(WoodMac, 14.Mar.2024) — Up to 30 upstream projects larger than 50 million of barrels of oil equivalent (boe) could reach FID in 2024, an increase from 22 in 2023, according to a new report from Wood Mackenzie. The Wood Mackenzie report “Class of 2024: benchmarking this year’s upstream FIDs” states […]
Category: England
England, UK
Upstream Scope 1 & 2 Emissions Intensity down 12% Since 2017
(Wood Mackenzie, 6.Mar.2024) — Scope 1 and 2 upstream emissions intensity has declined 12% since 2017, however, absolute emissions could plateau due to production growth, according to a new report from Wood Mackenzie. According to the report “Is upstream oil & gas delivering on decarbonisation?” Wood Mackenzie finds that while flaring […]
Further SNS Gas Gains from Perenco’s Ravenspurn Fields
(Perenco, 5.Mar.2024) — Perenco UK announced the successful start-up of gas production from its C06 well, a near-field discovery within the Ravenspurn South area of the Southern North Sea (SNS). During Q4 2023, the deviated well 42/30-C06 was drilled and completed with the Valaris-247 rig in 48m water depth, delivering […]
EAI’s NRGBriefs for Feb. 2024: Guyana, Mexico, Uruguay and Venezuela
HOUSTON, TEXAS (By editors with Energy Analytics Institute, 29.Feb.2024, Words: 3,790) — Energy briefs as well as others related to finance and projects during Feb. 2024 including Exxon Mobil and CNOOC considering their pre-emption rights to Hess Corp.’s stake in the offshore Stabroek Block; increases in electricity for the majority […]
![Shell LNG Outlook 2024 [PDF Downloads]](https://energy-analytics-institute.org/wp-content/uploads/2024/02/shell-lng-outlook-2024.png)
Shell LNG Outlook 2024 [PDF Downloads]
(Shell plc, 19.Feb.2024) — Global demand for liquefied natural gas (LNG) is estimated to rise by more than 50% by 2040, as industrial coal-to-gas switching gathers pace in China and South Asian and South-east Asian countries use more LNG to support their economic growth. Global trade in LNG reached 404 […]
Carbon Intensity Regulation to Make, Break Low-carbon Hydrogen Market
(WoodMac, 15.Feb.2024) — The future of low-carbon hydrogen hinges on global policymakers introducing regulations and subsidies that focus on the carbon intensity of the hydrogen produced rather than its colour, according to Wood Mackenzie’s Horizons report ‘Over the rainbow: Why understanding full value-chain carbon intensity is trumping the colour of […]
Oil and Gas Cautiously Optimistic about AI
(Aspectus Group, 13.Feb.2024) — The eighth annual Global Energy Talent Index (GETI), the world’s most established and comprehensive energy workforce trends report, released today, highlights a cautious approach to AI adoption in the oil and gas industry, wide interest in AI skills development, and a slowing of salary growth. According to […]
Diamond Offshore Reveals New Floater Commitments
(Diamond Offshore, 8.Feb.2024) — Diamond Offshore Drilling, Inc. (NYSE: DO) executed a two-year contract extension with a subsidiary of bp in the U.S. Gulf of Mexico for the Ocean BlackLion, commencing in Sep. 2024 in direct continuation of the rig’s current contract. This contract extension represents approximately $350mn of additional backlog. […]
bp Reports 2023 Results [PDF Downloads]
(bp, 6.Feb.2024) — bp delivered strong underlying financial performance in 2023, raising the dividend by 10% and buying back $7.9bn of shares, with net debt falling to its lowest level over the past decade ____________________
Venture Global and Grain LNG Ink New Deal
(Venture Global LNG, 5.Feb.2024) — Grain LNG and Venture Global announced the execution of a binding long-term terminal use agreement (TUA) enabling the regasification and sale of LNG from all of Venture Global’s terminals in Louisiana, including CP2 LNG, subject to obtaining necessary federal permits. Under the agreement, Venture Global […]
![Shell Plc Posts Year End 2023 Results [PDF Downloads]](https://energy-analytics-institute.org/wp-content/uploads/2023/12/Shell_Upstream_Americas_Gulf_of_Mexico_Platform__Ursa-source-shell.jpg)
