Tag: WoodMac

Southeast Asia’s new wave of deepwater gas projects: WoodMac

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SINGAPORE (By Woodmac, 4.May.2026, Words: 621) — Southeast Asia is entering a critical second wave of deepwater gas development targeting 28 trillion cubic feet of resources across Indonesia, Malaysia and Brunei.  However, delivering these projects won’t be easy. Our models suggest these projects have fragile economics, with many delivering less than 15% internal rates of return (IRR). As a result, operators face narrow […]

The Strait of Hormuz closure threatens Northeast Asia demand, pressures LNG spot prices

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LONDON/HOUSTON/SINGAPORE (By WoodMac, 11.Mar.2026, Words: 767) — Northeast Asia’s LNG market faces a major supply shock following the closure of the Strait of Hormuz, with regional demand expected to fall by 4-5 million tonnes through Q3 2026 if supply disruptions last for two months, according to new analysis from Wood Mackenzie.  RELATED: DAVID […]

A Delayed Energy Transition and the Upstream Sector

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LONDON, ENGLAND (Woodmac, 16.Jan.2025) — As the risk of a delayed energy transition scenario increases, so does the possibility of a much greater pull on future oil & gas supply. But meeting this demand would require a significant increase in upstream investment, resulting in higher hydrocarbon prices and significant shifts […]

Woodside and Chevron Announce Australian Asset Swap

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(Energy Analytics Institute, 19.Dec.2024) — Energy giants Woodside Energy and Chevron Corporation agreed to an asset swap regarding assets in Australia. “Chevron and Woodside have reached a significant agreement to streamline their respective commercial interests offshore northwest Australia. This deal positions Woodside to progress the extension of the North West […]

CCUS Growth Challenged by Current Economics

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(WoodMac, 10.Oct.2024) — Speaking at Wood Mackenzie’s Carbon Capture, Utilization and Storage Conference in Houston, Peter Findlay, research director and head of CCUS economics for Wood Mackenzie, said that despite a growing market for carbon capture, utilization and storage (CCUS), economics remain challenging, and many potential projects are at risk. […]

Keeping the LNG Bandwagon Rolling

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(Wood Mackenzie, 12.Sep.2024) — The LNG industry is on a roll. The ‘club’ continues to grow as new buyers swell the ranks. LNG commoditisation is increasing market liquidity, supported by a growing number of traders, hedge funds and NOCs. What’s more, capital remains available for new supply projects and import infrastructure. […]

Europe Gas Prices to fall amid High Storage Levels in 2024

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(WoodMac, 14.Mar.2024) — Gas prices in Europe could fall as low as US$6.70 per million British thermal units (mmbtu) in the summer as the mild winter will see storage levels remain above 55% according to a new report by Wood Mackenzie. The report, ‘‘Europe gas and power markets short-term outlook […]

US Lower 48 Oil Production Growth to Slow in 2024

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(WoodMac, 22.Feb.2024) — US Lower 48 oil production growth exceeded expectations in 2023, adding 900,000 barrels per day (b/d) despite inflationary pressures, private consolidation, and declining rig activity. However, the repercussions of these decisions will impact supply moving forward as the region is poised for much lower growth in 2024 […]

Asia Pacific Could Become Global Energy Transition Leader

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(WoodMac, 21.Feb.2024) — Home to half of the world’s population and contributing a third to the global GDP, the Asia Pacific region is expected to maintain a 50% share of global primary energy demand and a 60% share of global carbon emissions until 2050. This trend is unlikely to change […]

UK Energy Transition Outlook

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(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, […]

LNG Market Needs 90 Mtpa of Add’l Supply by 2035: WoodMac

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(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 […]

Fast Output Recovery Still Challenging in Venezuela

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(WoodMac, 20.Oct.2023) — Addressing the US Treasury Department’s partially lifted sanctions on Venezuela’s oil and gas sector, Adrian Lara, principal research analyst, Latin America Upstream Oil and Gas for Wood Mackenzie said, “Although still conditioned by a subsequent renewal, this new easing of sanctions can certainly be considered a positive move […]

TotalEnergies Nigerian Find Largest in a Decade

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(WoodMac, 16.Jun.2023) — Addressing TotalEnergies discovery at Ntokon in the shallow water Niger Delta, Gail Anderson, director of upstream research at Wood Mackenzie, said “Ntokon is likely to be Nigeria’s biggest shallow water discovery in a decade. Despite the lack of exploration in recent times, this discovery shows that there is still […]

