Asset Management
After a record year for LNG project approvals in 2025, multiyear repairs to war-damaged liquefaction facilities in Qatar and the UAE threaten to slow the growth of global LNG capacity.
The declaration builds on a memorandum of understanding the partners signed with Egypt in May to process Block 10 gas at the country’s LNG export and domestic gas facilities.
Alongside the new subsea awards, Equinor strengthened its position in the 400-million-bbl Bay du Nord development by acquiring BP’s interest in the project.
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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. -
Shale producers are pulling completions crews out of the field to respond to the recent price crash, but the contraction has only begun.
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The list of companies that are slashing millions and sometimes billions from their annual spending programs is growing longer as the ripple effects of a price war and pandemic spread across the globe.
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The umbilicals will be designed and manufactured at Aker Solutions’ facility in Alabama.
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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.
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The international major has lowered its output forecast in the world’s most prolific unconventional basin by 20%.
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Revised estimates of project sanctioning total $61 billion in 2020, which is down from $192 billion forecast in 2019.
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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.
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As the fallout deepens from the coronavirus pandemic and the global collapse in oil and gas prices, oil- and gas-producing regions around the world are feeling the pain.
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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.
