• Upstream
  • Pipelines & Transport
  • Downstream
Oil&Gas Advancement
  • Home
  • News

    Offshore Gas Field Nod From The US To Trinidad And Tobago

    Uganda Begins First Oil Drilling Project Under $10bn Scheme

    Dutch government invites Shell, Exxon to join $2.6B subsea carbon storage plan

    TechnipFMC awarded $250 million subsea service contract offshore Brazil

    Sinopec creates record by drilling 8,725 meters deep oil, gas field

    Uganda expects oil production by 2025 with new drilling activity

    Trillion Energy to increase gas production at SASB gas field with three new side-track wells

    Total-Eni partnership in offshore gas drilling

    PETRONAS awards three production sharing contracts offshore Malaysia

    Perenco Brazil’s FSO ‘sets sail to Pargo Cluster offshore Brazil

    Eni Ghana launches Business and Market Fair in Sanzule, Western Region

    Eni to invest $8 billion in two Libyan natural gas fields

    Norway Plans To Offer Record 92 Oil & Gas Exploration Units

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    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

    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

    Equinor Energy

    Transocean secures offshore drilling rig contract from Wintershall and OMV

    offshore contract by Al Yasat Petroleum

    INEOS and partners approved to develop Solsort field offshore Denmark

    TechnipFMC awarded significant subsea contract for Shell’s North Sea development

    Petronas hires Maersk semi-submersible for Suriname exploration

    PETRONAS Announces New Gas Discovery in Central Luconia Province, Offshore Malaysia

  • Market Reports

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    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

  • Events
  • Contact Us
No Result
View All Result
  • Home
  • News

    Offshore Gas Field Nod From The US To Trinidad And Tobago

    Uganda Begins First Oil Drilling Project Under $10bn Scheme

    Dutch government invites Shell, Exxon to join $2.6B subsea carbon storage plan

    TechnipFMC awarded $250 million subsea service contract offshore Brazil

    Sinopec creates record by drilling 8,725 meters deep oil, gas field

    Uganda expects oil production by 2025 with new drilling activity

    Trillion Energy to increase gas production at SASB gas field with three new side-track wells

    Total-Eni partnership in offshore gas drilling

    PETRONAS awards three production sharing contracts offshore Malaysia

    Perenco Brazil’s FSO ‘sets sail to Pargo Cluster offshore Brazil

    Eni Ghana launches Business and Market Fair in Sanzule, Western Region

    Eni to invest $8 billion in two Libyan natural gas fields

    Norway Plans To Offer Record 92 Oil & Gas Exploration Units

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    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

    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

    Equinor Energy

    Transocean secures offshore drilling rig contract from Wintershall and OMV

    offshore contract by Al Yasat Petroleum

    INEOS and partners approved to develop Solsort field offshore Denmark

    TechnipFMC awarded significant subsea contract for Shell’s North Sea development

    Petronas hires Maersk semi-submersible for Suriname exploration

    PETRONAS Announces New Gas Discovery in Central Luconia Province, Offshore Malaysia

  • Market Reports

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    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

  • Events
  • Contact Us
No Result
View All Result
Oil&Gas Advancement
No Result
View All Result
Home News

Oil and gas companies set to lose $1 trillion in revenues this year

venkat by venkat
May 1, 2020
in News, Pipelines & Transport
0
CNOOC Limited Announces Bozhong 34-9 Oilfield Commences Production

Oil and gas exploration and production companies, or E&Ps, are slated to lose a staggering $1 trillion in revenues in 2020, according to analysis by research firm Rystad Energy.

The E&P industry, which includes oil majors, made $2.47 trillion in revenues globally last year, the firm says. But this year it’s projected to

bring in $1.47 trillion, reflecting a 40% decline year-on-year. It comes as the coronavirus pandemic and ensuing lockdowns cripple demand and force companies to slash spending and cancel projects.

Before the virus began to hit economies, Rystad projected E&P revenues for 2020 to reach $2.35 trillion. Returns for 2021 are now also projected lower, at $1.79 trillion compared to a forecast of $2.52 trillion before the pandemic.

