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Organizers of the Offshore Technology Conference (OTC) announced today that the event, planned for May 4-7, 2020, will be postponed until Q3 2020 due to "unprecedented global challenge associated with the current COVID-19 pandemic." With severe global travel restrictions and considering the rapidly changing guidance from governments and companies, OTC has chosen to postpone the... Continue Reading →
Digitalization has revolutionized the world, and hydrographic survey techniques are no exception. While advances in mechanical design have enabled the survey of increasingly remote locations, electronics and digital processing techniques have dramatically increased resolution. Where once a few spot soundings were considered enough to make a chart, today’s survey vessels generate vast amounts of data... Continue Reading →
Oil prices could fall into the low $20s for the global market to rebalance, as Rystad Energy expects an increase in global supplies in the next three months. OPEC+ countries are locked and loaded to add between 1.5 million and 2.5 million barrels per day (bpd), which Rystad estimates is their realistic short-term capability. After... Continue Reading →
The total capital and operational expenditure of exploration and production companies (E&Ps) is now likely to be cut by $100 billion in 2020 and another $150 billion in 2021 if oil prices remain at a $30 level, a Rystad Energy impact analysis revealed – a development that will heavily impact service company revenues, driving some... Continue Reading →
The Organization of the Petroleum Exporting Countries was set up in 1960 to coordinate oil production policy among its members but in recent decades it has increasingly cooperated with producers outside the group to manage the market. This month, OPEC's latest deal on oil supply cuts with Russia and other non-OPEC nations collapsed, sending the... Continue Reading →
The oil price crash has led to Danish offshore wind developer Orsted overtaking Norwegian oil major Equinor as the most valuable energy company in the Nordics, highlighting the appeal to investors of renewables over fossil fuels. Shares in Equinor slid nearly 18% on Monday as crude prices plunged 25% after top producers Saudi Arabia and... Continue Reading →
Oil and gas companies might be heading for another round of 'brutal' cost cuts in the wake of the oil price crash caused by coronavirus outbreak and Saudi-Russia stand-off on output cuts. Wood Mackenzie’s Tom Ellacott said: “The price collapse could be the trigger for a new phase of deep industry restructuring - one that... Continue Reading →
Oil clawed back some of its biggest drop in a generation as investors grappled with the most volatile market on record in the midst of simultaneous supply and demand shocks. Futures rose about 4% in early Asian trading on Tuesday after collapsing by a quarter on Monday -- the biggest price drop since the 1991... Continue Reading →
Why is the world reacting so irrationally to the Covid-19 outbreak? While we still have a lot to learn about the virus, we do know this much: It will continue to spread across the globe despite travel bans because it is highly contagious and many, if not most, suffer only mild common flu-like symptoms and... Continue Reading →
Oil markets tumbled more than 30% after the disintegration of the OPEC+ alliance triggered an all-out price-war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences. Brent futures suffered the second-largest drop on record in the opening seconds of trading in Asia, behind only the plunge during the Gulf... Continue Reading →
Brazil Energy Insight 