Rystad Energy: rig utilisation could fall by 18% in Southeast Asia in 2020
Southeast Asia’s rig market, which was poised for growth in 2020, is now set for decline, according to analysis by Rystad Energy.
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Southeast Asia’s rig market, which was poised for growth in 2020, is now set for decline, according to analysis by Rystad Energy.
The coronavirus crisis has led to the second round of negotiations on a future free trade agreement between Britain and the EU, set to involve 200 senior officials from both sides, being postponed.
The IEA expects global oil demand to fall in 2020 – the first full-year decline in more than a decade – because of the deep contraction in China, which accounted for more than 80% of global oil demand growth in 2019, and major disruptions to travel and trade.
INEOS has decided to postpone its scheduled maintenance for the North Sea Forties pipeline system (FPS) in a move that Rystad Energy calculates will add several hundred thousands of extra barrels to the market every day.
The largest job reductions in 2020 are expected to be within shale, according to Rystad.
The ongoing coronavirus pandemic and low oil price has brought considerable instability to African oil producers in the Gulf of Guinea.
According to an impact analysis from Rystad Energy, E&P companies are likely to reduce project sanctioning by up to US$131 billion, or about 68% y/y.
Dr Neil Arthur, Lloyd’s Register, explores the most promising and impactful new technologies being implemented to optimise asset maintenance.
China’s crude oil stock (including strategic and commercial petroleum reserves) could reach the equivalent of 83 days of oil demand, according to Wood Mackenzie.
In the second part of this two-part article, Pieter van der Vyver, Oceaneering, explains how to ensure assets remain safe and sustainable through quantitative engineering analysis.
The fall in oil and gas prices and the impact of the coronavirus has led to the industry body to call for government support.
The oil price is soon expected to slide even lower once the extra supply becomes available from April.