WoodMac: Key Things to Watch in Global Upstream in 2023

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(WoodMac, 12.Jan.2023) — Upstream oil and gas companies made big strides in 2022, restoring confidence and repairing balance sheets. But the challenges the industry faces will compound in 2023. Wood Mackenzie, a Verisk business (Nasdaq:VRSK), released the Global upstream: 5 things to look for in 2023 reports today. Key themes to watch for include […]

Global Deepwater Production to Increase 60% by 2030: WoodMac

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(WoodMac, 29.Nov.2022) — Global deepwater production will increase 60% by 2030, reaching 17 million barrels of oil equivalent per day (boe/d), according to a new report from Wood Mackenzie, a Verisk business. Wood Mackenzie’s report ‘Global deepwater 2022 state of the industry’, highlights the sector’s expansion from 6% of upstream […]

About 650,000 B/D of Russian Oil to be ‘Swapped’ 

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(WoodMac, 5.Apr.2022) — About 650,000 barrels per day (b/d) of Russian crude oil are to be relocated from advanced economies, and the solution could be ‘crude swapping’, says Wood Mackenzie, a Verisk business (Nasdaq:VRSK).  Following US sanctions on Russian crude oil, European companies have also begun ‘self-sanctioning’ with up to […]

WoodMac: Predictions 2022

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(WoodMac, 17.Dec.2021) — Wood Mackenzie analysts offer ten predictions for key developments expected in the energy and natural resources industries in 2022. This is a time of year when it is tempting to look back. But it is usually more interesting to look forward. For the final Energy Pulse of […]

WoodMac On Guyana And Suriname Exploration

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(WoodMac, 29.Jul.2021) — Wood Mackenzie’s Latin America upstream senior analyst Luiz Hayum commented on the latest exploration results offshore Guyana and Suriname: “In a year thin of deepwater discoveries, Guyana and Suriname continue to deliver great exploration results, with the Whiptail discovery and the successful Sapakara appraisal. “The two successful […]

Energy Transition Represents $14tn Uncertainty For Upstream Sector

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(WoodMac, 20.May.2021) — The energy transition represents US$14 trillion worth of uncertainty for upstream oil and gas, according to a new report by Wood Mackenzie.  Oil and gas is a risky business. Over the years, those risks have been tempered by a single tenet – that demand would continue to […]

Achieving Paris Goals To Upend Markets

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(WoodMac, 15.Apr.2021) — If the world acts decisively to limit global warming to 2°C by 2050, the scale of change will revolutionise the energy industry. Progressive electrification will squeeze the most polluting hydrocarbons out of the energy mix, nearly eliminating their markets. Oil demand will shrink, and with it, so […]

Turkey Nets Largest-ever Find At Tuna-1

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(WoodMac, 21.Aug.2020) — A gas discovery of the scale of the Tuna-1 find in the Black Sea, if developed, would be transformational for Turkey, given its overwhelming reliance on imports and crippling energy import bill.  Turkey is chiefly reliant on piped gas from Russia, Azerbaijan and Iran but the share of liquefied natural […]

Industry Slashes Spending As Price Rout Deepens

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(WoodMac, 19.Mar.2020) — Survival mode has returned to the oil and gas sector as the oil price rout deepens. Corporate financials are in better shape than during the 2014/2015 crash, but room for manoeuvre is limited. Can companies cope with prices this low? This crisis is very different from those […]

Oil Price Rout May Trigger Major Shake-up: Woodmac

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(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 phase of deep industry restructuring – one that rivals the changes seen in the late-1990s. Ellacott, senior vice president, corporate […]

Asia Pacific Upstream – 5 Themes To Watch In 2020

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(WoodMac, 19.Dec.2019) — Wood Mackenzie has identified five themes related to project sanctions, exploration, M&A, energy transition and IMO 2020 that will impact Asia Pacific’s upstream industry in 2020. Australia leads in bumper year for Asia Pacific FIDs Asia Pacific is expected to see a boost in major project sanctions […]

Capital Discipline In GOM Lease Sale: WoodMac

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(WoodMac, 21.Aug.2019) — Capital discipline remains key for offshore operators, judging by the results of today’s US Gulf of Mexico region-wide lease sale. Lease Sale 253 attracted 165 bids from 27 companies, with high bids totalling US$159.4 million. While this is a decrease of about $85 million (35%) from the […]

WoodMac: Chevron Exits Bidding War For Anadarko

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(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 had received an offer from Occidental that was superior to a previously-arranged deal with Chevron. Chevron said it would allow […]

Guyana: The World’s Next Offshore Oil Hotspot

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(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 60 percent of this South American country’s gross domestic product (GDP). Now, Guyana is set to add another valuable commodity […]