Upstream FIDs to Rise in 2024, with focus on Deepwater Resources
(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...
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...
Aramco’s Shift to Abandon 13 MMb/d Capacity Target
(WoodMac, 1.Feb.2024) — Addressing the Saudi Ministry of Energy’s instructions to Saudi Aramco to abandon its 13 million barrels per day (b/d) target and maintain 12 million b/d, Ann Louise...
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...
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...
Increased Market Share Expected as Investment Builds for Low-Carbon Hydrogen
(WoodMac, 5.Dec.2023) — Oil and gas Majors have just an 8% market share of announced global net low-carbon hydrogen production capacity, which equates to 102.6 million tonnes per annum (Mtpa), according...
Southern Cone Market to Invest $46bn in Gas Production
(WoodMac, 30.Nov.2023) — Driven by advances in batteries and lower costs, solar will outpace wind growth rates and become the leading technology for expansion over the next ten years in...
President Elect Milei to Shake up Argentina’s Oil Industry
(WooMac, 28.Nov.2023) — Addressing the election of Javier Milei as President of Argentina, Adrian Lara, principal analyst, said “Elected President Javier Milei and his advisors are signalling the importance the...
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...
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...
TotalEnergies Named Most-admired Explorer in WoodMac Survey
(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....
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,...
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:...
LatAm Gas Resources and Development Challenges: WoodMac
(WoodMac, 3.May.2023) — Latin America has significant gas resources that have not been prioritised for development. Natural gas demand in the region will continue to grow, however, driven by the...
A Supercharged China Could Turn up the Heat on Global Commodities
(WoodMac, 23.Mar.2023) — The Chinese economy is expected to grow by 5.5% but could grow by as much as 7% in 2023 as the country bounces back from three years...
High Quality Oil and Gas Supplies are Scarce, WoodMac Says
(WoodMac, 16.Feb.2023) — The energy transition will require oil and gas for decades to come, but the supply of lower-cost, lower-carbon “advantaged” barrels remain scarce, threatening emissions targets and causing...
New Global Finds Drive Exploration to Value Creation
(WoodMac, 30.Jan.2023) — The global oil and gas exploration sector had its strongest year in 2022 in more than a decade. In its work to improve portfolios by adding lower-carbon,...
Bolivian Gas Production to Decline Faster than Expected
(WoodMac, 17.Jan.2023) — Bolivian gas production will decline more rapidly than expected, falling from 1,400 million cubic feet per day (mmcfd) in 2022 to as low as 400 mmcfd by...
WoodMac’s Five Key Energy Sector Developments in 2023
(WoodMac, 8.Dec.2022) — There is no doubt that 2022 has been an extremely challenging 12 months, but as the year draws to a close, there is hope. Spiralling energy costs...
CCUS Planned Capacity Nearing 1 Billion Tonnes Per Annum
(WoodMac, 26.Aug.2022) — The planned global carbon capture, utilisation and storage (CCUS) capacity pipeline has reached 905 million tonnes per annum (mtpa), with more than 50 new projects announced this...
China’s LNG Imports to See Unprecedented Decline in 2022
(WoodMac, 19.Jul.2022) — China’s LNG imports are set to fall over 14% year-on-year to 69 million tonnes (Mt) in 2022, the largest decline since it began LNG imports, says Wood...
Pathways to Sustainable Smelting
(WoodMac, 21.Jun.2022) — Traditional metal production is inherently polluting. According to data from Wood Mackenzie’s Emissions Benchmarking Tool, it is currently responsible for 9% of global greenhouse gas emissions. Many...
Low-carbon Hydrogen Demand in Refining Could Reach 50 Mtpa by 2050
(WoodMac, 9.Jun.2022) — Potential low-carbon (green or blue) hydrogen demand from the global refining sector could reach 50 million tonnes per annum (Mtpa) by 2050, says Wood Mackenzie, a Verisk...
Shell Sanctions Crux Gas Project
(WoodMac, 30.May.2022) — Shell has sanctioned the development of the Crux gas field in Australia’s Bonaparte Basin. Wood Mackenzie research analyst Michael Song said: “The development is expected to cost...
Shell Joins Exxon with $1bn Brazil Exploration Setback
(Bloomberg, 16.May.2022) — Expensive offshore exploration setbacks for international oil majors including Shell Plc and Exxon Mobil Corp. are throwing cold water on their plans to turn Brazil into a...