Shell Plc Posts Year End 2023 Results [PDF Downloads]
(Shell Plc, 1.Feb.2024) — Shell plc released its fourth quarter results and fourth quarter interim dividend announcement for 2023. ____________________
Bristow Enters Into New Equipment Financing for up to £55mn
(Bristow Group, 24.Jan.2024) — Bristow Group Inc. (NYSE: VTOL) and its subsidiaries entered into a new twelve-year secured equipment financing for an aggregate amount up to £55mn with a syndicate of banks led by National Westminster Bank Plc (NatWest). The proceeds from the financing will be used to support Bristow’s […]
Aquaterra Inks Three-year Analysis Deal with UK Operator
(Aquaterra Energy, 23.Jan.2024) — Aquaterra Energy, involved in global offshore energy engineering solutions, has secured a three-year contract with a leading UK independent exploration and production company to provide analysis services across the company’s global offshore operations – delivering vital insights to optimise their operational performance. The contract will see […]
Coretrax Starts 2024 with Clutch Contracts, Ambitious Growth Plans
(Coretrax, 22.Jan.2024) — Coretrax, involved in oil and gas well integrity and production optimisation, is set for further growth with five multi-year contract wins secured for 2024 and plans to grow its footprint in Asia Pacific by a further 30% this year. The company also expects to increase its 320 -strong […]
Gas Prices Down 45% as 2024 Set to Remain Bearish
(Wood Mackenzie, 17.Jan.2024) — The market sentiment for gas and liquefied natural gas (LNG) will remain bearish into 2024 with European prices having fallen by 45% to US$10 per million British thermal units (mmbtu) in the past three months according to a report by Wood Mackenzie. The report ‘Global Gas and […]
Coretrax Buys Well Technology, Secures Fresh Deals
(Coretrax, 16.Jan.2024) — Coretrax, a global leader in oil and gas well integrity and production optimisation, has strengthened its well intervention capabilities after acquiring a complementary suite of technology from Wireline Drilling Technologies. The significant investment has expanded Coretrax’s offering. Since completing the acquisition, the firm has signed a global route to […]
Key Upstream Things to Watch in 2024: WoodMac
(WoodMac, 10.Jan.2024) — Geopolitical tensions, a record year for elections and economic uncertainty will define the backdrop to the upstream industry in 2024. Wood Mackenzie recently released its What to Look for in 2024 upstream series. Key themes to watch in global and corporate upstream include continued consolidation, increased activity from NOCs, reversing decarbonisation gains, shifts […]
Energy Domain Looks to Future with Energent Acquisition
(Energy Domain, 4.Jan.2024) — Energy Domain, the tech-enabled online marketplace based in Fort Worth, Texas, has successfully acquired market intelligence technology product Energent from U.K.-based Westwood Global Energy Group. Founded by Ryan Vinson and the 5Ms Technologies team that created MineralWare and Energy Freelance, Energy Domain has parlayed dedication to […]
Nabors Completes Business Combination Between NETC
(Nabors, 19.Dec.2023) — Nabors Industries Ltd. (NYSE: NBR) issued the following statement from Chairman, President and CEO Anthony G. Petrello regarding the closing of the previously announced business combination between Nabors Energy Transition Corporation (NETC), the special purpose acquisition company (SPAC) sponsored by Nabors, and Vast Renewables Limited. The combined company now trades […]
S&P Global Releases its 2024 Energy Outlook
(S&P Global, 14.Dec.2023) — Analysts at S&P Global Commodity Insights, an independent provider of information, data, analysis, benchmark prices and workflow solutions for the commodities, energy and energy transition markets, today released their latest 2024 energy outlook. OVERVIEW After years of turbulence, global markets are still striving to find sustainable […]
China’s Solar Production Costs Fall by 42% in Last Year
