ADIPEC Webinar told oil and gas operators need to work more closely with suppliers to mitigate financial impact of oil price collapse, stabilize supply chains and build long-term resilience
Global demand for oilfield services (OFS), measured in the total value of exploration and production (E&P) company purchases, is set for a massive 25% yearly drop in 2020 as a result of the Covid-19-caused downturn, a Rystad Energy analysis shows.
The 2020 release of Rystad Energy’s annual global energy outlook reveals that the Covid-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas and as a result reducing the world’s recoverable oil by around 282 billion barrels.
BP’s announcement that it is going to write down the value of its exploration assets by $8-10 billion (56-70%) shows the accounting impact of its energy transition strategy.
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