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GlobalData
GlobalData

Oil & Gas

Investors unlikely to commit exploration budget to licensing rounds in near term due to coronavirus, says GlobalData

Investors have not faced both a decrease in global oil demand and a significant and potentially prolonged increase in oil supply at the same time before, which has created unparalleled uncertainty. To manage their exposure, many exploration and production (E&P) companies, including major operators, have pledged to reduce capital expenditure (CAPEX) budgets for 2020 by […]
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Coronavirus outbreak to hamper oil and gas projects in emerging economies

One of the immediate effects of the coronavirus (COVID-19) pandemic on the oil and gas industry has been a global glut of crude oil supply amid already weak demand, resulting in a significant drop in oil prices. Ongoing projects across the industry will likely be impacted, which could potentially put further stress on the global economy, according to GlobalData, a leading data and analytics company. The company’s report: ‘Impact of COVID-19 on Emerging Economies’ analyses the effect […]
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COVID-19 outbreak leads to a surge in tanker rates, says GlobalData

The rates for chartering very large crude carriers (VLCCs) has surged exponentially due to a spike in demand for long-term offshore storage of crude oil following the Organization of Petroleum Exporting Countries’ (OPEC’s) disagreement with Russia over the impact of the coronavirus (COVID-19) and the resulting oil price crash, according to leading data and analytics […]
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Over US$50bn in capital expenditure cuts announced as oil and gas companies grapple with COVID-19 and oil price war

As the oil and gas sector comes to terms with decade-low oil prices and global disruptions caused by the coronavirus (COVID-19), company costs and investments are being slashed with over US$50bn pledged to date and more on the horizon, says GlobalData, a leading data and analytics company. Daniel Rogers, Oil and Gas Analyst at GlobalData, comments: “Of the announced US$50bn in cuts to date, approximately 20% of that is coming solely from Saudi Aramco, which could have implications for its ongoing expansion projects in the country. […]
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Permian production already a victim of oil price war

Following the announcement that several key operators in the Permian Basin are significantly reducing capex or production in their positions as a result of the severe oil price fall; Adrian Lara, Oil and Gas Analyst at GlobalData, a leading data and analytics company, offers his view: “Of all the unconventional plays, the Permian Basin reduction […]
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Uncertainty looms over oil and gas M&A deals landscape amidst coronavirus outbreak and drop in oil prices

The recent coronavirus (COVID-19) outbreak is adding further woes for the oil and gas industry, which is already plagued by oversupply and declining prices. This is expected to affect the completion of announced and planned mergers and acquisitions (M&A) deals, according to GlobalData, a leading data and analytics company. GlobalData’s deals database identifies that a […]
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Maka Central discovery needs at least 210 million boe recoverable resources to be economical, says GlobalData

The Maka Central discovery has the potential to bring more than US$50m in revenue per year to the Surinamese Government, if it sees similar success to Guyana’s Stabrook, according to leading data and analytics company GlobalData. Gregory Bosunga, Oil and Gas Analyst at GlobalData, comments: “Due to a lack of onshore processing and export infrastructure in the […]
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US shale supply badly hit by price war and forced to become more resilient

Following the WTI price fall to around US$30 per barrel due to an oil price war between Saudi Arabia and Russia, Adrian Lara, Oil and Gas Analyst at GlobalData, a leading data and analytics company, offers his view: “There is no doubt the outlook is now quite difficult for indebted shale operators and although it is too early to say with accuracy which companies will be driven out of the game or into bankruptcy, the count will likely be more than […]
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