Oil & Gas

Weak financial outlook and the impact of COVID-19 led to the downfall of Whiting Petroleum

The outbreak of the COVID-19 pandemic has intensified the challenges faced by Whiting Petroleum, leading to a mediocre overall performance. As a result, in a matter of four months, stocks of Whiting Petroleum nose-dived from US$7 to less than US$1 and the company eventually filed for bankruptcy. Kumar Nishant, oil and gas analyst at GlobalData, […]

Oil & Gas

After drastic drop of US crude production in April and May, the system starts to balance

Following the release of data by the Energy Information Administration (EIA) Weekly Petroleum with information on refined products supplied and stocks weekly changes crude oil; Adrian Lara, Senior Oil & Gas Analyst at GlobalData, a leading data and analytics company, offers his view on the current events: “Production cuts in US shale over the last […]

Oil & Gas

COVID-19 pandemic curtails the investment wave in petrochemical industry

With the impact of COVID-19 outbreak globally and the downturn in oil and gas market prices, companies are announcing project delays. The US had the largest number of project delay announcements by mid-May, followed by China, and construction works at Shell Beaver County Complex and utility works at the Formosa St. James Parish Complex were […]

Oil & Gas

North Ameican oil and gas pipeline sector continues working out strategies against the weak economy and COVID-19, says GlobalData

Weak economic outlook coupled with the impact of COVID-19 has hit the oil and gas industry in general, the North American oil and gas pipeline sector being no exception. As a result, major upcoming pipeline projects either being stalled or delayed in the region. Some of the major projects that have been stalled or delayed […]

Oil & Gas

Refiners worldwide hit hard by fuel demand destruction caused by lockdowns and stringent travel restrictions

Stringent travel restrictions worldwide have wiped out the market for fuel transportation and long storage durations have led to the deterioration of products such as gasoline and jet fuel, as well as increased inventory costs for refiners. As a result, refiners across the world have been hit hard and forced to cut production rate despite […]

Oil & Gas

Australia’s domestic-focused E&Ps are better positioned to cope with current global market volatility, says GlobalData

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 […]

Oil & Gas

USL48 production might ramp up sooner than expected, says GlobalData

After almost three months since the start of the COVID-19 pandemic, GlobalData estimates crude oil production in the USL48 to reduce from an average of approximately 10.3 million barrels of oil per day (mmbd) in January 2020 to 8.2 mmbd in December. Consequently, the reduction in associated gas resulted in a decline in natural gas […]

Oil & Gas

Natural gas outlook remains bleak through 2020 and affects major gas-producing shale operators, says GlobalData

Natural gas prices have struggled in early 2020, hitting record lows due to US dry gas production being at a record high – which has impacted major shale plays such as the Appalachian basin. Although the reduction in associated gas from crude oil production across major oil basins has provided support to the natural gas market, it does […]

Oil & Gas

Total’s upstream business better placed to weather 2020 market volatility than its European peers, says GlobalData

Total SA’s (Total) robust upstream business tops the European majors’ peer group when assessed against the impact of COVID-19 and the current oil price volatility, says GlobalData, a leading data and analytics company. Daniel Rogers, Upstream Oil and Gas Analyst at GlobalData, comments: “Our latest research indicates that Total’s upstream business is well positioned to […]

Oil & Gas

APAC LNG companies revisiting strategies to tackle economic slowdown fueled by COVID-19, says GlobalData

Liquefied natural gas (LNG) imports by the world’s top three consumers – Japan, China and South Korea, and other Asia-Pacific (APAC) countries such as India have taken a hit due to reduced demand and economic slowdown fueled by the COVID-19 outbreak. Against this backdrop, LNG firms are re-examining their strategies to combat the financial slowdown. […]

Oil & Gas

COVID-19 triggers delays in projects and investment decisions in global LNG liquefaction sector, says GlobalData

The global liquefied natural gas (LNG) liquefaction sector is reeling under the pressure of falling oil and gas prices, weak LNG demand and poor global economic outlook. Consequently, LNG developers have started relooking at their strategies and capex plans for 2020. This could lead to postponement of financial investment decisions (FIDs) and construction delays of […]

Oil & Gas

Global oil and gas contract activity reports downtrend amid COVID-19 outbreak during Q1 2020

The global oil and gas industry has witnessed a significant slowdown in the number of oil and gas contracts and contract value, which is largely attributed to the decline in crude oil prices and reduced demand amid the COVID-19 outbreak. Furthermore, many oil and gas companies are reducing CAPEX/OPEX exposure in this non-conducive market. These […]

Oil & Gas

China’s pre-FID projects at stake amid uncertainty due to COVID-19 outbreak, says GlobalData

Reduced demand due to COVID-19 outbreak and the subsequent economic slowdown have forced China’s petrochemical players to re-work on their investment strategies. As a result, several pre-final investment decision (FID) projects are at risk, according to GlobalData, a leading data and analytics company. John Paul Somavarapu, Oil and Gas Analyst at GlobalData, comments: “The outbreak […]

