Wood Mackenzie
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Wood Mackenzie reports that prices would need to rise, capital discipline would need to evolve, and spending would need to increase by 30% for the upstream sector to meet demand in a delayed energy transition scenario. -
Rystad Energy and Wood Mackenzie highlight key factors shaping the balancing act in the upstream oil market.
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Delayed decommissioning has been a theme on the UK Continental Shelf thanks to legal, regulatory, and technical hurdles, the report says.
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Wood Mackenzie analysis projects a full repeal of the Inflation Reduction Act is unlikely, while industry proponents urge permitting overhaul and loosening of burdensome regulations.
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Government grants and tax incentives will drive carbon capture, storage, and/or utilization projects in the next decade as the industry seeks profitable business model.
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With mobilization in China normalizing, new Wood Mackenzie analysis expects the country to account for almost 40% of global growth in oil demand this year.
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Record prices and the need for energy security are driving US LNG market momentum.
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Wood Mackenzie said "advantaged barrels" that are cheap to extract and with low emissions represent less than a third of untapped resources.
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Namibia, Brazil, and Algeria scored major discoveries in 2022 as the industry drilled fewer exploration wells but found better and larger prospects.
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By 2030, deepwater production is expected to rise 60%, but after that, reduced leasing and exploration could limit this small slice of the sector.
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