LNG Contracting Off to Fast Start in 2022 with More Than 10 mmtpa Signed
(WoodMac, 16.May.2022) — Demand for long-term LNG contracts continues to gain momentum this year as large volumes have been signed and prices for oil-linked deals under negotiation are rising, according...
How the Energy Transition can Reduce the Risk of Future Shocks
(WoodMac, 21.Apr.2022) — The crisis caused by Russia’s invasion of Ukraine has highlighted the challenges for energy supplies as the world moves to tackle the threat of climate change. The...
How NOCs are Tackling the Energy Transition
(WoodMac, 30.Mar.2022) — Despite their scale, national oil companies (NOCs) have until now largely escaped the heavy scrutiny experienced by international oil companies (IOCs) around emissions. Partly as a consequence,...
World Must Double-Down on Plans to Achieve Net Zero by 2050
(WoodMac, 23.Mar.2022) — Wood Mackenzie, a Verisk business (Nasdaq:VRSK), reveals in its latest Accelerated Energy Transition (AET) 1.5-Degree scenario report, that the world needs to double-down on plans to achieve the...
Is Private Equity Who Upstream M&A Market is Looking for?
(WoodMac, 16.Feb.2022) — As energy transition and ESG pressures bring more upstream assets to market, questions remain about who’s buying. Comments follow from Greig Aitken, Research Director, M&A and Neivan Boroujerdi, Principal...
Southern Cone Power Markets Primed for Dynamic Year
(WoodMac, 26.Jan.2022) — Last year proved how dynamic the gas and power markets in the Southern Cone are. And many uncertainties will be carried to 2022, especially regarding the extent...
Upstream Sector Rebounding – But ‘Peak Uncertainty’ Fears Weigh In 2022
(WoodMac, 13.Dec.2021) — The oil and gas sector will continue to rebound in 2022, says Wood Mackenzie, a Verisk business (Nasdaq:VRSK) But the positive outlook will be tempered by concerns...
Oil And Gas Companies Must Be Bold As Energy Transition Sets Tone For 2022
(WoodMac, 8.Dec.2021) — It’s set to be an action-packed year for Majors, Independents and national oil companies alike. Big choices will set strategic trajectories for the energy transition ahead. New...
Brazil Offers Second Chance At Atapu And Sépia
(WoodMac, 3.Nov.2021) — Brazil will relicense the surplus volumes in Atapu and Sépia next month, offering bidders improved terms in the country’s second Surplus Transfer of Rights round. The two...
Major Energy Exporters Race To Lead In Global Hydrogen Trade
(WoodMac, 28.Oct.2021) — The time is ripe for the world's major energy exporters to accelerate the energy transition, and mastering the hydrogen trade could make a difference, says Wood Mackenzie,...
Carbon Removal Key To Reaching Paris Target
(WoodMac, 24.Jun.2021) — Achieving the 2°C goal of the Paris Agreement will require more than simply avoiding carbon. To cap global warming at 1.5°C or even 2°C, carbon removal will...
Big Oil’s Watershed Moment: WoodMac
(Woodmac, 10.Jun.2021) — Pressures around climate change and the energy transition are having an impact, says Wood Mackenzie Vice-Chair, Americas, Ed Crooks. The events of May 26, 2021 look like...
WoodMac On Suez Canal Congestion
(WoodMac, 24.Mar.2021) — According to Wood Mackenzie’s VesselTracker – as of 24 March, one LNG vessel is "trapped” within the canal. The Golar Tundra loaded at Egypt’s Idku on 21...
Suez Canal Blockage Causes Vessel Build-up
(WoodMac, 24.Mar.2021) — The Suez Canal blockage has caused the build-up of vessels looking to transit the canal at both the northern and southern anchorages. Wood Mackenzie principal analyst Mark...
OPEC+, Covid-19 and Energy Transition: 3 Themes in 2021
(WoodMac, 28.Jan.2021) — Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key themes – OPEC+ production,...
Climate Commitments Top Energy, Mining Agendas
(WoodMac, 27.Jan.2021) — 2020 was the year that climate change became a dominant force for commodities. In response, a slew of companies and governments made ambitious net zero commitments. Renewables...
Stabroek’s Fiscal Terms On Par With Other frontiers
(DPI, 31.Jul.2020) — Oil and gas industry analyst Wood Mackenzie in its recent report stated that compared to other countries with similar circumstances, Guyana’s Stabroek Block fiscal terms ranks well....
How Price Crash Changed The Upstream Sector?
