Last year was a bumper one for the global oil and gas exploration sector as it enjoyed its strongest 12 months in more than a decade. Analysis carried out by Wood Mackenzie shows the sector created at least $33 billion of value, and achieved full-cycle returns of 22%, at $60 …
Read More »Oil and Gas in for Turbulent Year as Governments and Industry Butt Heads
Windfall taxes, price caps, and calls for more oil and gas production marked 2022 in oil and gas. It looks like we’re in for a lot more of the same this year, especially with Western governments doubling down on their emission-reduction ambitions. The record profits that oil and gas majors …
Read More »WoodMac: U.S. to Triple LNG Exports by 2033
Surging global demand for liquefied natural gas is set to nearly triple U.S. LNG exports over the next decade, as LNG buyers seek diversification and reliable, low-cost supply, energy consultancy Wood Mackenzie said in a new report this week. LNG exports are already outpacing U.S. exports to Mexico—compared to lower-than-Mexico …
Read More »China may See an Unprecedented Drop in LNG Imports next Year
China became the world’s largest importer of liquefied natural gas last year. But in a completely different energy market this year, China will likely cede the title to Japan, as Chinese imports of LNG are set for the largest-ever annual plunge since China started importing the super-chilled fuel in 2006. …
Read More »Expect High LNG Prices for Years to Come
Since Russia’s invasion of Ukraine upended global energy markets, the LNG industry has been grappling with many uncertainties. In fact, the only real certainty is that spot LNG prices will remain elevated for years to come, even if they don’t hit the most recent record highs again. Key demand centers …
Read More »Big Oil’s Spending Plans for 2022
The global upstream sector is set for a rebound next year, when overall investment in exploration and production is expected to exceed $400 billion for the first time in three years. Yet, despite record high cash flows and oil at over $70 a barrel, reinvestment rates will stay at near …
Read More »Energy Majors Facing $3.3 Trillion ‘Green’ Nightmare
The largest international oil and gas firms wrote down assets worth $150 billion last year when prices crashed with the demand slump in the pandemic. Despite the fact that this year’s oil prices are now nearly double compared to the 2020 average, the energy industry faces additional impairments in the …
Read More »Europe is Offered Backup Plan to Curb Gas Shortage
Europe could have a way out of a natural gas shortage if the winter is colder than usual. The very tight European gas market may find relief from the supply crunch if it taps part of the so-called cushion gas, which keeps supply pressure at storage facilities, energy consultancy Wood …
Read More »WoodMac: Only Russian Gas Can Save Europe in Cold Winter
Europe may face gas shortages this winter if the cold weather depletes storage levels to zero, leaving the region entirely dependent on additional flows from Russia, according to consultant Wood Mackenzie Ltd. If Europe and Asia experience cold winters, there won’t be enough gas to meet demand unless extra volumes …
Read More »Era of Cheap Natural Gas Ends
The era of cheap natural gas is over, giving way to an age of far more costly energy that will create ripple effects across the global economy. Natural gas, used to generate electricity and heat homes, was abundant and cheap during much of the last decade amid a boom in …
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