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James McCallum, Xergy, argues that using digital technology and data in new ways to bring new talent to the oil and gas industry will be key to unlocking its survival and recovering from the Covid-19 pandemic and low oil prices.
Rystad estimates that the total number of started frac operations will end up below 300 wells in April 2020.
Rystad Energy’s Head of Oil Markets, Bjornar Tonhaugen, has commented on today's developments.
Austin J. Wells, Arnco Technology, USA, explains how changing the way problems are considered is often how solutions are developed.
Rystad Energy has issued its daily market comment on oil prices.
The US is seeing an immediate and severe drop in OCTG tonnage requirements, as operators have slashed their drilling programmes by in some cases up to 50%.
Rystad Energy's Oil Markets Analyst Louise Dickson has said that WTI June 2020 deliveries could also be on their way into the red.
Rystad is estimating that the industry's revenues will fall this year by 51% in a US$30 Brent scenario and by 77% if the Brent falls to US$20, compared to levels seen in 2019.
Rystad Energy's Head of Oil Markets, Bjornar Tonhaugen, has commented on the recovery of oil prices from negative levels yesterday.
As shut-ins, reductions in spending and activities weigh in, 4Q20, which was projected to see a y/y oil production increase of 650 000 bpd, is now instead forecast to see a reduction of 1.5 million bpd.
Canada will invest CAN$2.5 billion (US$1.8 billion) in measures to help the oil and gas industry during the coronavirus outbreak.
New licensed offshore acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, according to Rystad Energy.