COVID-19

Several companies have provided updates on their North American LNG projects, including Pembina, LNG Canada, and Sempra. The outlooks vary from plans to move ahead to others seeking money to stay afloat.

Gas demand is expected to grow by just 2 Bcm in 2020, down from previous expectations of 6 Bcm. The Netherlands, UK, Germany, and Spain are expected to see the biggest impact.

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.

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.

More than 200 companies could become insolvent in the UK and Norway. This number may be larger when including the rest of Europe.

Major energy companies in the United States imposed work-from-home rules for office staff and began health checks for remote or critical workers as coronavirus spread and threatened an industry reeling from falling demand and profits.

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.

As industry imposes work from home, health checks, and other severe measures, could digitalization provide relief?

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.