The slashed revenues, a similar story for most industries amid the worst economic downturn since the Great Depression, have clearly manifested themselves in the industry’s equity market position. The energy sector is shrinking so dramatically that it’s become the second-

smallest group in the whole S&P index. The industry now represents just 3% of the index, compared to 15% a decade ago and 30% in 1980. The International Energy Agency predicts a record demand loss of 9.3 million barrels per day (bpd) in 2020, as all but essential businesses across many major economies are forced to remain closed and millions of residents shelter in place for an indefinite period of time. Air travel has dropped by 95% in the U.S. year-on-year, a reflection of the global travel industry as a whole.

The price of global oil benchmark Brent crude is down more than 60% year-to-date to its lowest in more than 20 years, and this month saw an oil futures contract turn negative for the first time in history as the world runs out of storage space, forcing producers to take rigs offline and shut in production.

Exxon is cutting its capital spending globally by 30%. Exxon CEO Darren Woods expects oil demand to fall by between 25% and 30% in the immediate term. Chevron, BP, Shell and Saudi Aramco are among other major producers that have announced spending cuts of between 20% and 25% in their operations globally. As an industry, oil companies have so far slashed $54 billion in planned spending, Reuters reported this month.

U.S. shale, with higher production costs than many foreign competitors, is the largest contributor to this so far, with rigs and projects dropping like flies. The Energy Information Administration reported that U.S. production has now plunged by 1 million bpd, pumping 12.1 million bpd last week compared to a record 13.1 million bpd in mid-March.

“This year might be marked by the lowest project sanctioning activity since the 1950s in terms of total sanctioned investments, dropping to $110 billion, or less than one-quarter of the 2019 level, with most of the projects being deferred,” Rystad wrote.

Previous Post

Neptune Energy starts drilling campaign at Fenja field offshore Norway

Next Post

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

Related Posts

News

Offshore Gas Field Nod From The US To Trinidad And Tobago

January 28, 2023
News

Uganda Begins First Oil Drilling Project Under $10bn Scheme

January 27, 2023
Dutch government invites Shell, Exxon to join $2.6B subsea carbon storage plan
Exploration Development

TechnipFMC awarded $250 million subsea service contract offshore Brazil

January 26, 2023
Sinopec creates record by drilling 8,725 meters deep oil, gas field
Drilling

Uganda expects oil production by 2025 with new drilling activity

January 26, 2023
Downstream

Trillion Energy to increase gas production at SASB gas field with three new side-track wells

January 26, 2023
Total-Eni partnership in offshore gas drilling
Exploration Development

PETRONAS awards three production sharing contracts offshore Malaysia

January 26, 2023
Next Post
Brent crude oil price falls 24%, second largest one-day decline on record

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

Latest Post

Total-Eni partnership in offshore gas drilling
Exploration Development

PETRONAS awards three production sharing contracts offshore Malaysia

January 26, 2023
Downstream

Perenco Brazil’s FSO ‘sets sail to Pargo Cluster offshore Brazil

January 26, 2023
Eni Ghana launches Business and Market Fair in Sanzule, Western Region
Exploration Development

Eni to invest $8 billion in two Libyan natural gas fields

January 26, 2023
News

Norway Plans To Offer Record 92 Oil & Gas Exploration Units

January 25, 2023
News

No New Oil-Gas Exploration Contracts On Cards In Columbia

January 23, 2023
News

Response To UK Oil & Gas Licencing Bids Exceeds Expectations

January 21, 2023
Oil&Gas Advancement

About Us

Oil and Gas Advancement is an information centric knowledge sharing platform focused on the latest news in the B2B oil and gas sector bringing to our audiences B2B updates on upstream, downstream, pipeline and transport categories providing information on the latest projects and developments.

Resources

  • Advertise with us
  • Contact Us
  • Newsletter Archive
  • Download Mediapack

System

  • Search
  • Site Map
  • RSS Feed
  • Upstream
  • Pipelines & Transport
  • Downstream

© 2018 Copyright Valuemediaservices 2018 All rights reserved.

No Result
View All Result
  • Home
  • News
  • Projects
  • Whitepapers
  • Press Releases
  • Market Reports
  • Events
  • Contact Us

© 2018 Copyright Valuemediaservices 2018 All rights reserved.