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.

The oil market collapse caused by the Covid-19 pandemic is set to delay several oil and gas developments in Western Europe, putting capital expenditure in the offshore sector on a continued downwards trajectory through 2022.

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.

Fugro has received USD 17.3 million from the sale by Global Marine Group of a 30% stake in Huawei Marine Networks (HMN) to Hengtong Optic-Electric Co Ltd. This transaction was announced in a press release on October 30, 2019. 

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.

Investments in solar and wind energy projects by the world’s oil majors until 2025 are expected to exceed $18 billion, a Rystad Energy analysis finds.

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.

The Covid-19 pandemic and the price crisis it has brought upon the oil and gas sector have hit the profitability of exploration and production (E&P) companies hard. Despite the recent relative oil price recovery, dozens of US operators are still threatened by bankruptcies even at a WTI oil price of $30 per barrel. A Rystad Energy analysis shows that royalty exemptions could save the day for many of them.

Mitcham Industries, Inc. (NASDAQ: MIND) ("Mitcham" or "the Company") has announced financial results for its fiscal 2021 first quarter ending April 30, 2020.

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.

Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) issued further details of the cost reduction program, following initial guidance provided on April 30.

Confidence had returned to global exploration with improved performance and the emergence of several new multi-billion-barrel plays. The confidence carried over into 2020 but has evaporated in the face of the Covid-19 crisis and the collapse in oil prices. Short term plans are in a state of flux and exploration strategy is being reset again.

Cables specialist Nexans Norway AS has won a comprehensive design, engineering, production and installation contract to supply high-voltage transmission cables both offshore and on land for the Seagreen offshore wind farm under development off Scotland.

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.  

Through a private placement, Kongsberg Digital has acquired additional shares in NorSea Digital, now KONCIV, together with the private investor Jacob Møller. NorSea remains its largest owner. The company provides digital logistics services through its cloud solution. 

After years of talk about the declining role of oil in the global economy, and of OPEC’s demise, the COVID-19 pandemic has placed Middle East producers at the heart of the drive to prevent the health crisis becoming a global economic catastrophe, says GlobalData, a leading data and analytics company.