May 2020 UPDATE

UPCOMING WEBINARS

Energy Service - RIG webinar: (Re-) Structure of the drilling industry
Content Webinar

June 2, 2020

Learn More & Register

Energy Service webinar: How will OCTG mills weather the Covid storm? (in Mandarin)
Content Webinar

June 2, 2020

Learn More & Register

Rystad Energy Webinar: Who among the Majors and US E&Ps are best positioned for the recovery?
Content Webinar

June 3, 2020

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Regional EMEA Webinar: OPEC is back – what this means for the resilient and re-shaped role of oil in the Middle East
Content Webinar

June 4, 2020

Learn More & Register

 

Industry Webinar | How does COVID-19 affect the FPSO supply chain?
Content Webinar (External)

June 9, 2020

Learn More

 


UPCOMING EVENTS

FSRU Asia Summit 2020
Assessing Asia Pacific’s Readiness in Importing LNG through FSRUs
June 2, 2020
Online Event
For more information,
please click here


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

"Rystad Energy launches Emissions Solution – data and advisory services on the energy industry’s CO2 emissions"
Powered by our complete, field-by-field databased UCube (Upstream Cube), Rystad Energy has developed a complete and consistent product line called Emissions Solution. 
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"US oil output set to bottom out in June, will not recover to pre-Covid-19 levels in 2021"
US oil production, which has steeply declined as low prices forced shut-ins, will reach a bottom of around 10.7 million barrels per day (bpd) in June, a two-year low, Rystad Energy estimates.
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"The last fortress: Permian basin keeps drilling alive while US rig count decline seems bottomless"
Although the Covid-19 pandemic continues to decimate active horizontal rigs in the US, the Permian Basin is emerging as the last surviving epicenter of drilling activity.
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"Global oil & gas decommissioning costs to total $42 billion through 2024, dominated by UK North Sea"
Energy companies have been slashing exploration and production budgets since the Covid-19 pandemic took hold, but, with few profitable investment alternatives, operators are now likely to increase spending in decommissioning work. 
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"Covid-19 weekly update: Road fuels get a small boost, US oil demand revised higher, Europe’s lower"
Rystad Energy’s weekly 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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"US bankruptcies and how to avoid them: The costs and benefits of saving E&Ps via royalty exemptions"
The Covid-19 pandemic and the price crisis it has brought upon the oil and gas sector have hit the profitability of exploration and production (E&P) companies hard. 
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"US gas production set to hit bottom in November due to Covid-19-related shut-ins and drilling decline"
The Covid-19 pandemic has forced oil and gas producers to slash budgets and reduce drilling activity, which in the US always affects future hydrocarbon output as existing fields naturally decline. 
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"Global demand for natural gas will drop 2% in 2020 as Covid-19 lockdowns take toll"
Commercial and industrial demand for natural gas is declining as most countries around the world impose lockdowns to limit the spread of the Covid-19 pandemic. 
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"US fracking activity forecast to hit rock bottom in May, recovery set to start in 2020’s third quarter"
The Covid-19 pandemic and the low oil-price environment it has created continues to affect global energy markets and activity levels by oil and gas producers.
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"Covid-19 demand update: Oil seen down 10.9%, jet fuel down 33.6%, road fuel down 11.1% in 2020"
Rystad Energy’s weekly 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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"OFS stocks lost half their value since 2020 began: EPCI top performers, offshore drillers scratch bottom"
It is widely acknowledged that the oilfield services sector (OFS) is the energy world’s worst-hit market from the Covid-19 pandemic.
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"Taps closing! US shut-ins to reach at least 2 million bpd in June as oil producers walk the walk"
US oil producers have been expected for some time to have to shut down oil production as a result of the Covid-19 pandemic, but they were initially slow to move.
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"Too much LNG: Here are the producers better positioned to cut output as Covid-19 erases profits"
As global liquefied natural gas (LNG) benchmark prices continue to fall due to oversupply on account of Covid-19, LNG producers with short-run marginal costs (SMRCs) that exceed spot prices are increasingly looking to curtail production.