(WoodMac, 24.Jun.2020) — According to Wood Mackenzie’s analysis, the oil price crash wiped US$1.6 trillion off the valuation of the global upstream industry. Andrew Pearson, vice president, upstream, said: “This...
Argentina Weighs New Price Subsidy, Freezes Gas Tariffs
(WoodMac, 24.Jun.2920) — Gas pricing and market regulation are again under discussion in Argentina. The coronavirus pandemic has weakened an already vulnerable economy, with the impact felt in the gas...
Global LNG Demand Faces Seasonal Contraction
(WoodMac, 2.Jun.2020) — The global liquefied natural gas (LNG) industry is about to face its first seasonal demand contraction since 2012, with demand in summer 2020 expected to fall 2.7%...
Bangladesh To Double Fossil Imports In A Decade
(WoodMac, 14.May.2020) — Bangladesh is expected to double its fossil fuel imports to 32 million tonnes of oil equivalent (Mtoe) between 2020 and 2030, says Wood Mackenzie. While growing working...
Arrow Energy Sanctions Surawat Gas Project
(Energy Analytics Institute, Jared Yamin, 16.Apr.2020) — Wood Mackenzie senior analyst Daniel Toleman comments on Arrow Energy's announcement on the sanction of the Surawat Gas Project. "Shell taking FID on...
WoodMac On OPEC+ Production Plan
(WoodMac, 9.Apr.2020) — As OPEC+ agreed at cut of 10 million b/d, WoodMac’s Ann-Louise Hittle said: “A 10 million b/d cut would be very supportive of price over the second...
US$210bn Of New Spend In Firing Line
(WoodMac, 2.Apr.2020) — The oil price crash has hit the upstream sector hard. Deep cuts are being made across the board, but it will have a dramatic impact on the...
China’s Oil Reserves To Reach 1.15bn Barrels In 2020
(WoodMac, 23.Mar.2020) — Wood Mackenzie’s latest analysis reveals that China’s crude stock (including strategic and commercial petroleum reserves) could reach 1.15 billion barrels in 2020, equivalent to 83 days of...
Oil Drop Could Cut 20% Off Exploration Budgets
(Reuters, 17.Mar.2020) — The recent collapse in oil prices could chop $300 million to $600 million off 2020 exploration budgets in Brazil, which has emerged as one of the world’s...
Oil Price Rout May Trigger Major Shake-up: Woodmac
(WoodMac, 9.Mar.2020) — As global markets reel in the wake of the oil price crash, Wood Mackenzie’s Tom Ellacott said: “The price collapse could be the trigger for a new...
Coronavirus’ Greatest Upstream Impact: On Prices
(WoodMac, 27.Feb.2020) — The upstream oil and gas sector’s biggest commercial fear from the Coronavirus (COVID-19) epidemic is its impact on demand and prices. Only a small proportion of global...
Brazil’s PSC Round 6 Disappoints
(WoodMac, 7.Nov.2019) — Speaking after this morning’s PSC round, Juliana Miguez, from Wood Mackenzie’s Latin America upstream team, said: “Petrobras has returned to the headlines. One day after it dominated...
Guyana Must Learn To Use Its Riches
(Upstream, Gareth Chetwynd, 26.Sep.2019) — As development on Guyana’s Stabroek block continues apace, it is worth considering that the Liza development took form in an era when low oil prices...
BP Sells Alaska Business To Hilcorp In $5.6bn Deal
(WoodMac, 27.Aug.2019) — Speaking after BP announced the sale of its Alaska business to Hilcorp in a US$5.6 billion deal, Wood Mackenzie analyst Rowena Gunn said: “The Majors are making...
Jethro-1 Delivers The Goods For Tullow Offshore Guyana
(WoodMac, 12.Aug.2019) — The Jethro-1 well, drilled in the Orinduik block, offshore Guyana, has delivered for Tullow Oil, with chief executive Paul McDade saying the prospect could hold more than...
Data Consortiums Signal The Future Of Oil And Gas
(WoodMac, 7.Aug.2019) — The energy industry has a data problem: Every major exploration and production company collects petabytes of data, but their analysis is limited to their own petabytes. Companies...
Brazil Market Reform Unlocks Investments
(WoodMac, 6.Aug.2019) — Brazil’s natural gas market reforms have taken a major step forward, with plans in place which are set to open up opportunities across the gas value chain,...
