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    Akselos and Shell sign framework agreement on digital twin technology

    Akselos and Shell sign framework agreement on digital twin technology

    Asia Pacific upstream transactions plunge to lowest this century

    Asia Pacific upstream transactions plunge to lowest this century

    Italy's largest pipeline firm continues push into hydrogen tech

    Italy’s largest pipeline firm continues push into hydrogen tech

    Korean bunkers tighten with cargo, barge constraints

    Korean bunkers tighten with cargo, barge constraints

    Russia, Turkmenistan Join Forces to Improve Maritime Transport in the Caspian Sea

    Russia, Turkmenistan Join Forces to Improve Maritime Transport in the Caspian Sea

    Venezuela resumes direct oil shipments to China despite U.S. sanctions

    Venezuela resumes direct oil shipments to China despite U.S. sanctions

    Repsol to invest $90 million in two low-emissions projects in Spain

    Mammoet launches SK6,000 crane to enhance FPSO modularization strategies

    Downstream oil regulator PNGRB simplifies gas pipeline tariff

    Downstream oil regulator PNGRB simplifies gas pipeline tariff

    Arabian Pipes Co wins $42.6m supply contract from Saudi Aramco

    APA Group to invest $337m in gas pipeline construction in Australia

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    Global oil and gas projects pipeline at US$4 trn

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

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    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

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    Fugro to offer positioning services for Petronas Suriname drilling campaign

    Fugro to offer positioning services for Petronas Suriname drilling campaign

    Siemens Energy partners with ProFlex Technologies to provide IoT-based pipeline leak detection

    Siemens Energy partners with ProFlex Technologies to provide IoT-based pipeline leak detection

    Digital technologies boosts earnings at Johan Sverdrup

    Digital technologies boosts earnings at Johan Sverdrup

    Angola Oil & Gas Conference & Exhibition to return on 15-16 June 2021

    Angola Oil & Gas Conference & Exhibition to return on 15-16 June 2021

    ADNOC announces major rig fleet expansion program

    ADNOC invests $245 million to upgrade main oil lines and Jebel Dhanna Terminal

    ExxonMobil to sell Norway upstream operations for $4.5 billion

    ExxonMobil announces Redtail discovery offshore

    Saudi Aramco to acquire Shell’s share of the SASREF refining joint venture

    Aramco discovers two new oil and gas fields in northern Saudi Arabia

    Ampelmann and Olympic Shipping join forces in project for Ithaca Energy in the North Sea

    Faltering oil demand puts new pressure on OPEC+ production agreements

    Siemens to explore leveraging wind power for hydrogen production

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    CNOOC Limited Announces Key Operational Statistics for Q1 2020

    Aramco announces second quarter and half-year 2020 results

    bp agrees to sell its petrochemicals business to INEOS

    bp agrees to sell its petrochemicals business to INEOS

    Empire Pipeline Acquires Gibson Terminal In Terrebonne Parish, Louisiana

    CNOOC Limited Announces Key Operational Statistics for Q1 2020

    CNOOC Limited Announces Key Operational Statistics for Q1 2020

    Renewables: Total Continues to Expand its Footprint in Southeast Asia in Distributed Solar

    Renewables: Total Continues to Expand its Footprint in Southeast Asia in Distributed Solar

    ExxonMobil earns $3.2 billion in third quarter 2019

    ExxonMobil earns $3.2 billion in third quarter 2019

    BP to sell Alaska business to Hilcorp

    BP to sell Alaska business to Hilcorp

    Exxon Mobil Second Quarter 2019

    ExxonMobil Earns $3.1 Billion in Second Quarter 2019

    Equinor capitalizes shares

    Equinor capitalizes shares in Lundin Petroleum for increased direct ownership in Johan Sverdrup and a cash consideration

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    Akselos and Shell sign framework agreement on digital twin technology

    Akselos and Shell sign framework agreement on digital twin technology

    Asia Pacific upstream transactions plunge to lowest this century

    Asia Pacific upstream transactions plunge to lowest this century

    Italy's largest pipeline firm continues push into hydrogen tech

    Italy’s largest pipeline firm continues push into hydrogen tech

    Korean bunkers tighten with cargo, barge constraints

    Korean bunkers tighten with cargo, barge constraints

    Russia, Turkmenistan Join Forces to Improve Maritime Transport in the Caspian Sea

    Russia, Turkmenistan Join Forces to Improve Maritime Transport in the Caspian Sea

