America’s marine economy, including goods and services, contributed about $373 billion to the nation’s gross domestic product in 2018 and grew faster than the nation’s economy as a whole, according to the marine economy statistics released on June 2, by two Department of Commerce agencies.
The intrinsic uncertainty surrounding the duration of beleaguered global oil and gas demand and low oil prices has led to varied responses from E&P companies to cope with the current economic climate. Analysis of the impact on the top Australian E&P companies reveals that domestically focused operators are positioned at the lowest risk to the short-term impacts of COVID-19 and weakened oil prices due to shelter from external market dynamics and robust reserve lives, says GlobalData, a leading data and analytics company.
Energy companies have been slashing exploration and production budgets since the Covid-19 pandemic took hold and sent oil prices tumbling, but, with few profitable investment alternatives, operators are now likely to increase spending in decommissioning work. Rystad Energy estimates the total value of the global pool of decommissioning projects that will accumulate through 2024 could reach $42 billion.
Rystad Energy has kickstarted its global emissions coverage, gathering key data and ranking the world’s oil and gas producers by how much CO2 is emitted in connection with their upstream activities.
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