DomRep Launches First Oil Licensing Round
(WoodMac, 10.Jul.2019) — The Dominican Republic today launched its first licensing round, putting 14 blocks across its on- and offshore basins up for bid. The Dominican Republic’s Ministry of Energy...
Renewables Can Benefit The Upstream Business: WoodMac
(WoodMac, 12.Jun.2019) — One of the hottest topics at APPEA was how to use renewables to benefit an upstream business, rather than replace it. At APPEA, Darwin LNG operator ConocoPhillips...
Comstock Resources Takes Haynesville Lead With $2.2 Billion Covey Park deal
(WoodMac, 10.Jun.2019) — Comstock Resources today tightened its grip on the Haynesville basin with a US$2.2 billion cash-and-stock deal to buy privately-held Covey Park. Greig Aitken, director, corporate analysis, at...
Saudi Aramco And Sempra Energy Ink Largest LNG Deal For 6 Years
(WoodMac, 22.May.2019) — Sempra Energy and Saudi Aramco today announced their respective subsidiaries, Sempra LNG and Aramco Services Company, have signed a heads of agreement (HOA), which anticipates the negotiation...
WoodMac: Chevron Exits Bidding War For Anadarko
(WoodMac, 9.May.2019) — Chevron Corporation today announced that it would not offer a counter proposal to Occidental Petroleum's rival bid to acquire Anadarko Petroleum. Earlier this week, Anadarko said it...
What Does IMO 2020 Mean For Downstream, Upstream, LNG and Bulks Sector
(Woodmac, 7.May.2019) — Implementation of IMO 2020 regulation is just eight months away and its implications will be felt beyond refining and shipping. Wood Mackenzie's Asia Pacific experts weigh in...
Oxy’s $8.8bn Total Deal ‘May Soothe Anadarko Shareholder Jitters’
(WoodMac, 6.May.2019) — In another bold move in its takeover battle with Chevron for Anadarko Petroleum, on 5 May said Occidental Petroleum entered into a binding agreement to sell Anadarko’s...
Majors Step Up To Bid On Argentina Offshore Acreage
(WorldOil, 17.Apr.2019) — Argentina's first national offshore licensing round was held yesterday, April 16, 2019, in Buenos Aires. Of the 38 blocks offered in an open bid round, 18 were...
WoodMac: Santos Makes Significant Gas Discovery At Corvus-2 Appraisal Well
(WoodMac, 16.Apr.2019) — Following Santos’ announcement on the confirmation of a significant gas resource at Corvus-2 appraisal well, Wood Mackenzie senior analyst Daniel Toleman commented on the results: Based on...
Permian Water Disposal Volumes To Double By 2022: Wood Mac
(Wood Mac, 12.Apr.2019) — Water disposal volumes in the Permian Basin are expected to double within the next two to three years, new analysis from Wood Mackenzie shows. As drilling...
Sanctions Put Squeeze On Venezuela’s Output: Wood Mackenzie
(Wood Mackenzie, 2.Feb.2019) — The sanctions the US government has imposed against Venezuela aim to curb the Maduro government’s access to revenue from crude export. But impact could they have...
WoodMac On CNOOC Ltd’s Strategy: Guyana, Brazil
(WoodMac, 25.Jan.2019) — CNOOC Ltd announced its strategic plan for 2019, setting a bullish tone for the rest of the Chinese national oil companies to follow. Wood Mackenzie’s senior analyst...
Guyana Oil Output Could Surpass Venezuela, Mexico: WoodMac
(JWN, Deborah Jaremko, 5.Dec.2018) — Thanks to ExxonMobil’s run of success in oil exploration offshore Guyana, the country is on a path to becoming a Latin American powerhouse, Wood Mackenzie...
Guyana: The World’s Next Offshore Oil Hotspot
(Oilprice.com, Tsvetana Paraskova, 23.Oct.2018) — With population of fewer than 750,000 people, Guyana—a neighbor of Venezuela—has always depended on commodities. Sugar, gold, shrimp, timber, bauxite, and rice account for nearly...
Let’s Use Guyana Oil Funds for Teachers
(Stabroek News, 6.Sep.2018) — Dear Editor: How could we have billions of barrels of oil in 2018 and not be able to pay our teachers a living wage? The value...
How Will Guyana Deal With Its Oil Windfall?
(CNNMoney, Talib Visram, 4.Sep.2018) — The South American country with the smallest GDP is about to burst with oil. ExxonMobil found oil off Guyana’s coast in 2015, and believes the...