    Venezuela resumes direct oil shipments to China despite U.S. sanctions

    Venezuela resumes direct oil shipments to China despite U.S. sanctions

    Repsol to invest $90 million in two low-emissions projects in Spain

    Mammoet launches SK6,000 crane to enhance FPSO modularization strategies

    Downstream oil regulator PNGRB simplifies gas pipeline tariff

    Downstream oil regulator PNGRB simplifies gas pipeline tariff

    Arabian Pipes Co wins $42.6m supply contract from Saudi Aramco

    APA Group to invest $337m in gas pipeline construction in Australia

  • Projects
    Global oil and gas projects pipeline at US$4 trn

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    Fugro to offer positioning services for Petronas Suriname drilling campaign

    Fugro to offer positioning services for Petronas Suriname drilling campaign

    Siemens Energy partners with ProFlex Technologies to provide IoT-based pipeline leak detection

    Siemens Energy partners with ProFlex Technologies to provide IoT-based pipeline leak detection

    Digital technologies boosts earnings at Johan Sverdrup

    Digital technologies boosts earnings at Johan Sverdrup

    Angola Oil & Gas Conference & Exhibition to return on 15-16 June 2021

    Angola Oil & Gas Conference & Exhibition to return on 15-16 June 2021

    ADNOC announces major rig fleet expansion program

    ADNOC invests $245 million to upgrade main oil lines and Jebel Dhanna Terminal

    ExxonMobil to sell Norway upstream operations for $4.5 billion

    ExxonMobil announces Redtail discovery offshore

    Saudi Aramco to acquire Shell’s share of the SASREF refining joint venture

    Aramco discovers two new oil and gas fields in northern Saudi Arabia

    Ampelmann and Olympic Shipping join forces in project for Ithaca Energy in the North Sea

    Faltering oil demand puts new pressure on OPEC+ production agreements

    Siemens to explore leveraging wind power for hydrogen production

  • Market Reports
    CNOOC Limited Announces Key Operational Statistics for Q1 2020

    Aramco announces second quarter and half-year 2020 results

    bp agrees to sell its petrochemicals business to INEOS

    bp agrees to sell its petrochemicals business to INEOS

    Empire Pipeline Acquires Gibson Terminal In Terrebonne Parish, Louisiana

    CNOOC Limited Announces Key Operational Statistics for Q1 2020

    CNOOC Limited Announces Key Operational Statistics for Q1 2020

    Renewables: Total Continues to Expand its Footprint in Southeast Asia in Distributed Solar

    Renewables: Total Continues to Expand its Footprint in Southeast Asia in Distributed Solar

    ExxonMobil earns $3.2 billion in third quarter 2019

    ExxonMobil earns $3.2 billion in third quarter 2019

    BP to sell Alaska business to Hilcorp

    BP to sell Alaska business to Hilcorp

    Exxon Mobil Second Quarter 2019

    ExxonMobil Earns $3.1 Billion in Second Quarter 2019

    Equinor capitalizes shares

    Equinor capitalizes shares in Lundin Petroleum for increased direct ownership in Johan Sverdrup and a cash consideration

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Covid-19 creates supply and demand crisis for oil and gas

venkat by venkat
May 1, 2020
in News, Upstream
0
Brent crude oil price falls 24%, second largest one-day decline on record

Oil prices have decreased by around 50% since January 2020, with the US market reporting record lows. With countries on lockdown there is significantly less of all activity, and the demand for oil and gas has fallen spectacularly.

The International Energy Agency reported that oil demand is likely to decrease by 29 million barrels per day (bpd) in April 2020 and by 23.1 million bpd in Q2.

Thus, the sector has seen an imbalance of oversupply and less demand, further exacerbating the price crash. This has trickled down and impacted a number of sectors that usually pull FDI focus, including the chemical, plastic and automotive sectors.

This has also caused a liquid storage crisis, with many facilities reaching maximum capacity. On 20 April, for the first time in history, oil prices went below zero, when US price marker West Texas Intermediate was trading for May delivery at -$4.29. Oil storage has gotten so bad that producers are literally paying buyers to take the oil deliveries. Oil companies such as Shell and Exxon are making moves to counteract oversupply issues by delaying LNG project constructions.

Trying times for oil economies

Oil dependent economies such as those in the Middle East and Africa face a particularly testing time, with a bleak present and uncertain future. Emerging economies are also seeing their oil and gas projects hindered. Many pre-construction projects are facing further scrutiny as doubts grow about their viability in the current economic climate.

Russia’s newest greenfield developments are facing reduced revenues of $20bn over the next three years. With the country seeing 60 new oil fields come online between 2016 and 2019, with a combined peak capacity approaching 900,000 bpd, they were designed to grow production post-2020.

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