive the future of oil production in Western Europe"
Having declined to the level witnessed back in 2014, oil production in Western Europe is on the verge of expanding by 19% in 2020 and hitting the 3.5 million bpd mark by 2025, particularly driven by the ramp-up on Johan Sverdrup and start-up of the Johan Castberg field in Norway.
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