COVID-19
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Leaders of Rystad Energy went online recently to talk about the effects of the coronavirus pandemic on the oil and gas industry, and the prognosis isn’t good. -
Revised estimates of project sanctioning total $61 billion in 2020, which is down from $192 billion forecast in 2019.
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The world’s second-largest service firm has seen its share price tumble by 75% as a result of the COVID-19 pandemic and a brutal price war. Workers at Halliburton’s main campus are among the first to feel the impacts.
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More than 200 companies could become insolvent in the UK and Norway. This number may be larger when including the rest of Europe.
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In its first response to the Russia-Saudi Arabia price war, the US government will purchase up to 78 million bbl of crude to protect domestic producers.
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As industry imposes work from home, health checks, and other severe measures, could digitalization provide relief?
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Because offshore project lead times are longer than in shale, production is likely to come on line in 2–5 years when oil prices may be higher. But the number of FPSOs to be sanctioned this year may be cut by half.
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The shale industry could shoulder 65% of $100-billion 2020 global E&P spending cut. Can oilfield services providers afford to cut their fees further to prop up hard-hit operators?
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Equinor announced that one person at the Martin Linge field in the North Sea offshore Norway has tested positive for the coronavirus. The company says the person is not seriously ill.
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SPE is actively monitoring the situation and potential impacts on future activities. The health and safety of our members, attendees, and staff is our highest priority, and that will guide our decision-making.