(WoodMac, 14.Dec.2023) — The cost of producing solar modules in China has dropped by 42% in the last 12 months to US$0.15 per watt (/W) giving manufacturers in the country an enormous cost advantage over international rivals according to a new Horizons report from Wood Mackenzie. The report: ‘Top of […]
Shell 3Q:23 Euro and GBP Equivalent Dividend Payments
(Shell plc, 11.Dec.2023) — The Board of Shell plc announced the pounds sterling and euro equivalent dividend payments in respect of the third quarter 2023 interim dividend, which was announced on 2 Nov. 2023 at US$0.331 per ordinary share. Shareholders have been able to elect to receive their dividends in […]
DNV Names Head of CCUS
(DNV, 6.Dec.2023) — DNV, the independent energy expert and assurance provider, has announced the appointment of Jamie Burrows as head of its Energy Systems business area’s Carbon Capture, Utilization, and Storage (CCUS) unit. Amidst COP28 proceedings, the move underscores DNV’s commitment to CCUS as a pivotal tool for decarbonizing hard-to-abate sectors, such […]
New Unitized Commercial Structure for Atlantic LNG
(Office of the Prime Minister of Trinidad and Tobago, 5.Dec.2023) — The government has secured a new unitized commercial structure for Atlantic LNG which allows the National Gas Company of Trinidad and Tobago (NGC) to obtain a greater share in the revenue derived from the sale of LNG on the […]
UK Energy Transition Outlook
(WoodMac, 23.Nov.2023) — Energy policy is a political hot topic in the UK. Broadly, ambition is high: net zero by 2050 targets are enshrined in law, and the UK has set goals to reduce carbon emissions by 68% by 2030 compared to 1990 levels, rising to 77% by 2035. However, […]
Deep Casing Deloitte Technology Fast 50 List for 2023
(Deep Casing, 21.Nov.2023) — Deep Casing Tools placed 36th in the 2023 Deloitte UK Technology Fast 50, a ranking of the 50 fastest-growing technology companies in the UK. Rankings are based on percentage revenue growth over the last four years. Deep Casing Tools grew 850% during this period. Deep Casing […]
LNG Market Needs 90 Mtpa of Add’l Supply by 2035: WoodMac
(WoodMac, 14.Nov.2023) — The global liquefied natural gas (LNG) sector will need 90 million tonnes per annum (mtpa) of new supply by 2035 to sate growing demand with market volatility expected to persist as the market rebalances post 2025 according to Massimo Di Odoardo, Vice President, Gas & LNG Research […]
Companies Ask US, EU to Intervene in Venture Global LNG Dispute
(Reuters, 11.Nov.2023) — BP (BP.L), Edison (EDNn.MI) and Shell (SHEL.L) pressed a U.S.-EU energy group to intervene in a dispute with liquefied natural gas exporter Venture Global LNG over the U.S. firm’s failure to deliver contract supplies of the fuel. The companies appealed to the U.S.-EU Task Force on Energy Security last month, and a […]
Oxy and BlackRock JV to Develop STRATOS DAC Plant
(Oxy, 7.Nov.2023) — Occidental (NYSE: OXY) announced today that BlackRock (NYSE: BLK) will invest $550mn on behalf of clients in the development of STRATOS, the world’s largest Direct Air Capture (DAC) facility, in Ector County, Texas. Through a fund managed by its Diversified Infrastructure business, BlackRock has signed a definitive agreement to form […]
EAI’s NRGBriefs: Oct. 2023
(Energy Analytics Institute, 31.Oct.2023) — Energy briefs as well as others related to finance and projects during October 2023 including Vista‘s third quarter 2023 earnings presentation; the long-awaited Citgo Petroleum auction; Colombia’s first seabed allocation competitive process for offshore wind energy; former Trinidad and Tobago energy minister Kevin Ramnarine on […]
![bp’ 3Q:23 Results: Focused on Delivery [PDF Downloads]](https://energy-analytics-institute.org/wp-content/uploads/2023/02/us-bp-west-houston-source-energy-analytics-institute-scaled.jpg)
bp’ 3Q:23 Results: Focused on Delivery [PDF Downloads]
(bp, 31.Oct.2023) — Our results this quarter show how we are making progress on our strategy to transform from an international oil company to an integrated energy company. From the expansion of the Tangguh LNG facility in Indonesia to a new deal with Tesla in EV charging, we’re providing oil […]
