Wood Mackenzie

Energy research groups Wood Mackenzie and Rystad Energy say improvements in operations costs since the last downturn 5–6 years ago have made it difficult for companies to make further reductions amid the current drop in demand.

Oil exploration and production jobs globally are at about the level they were after deep cuts following the 2014 crash. Now companies need to find more to cut.

In a scenario of accelerated international infection rates, the supply impact would quickly become more severe. If ongoing virus containment efforts prove unsuccessful, production operations at more producing assets in Southeast Asia and beyond could be directly affected.

The depth of the world’s offshore projects has steadily increased over the past 30 years—and so has its production base. The growth trend will continue thanks to new fields offshore Brazil, Guyana, and the US.

Artificial intelligence tools present many opportunities for the energy industry, and, as technological concepts leave the realm of science fiction, companies have started to grasp what is possible. What roles do culture and ethics play in helping companies understand the digital revolution?

Approximately $200 billion in projects worldwide are racing to be approved over the next 2 years. The race is not just to make FIDs on projects, but also to enter FEED work to lock in contractors before others do.

The Unconventional Resources Technology Conference is like visiting an oilfield theme park for engineers and geoscientists. This year those traveling to the conference for a glimpse of what is possible in exploration and production will also focus on ways to improve short-term profitability.

The confluence of alternative energies, shifting public sentiment, and the industry’s own improvements to existing fields may upend the industry’s “engine of growth.”

In its first 50 years, LNG has become the world’s fastest-growing gas supply source and is now part of an upheaval in the global energy market. Today, the sector stands at a crossroads, and the industry must adopt new thinking to address current and future needs of buyers, sellers, and consumers.

Financially healthier than in years past, operators are prepared to stave off the negative impacts of volatile oil markets in 2019 and advance their exploration and development programs.