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Oil & Gas

After four-week 24-million-barrel build up in gasoline stocks, a first withdrawal during last week can be a good sign, says GlobalData

Following the Energy Information Administration (EIA) Weekly Petroleum data release with information on refined products supplied and stocks build up for crude oil Adrian Lara, Senior Oil & Gas Analyst at GlobalData, a leading data and analytics company, offers his view on the current events: “The withdrawal of 3.7 million barrels (mmbbls) of gasoline from […]
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Total revises capex guidance in the wake of drop in oil prices, says GlobalData

Total’s refining and petrochemical operations have sizeable exposure to COVID-19 affected countries and may experience a fall in capacity utilization over the near term, says GlobalData, a leading data and analytics company. GlobalData’s report, ‘Coronavirus (COVID-19) Company Impact: Total SA’, notes that around 40% of Total’s refining capacity is concentrated in France, the US, Germany, […]
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OPEC+ cuts and COVID-19 crisis reduce revenues from Russia’s newest greenfield developments by US$20bn over three years

Following news that OPEC+ has agreed to cut production by 9.7 million per day, with Russia and Saudi Arabia assuming the biggest production reductions; Anna Belova, Senior Oil & Gas Analyst at GlobalData, a leading data and analytics company, offers her view on the current events: “As soon as the cut details were finalized, questions arose as to how Russia would be able to fulfil its […]
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Eagle Ford natural gas production benefiting from crude oil price crash

The oil price crash has forced Eagle Ford operators to re-evaluate their cash flows, cutting capital expenditure and rig count in 2020. By assessing the readjustment of capital expenditure (capex) of 16 companies, which account for approximately 75% of total Eagle Ford production, GlobalData, a leading data and analytics company, estimates a reduction of approximately […]
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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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