Big Oil: Upstream M&A Gets Serious
(WoodMac, 26.Oct.2023) — ExxonMobil’s and Chevron’s belief in the durability of upstream could hardly be better demonstrated by the game-changing acquisitions of two flagship US Independents. It’s a pivotal moment for the sector and widens the strategic gulf with the Euro Majors. Here are our team’s thoughts. First, what drove […]
![Baker Hughes Reports 3Q:23 Results [PDF Downloads]](https://energy-analytics-institute.org/wp-content/uploads/2023/01/usa-09242019_aboutus_i4@2x-source-baker-hughes.webp)
Baker Hughes Reports 3Q:23 Results [PDF Downloads]
(Baker Hughes, 25.Oct.2023) — Baker Hughes Company (Nasdaq: BKR) announced results today for the third quarter of 2023. Highlights: Orders of $8.5bn for the quarter, up 40% year-over-year. Revenue of $6.6bn for the quarter, up 24% year-over-year. Net income attributable to Baker Hughes company of $518mn for the quarter, up $534mn year-over-year. Adjusted net income attributable to Baker Hughes (a non-GAAP measure) of $427mn for the quarter, […]
Nabors Reports 3Q:23 Results
(Nabors, 25.Oct.2023) — Nabors Industries Ltd. (NYSE: NBR) reported third quarter 2023 operating revenues of $734mn, compared to operating revenues of $767mn in the second quarter. The net loss attributable to Nabors shareholders for the quarter was $49mn, compared to net income of $5mn in the second quarter. This equates to a loss of $6.26 per diluted share, compared […]
BP Fair Fund to Compensate Certain Investors in BP plc Ordinary Shares
(RCB Fund, 24.Oct.2023) — RCB Fund Services LLC, the Distribution Agent for the BP plc Fair Fund, announces the opening of the claims process for the BP Fair Fund for Ordinary Shareholders. The United States Securities and Exchange Commission (SEC) established the BP Fair Fund to distribute funds to investors […]
EAI’s NRGBriefs: Sep. 2023
(Energy Analytics Institute, 30.Sep.2023) — Energy briefs as well as others related to finance and projects during Sep. 2023 including Petrobras saying that in regards the process of divestment of the LUBNOR refinery that it continues to strictly comply w/ the purchase and sale agreement; SilverCrest Metals Inc. filing an […]
New Offshore Colombian Developments Face Challenges: WoodMac
(WoodMac, 28.Sep.2023) — Offshore development of new gas assets has been identified as a key piece to Colombia’s long-term energy security, but significant challenges remain. The size, production capability and required infrastructure investments all make the situation uncertain, according to a recent report from Wood Mackenzie. The report finds that […]
![Rosebank Field to Progress in the UK [Video]](https://energy-analytics-institute.org/wp-content/uploads/2023/09/norway-petrojarl-source-equinor.webp)
Rosebank Field to Progress in the UK [Video]
(Equinor, 27.Sep.2023) — Equinor and Ithaca Energy have taken the final investment decision to progress Phase 1 of the Rosebank development on the UK Continental Shelf (UKCS), investing $3.8bn. The North Sea Transition Authority (NSTA) granted consent for the development of the field on 27 September. “Developing the Rosebank field […]
Scotia and RAND Europe Convene a Historic Framing Session
(The Scotia Group, 20.Sep.2023) — A High-Level UNGA consultative session on international finance and energy transition diplomacy, which included sitting and former Heads of State and Government, as well as experts from the RAND Corporation and members of the Scotia Group, was convened on 18 September 2023 by international mediation and energy law […]
Kate Thomson Appointed as bp Interim CFO
(bp, 19.Sep.2023) — bp today announced that Kate Thomson has been appointed interim chief financial officer. Her appointment follows the appointment last week of Murray Auchincloss as bp’s interim chief executive officer. Kate is currently bp’s senior vice president, finance for production & operations, responsible for the financial stewardship of […]