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"US’ top gas basin for LNG exports set for 20% output decline in a $1.80-$1.90 Henry Hub scenario"
The Haynesville gas basin, arguably the most important basin for liquefied natural gas (LNG) exports in the US, is set for a 20% decline in output towards 2023 if Henry Hub prices average at $1.80-$1.90 per million British thermal unit (MMBtu).
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"UK maintenance spending to reach lowest on record, Norway’s to hit 18-year low in 2020"
Western Europe’s maintenance, modification and operations (MMO) market will likely take a major hit in 2020, resulting from severe spending cuts and Covid-19 transportation restrictions.
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"History’s biggest US rig count collapse is already here, but we haven’t seen the bottom yet"
The Covid-19 pandemic has caused the largest horizontal rig count collapse ever recorded in the US, a Rystad Energy analysis of Baker Hughes data shows.
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"Producers may need to kill their old, loss-making FPSO’s in this downturn. Here’s why"
The swift oil price crash caused by the Covid-19 pandemic will reduce the combined free cash flow of FPSO fields, which have produced above three quarters of their original resources at just $2.20 per barrel this year. 
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"Remote work technology: The one oil and gas services segment that Covid-19 has benefited"
A Rystad Energy analysis of service companies’ earnings calls reveals a clear growth in cost-saving remote work technologies.
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"US shut-ins double: Company guidance hints 616,000 barrels per day shut during May, 655,000 in June"
US production of 616,000 barrels of oil per day (bpd) will be shut during May and 655,000 bpd during June as a result of the supply-demand imbalance that the Covid-19 pandemic has created.
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"Time for champagne: France to become Europe’s fourth-largest offshore wind producer in 2030"
France’s ambition to increase electricity production from renewable energy sources will make the country Europe’s fourth-largest offshore wind power producer in 2030, with 7.4 gigawatts (GW) of capacity in operation. 
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"Covid-19 and subsea: Demand for umbilicals set for multi-year blow, despite cost savings"
The Covid-19 pandemic and its devastating effect on global energy investments is set to damage subsea purchases, with demand for umbilical lines expected to fall by 32% to just 713 kilometers (km) of lines in 2020.
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"LNG shut-ins? Covid-19 to also hit liquid gas as Europe will struggle to be the sponge for another year"
A prolonged decline in demand will always bring storage constraints for fuels that need to be stored and shipped before being consumed. 
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"Global investment slowdown set to hike oil prices and cause undersupply of 5 million bpd in 2025"
The Covid-19 pandemic will leave not only short-term, but also long-term scars on the oil market. Even though the world is currently facing what is arguably the largest oil glut ever recorded, the tables will turn dramatically in coming years. 
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"Greenfield E&P tenders are set to shrink to $60 billion in 2020, a two-decade low"
The Covid-19 pandemic has hit oil and gas companies so hard this year that the cuts in their investment budgets will leave only $60 billion worth of greenfield tenders for contractors to compete for, the lowest in two decades.
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"As major offshore projects are pushed out, gloomy year ahead for the subsea market"
While a year with less than 200 subsea tree awards seems uncommon in the subsea market, a year with less than 100 subsea tree awards is an even rarer sight.
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"US oil curtailments surpass 1 million bpd, approach 1.5 million bpd with NGLs"
The US shale sector is expected to become healthier, with strong companies becoming even stronger, marking the beginning of a new “Shale 3.0” era.
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"Government reverse auctions and FiTs a bright spot in a challenging development market"
Covid-19 has hit the Australian Renewables industry hard, postponing the financial close of up to 3 gigawatts (GWac) of projects.
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"OPEC oil production to decline by 2.7 million bpd in 2020 as a result of new OPEC+ agreement"
Given the recent agreement reached by OPEC+, OPEC countries are now expected to decrease oil production by 2.7 million bpd in 2020  with Saudi Arabia to contribute a cut of around 500,000 bpd on average for the full year.
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