Oil & Gas

Surplus volumes amid global drop in oil demand due to COVID-19 leaves oil companies grappling for storage space, says GlobalData

Oil companies are dealing with a plethora of challenges due to the sudden decline in demand amid the COVID-19 pandemic. Distant storage locations increase costs as transportation fees get factored in with storage fees. Additionally, the relatively short shelf life of gasoline and jet fuel, and the limitations of storing light crude alongside heavy crude, […]

Oil & Gas

China to spearhead Asian refinery hydrocracking units’ capacity growth by 2024, says GlobalData

China is expected to lead the Asia’s refinery hydrocracking units’ capacity growth, contributing around 57% of the region’s total capacity growth by 2024. China is likely to add 688 thousand barrels per day (mbd) of hydrocracking units’ capacity by 2024, says GlobalData, a leading data and analytics company. The company’s report, ‘Global Refinery Hydrocracking Units […]

Oil & Gas

Asia leads global refinery hydrocracking units’ capacity growth by 2024, says GlobalData

Asia is expected to lead the global refinery hydrocracking units’ capacity growth, contributing about 49% of the total global capacity growth by 2024. The region is likely to add 1.2 million barrels per day (mmbd) of hydrocracking units capacity by 2024, says GlobalData, a leading data and analytics company. The company’s report,‘Global Refinery Hydrocracking Units […]

Oil & Gas

COVID-19 triggers delays in projects and investment decisions in European petrochemical sector, says GlobalData

The COVID-19 outbreak has damaged supply chains and impacted labor availability across Europe, which has direct implications on upcoming petrochemical projects currently under construction/commissioning and scheduled for startup this year. Any potential delays in construction/commissioning of these plants in 2020 may spill over to 2021, and could potentially affect the scheduling for next year as […]

Oil & Gas

COVID-19 pandemic has considerably disrupted oil and gas supply chains, says GlobalData

Social distancing is directly affecting global travel, logistics and material handling, as well as potentially creating gaps along the oil and gas supply chain that will take some time to fix, says GlobalData, a leading data and analytics company. The company’s report, ‘Coronavirus (COVID-19) Case Study: Impact on Oil & Gas Supply Chain’, notes that […]

Oil & Gas

Depressed demand and falling oil and gas prices challenges global LNG sector

The global liquefied natural gas (LNG) sector has been hit by supply overhang followed by COVID-19-induced economic slowdown and lower demand worldwide. Haseeb Ahmed, Oil and Gas analyst at GlobalData, comments: “Due to the sharp fall in oil prices, spread between oil-indexed long-term LNG contracts and spot contracts have considerably reduced. This can make it […]

Oil & Gas

Over US$85bn of 2020 forecast expenditure erased from oil and gas sector

To protect balance sheets, maintain shareholder pay-outs and preserve cash, oil and gas companies have gone into survival mode, reducing forecast expenditure where possible to weather the impacts of COVID-19 and oil market volatility, says GlobalData, a leading data and analytics company. Daniel Rogers, Oil and Gas Analyst at GlobalData, comments: “The bearish near-term outlook […]

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Oil & Gas

Weak financial outlook and the impact of COVID-19 led to the downfall of Whiting Petroleum

After drastic drop of US crude production in April and May, the system starts to balance

COVID-19 pandemic curtails the investment wave in petrochemical industry

North Ameican oil and gas pipeline sector continues working out strategies against the weak economy and COVID-19, says GlobalData

Refiners worldwide hit hard by fuel demand destruction caused by lockdowns and stringent travel restrictions

Australia’s domestic-focused E&Ps are better positioned to cope with current global market volatility, says GlobalData

USL48 production might ramp up sooner than expected, says GlobalData

Natural gas outlook remains bleak through 2020 and affects major gas-producing shale operators, says GlobalData

Total’s upstream business better placed to weather 2020 market volatility than its European peers, says GlobalData

APAC LNG companies revisiting strategies to tackle economic slowdown fueled by COVID-19, says GlobalData

COVID-19 triggers delays in projects and investment decisions in global LNG liquefaction sector, says GlobalData

Global oil and gas contract activity reports downtrend amid COVID-19 outbreak during Q1 2020

China’s pre-FID projects at stake amid uncertainty due to COVID-19 outbreak, says GlobalData

Surplus volumes amid global drop in oil demand due to COVID-19 leaves oil companies grappling for storage space, says GlobalData

China to spearhead Asian refinery hydrocracking units’ capacity growth by 2024, says GlobalData

Asia leads global refinery hydrocracking units’ capacity growth by 2024, says GlobalData

COVID-19 triggers delays in projects and investment decisions in European petrochemical sector, says GlobalData

COVID-19 pandemic has considerably disrupted oil and gas supply chains, says GlobalData

Depressed demand and falling oil and gas prices challenges global LNG sector

Over US$85bn of 2020 forecast expenditure erased from oil and gas sector

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