Eni UK Reveals Award of Second UK CO2 Storage License
(Eni, 15.Sep.2023) — Eni announces that its subsidiary in the United Kingdom (Eni UK) has been awarded a Carbon Dioxide Appraisal and Storage Licence (CS Licence) by the North Sea Transition Authority (NSTA) for the depleted Hewett gas field located 20 km offshore from Bacton, in the Southern North Sea […]
BP CEO Looney to Resign After Personal Relationships with Colleagues
(Reuters, 12.Sep.2023) — BP CEO Bernard Looney has stepped down after less than four years in office for failing to fully disclose details of past personal relationships with colleagues, the company said on Sept. 12. BP CFO Murray Auchincloss will act as CEO on an interim basis after Looney stepped […]
Bristow and Volocopter to Bring UAM Services to US and UK
(Bristow, 7.Sep.2023) — Bristow Group Inc. (NYSE: VTOL), a global provider of innovative and sustainable vertical flight solutions, and Volocopter, the pioneer of Urban Air Mobility (UAM), have signed an agreement to explore and develop passenger and cargo services for electric vertical takeoff and landing (eVTOL) aircraft in the U.S. and […]
UK to Struggle to Meet Ambitious 2030 CCUS Targets
(WoodMac, 5.Sep.2023) — The global CCUS project pipeline is buoyant but scaling up needs concerted and consistent effort from governments. Only a handful of countries have policy and regulation ready to adopt CCUS today and the United Kingdom (UK) is one of them, says Mhairidh Evans, Head of CCUS Research […]
STRYDE Launches In-field Data Service
(STRYD, 24.Aug.2023) — STRYDE unveiled its new, novel integrated in-field data processing service, STRYDE Lens. This innovative solution is tailored to offer expedited access to interpretation-ready subsurface images, facilitating quicker decision-making. Coming just a little over a year following the introduction of the firm’s data processing service, this solution for […]
Getech Releases Globe 2023 with New Capabilities for Resource Exploration
(Getech, 23.Aug.2023) — Getech, a locator of subsurface resources, has released a new version of its proprietary digital platform, Globe. Globe models the last 400 million years of Earth’s evolution into c. 40,000 layers of geological data that facilitate the exploration of subsurface resources, including critical minerals, natural hydrogen, petroleum, […]
Investment of $27bn Needed to Mobilize Offshore Wind Supply Chain
(WoodMac, 17.Aug.2023) — The global offshore wind supply chain will require $27bn of secured investment by 2026 if it is to meet a fivefold growth in annual installations (excluding China) by 2030, according to latest Horizons report by Wood Mackenzie, a global insight business for renewables, energy and natural resources. […]
Authorities Approve JV between Aker Solutions, SLB and Subsea7
(Aker, 4.Aug.2023) — Reference is made to the stock exchange release 30 August 2022 regarding the agreements to form a subsea joint venture with SLB and Subsea 7. Closing is subject to regulatory approvals. Following clearance as of today by antitrust authorities in Brazil, all regulatory approvals/clearances required to close the transactions have […]
TotalEnergies Named Most-admired Explorer by WoodMac
(WoodMac, 27.Jun.2023) — French major TotalEnergies has been named the upstream industry’s most-admired explorer and received the Discovery of the Year award in Wood Mackenzie’s industry-leading annual Exploration Survey. Dr. Andrew Latham, Senior Vice President, Energy Research, at Wood Mackenzie, said “For the third time in our industry-leading survey, TotalEnergies has received […]
Should Gas Resource Holders Target LNG Exports or Blue Ammonia?
(WoodMac, 15.Jun.2023) — As Europe moves away from Russian gas and Asia reduces its dependency on coal, demand and investment in liquefied natural gas (LNG) continues to rise. But according to “Stick or twist: Should gas resource holders target LNG exports or blue ammonia?”, a new Horizons report from Wood Mackenzie, the acceleration of the energy transition […]