Rystad Energy: Additional Note on the Coordinated SPR Release
Today’s events are unprecedented at scale when looking at the recent history of the oil market. It is the first time that these countries, including China, conduct a coordinated release. The last time we saw a similar coordinated plan was during the Libya civil war in 2011, when IEA countries …
Rystad Energy: Oil Dips on Coordinated SPR Release
Today marks an official emergence of an ‘anti-OPEC+’, a group of top oil-consuming countries that are taking the supply-side dynamics into their own hands in the unconventional and unprecedented release of strategic petroleum reserves to create artificial looseness in the oil market and deliver a negative blow to oil prices. …
Expro Launches Galea™ – The World’s First Fully Autonomous Well Intervention System
Expro, a leading provider of energy services, today launches Galea™ – the world’s first fully autonomous well intervention system – to maximize production while reducing intervention costs, HSE risks and environmental impact. Galea™ replaces larger, conventional and more labor-intensive wireline rig-ups for a range of slickline operations such as solids …
Shale Getting Stingy? Reinvestment Rates in the US Hit Historic Lows in Q3 Shaping Record Free Cash Flow
Reinvestment rates among US shale oil producers hit an all-time low in the third quarter of 2021, resulting in a record free cash flow for the quarter, and are projected to fall even lower by year-end according to a Rystad Energy analysis. The analysis focused on a peer group of …
Rystad Energy: Oil Under Pressure as European Lockdowns Threaten Demand
The collateral damage on oil prices from last week is set to unwind further this week as Germany joins the chorus on calling for tighten restrictions while Europe grapples with a fourth wave of Covid-19 cases. If a new wave of lockdowns are enacted in Europe, oil prices will not …
NewTech Services: Expands Rotary Steerable System Portfolio
NewTech Services announced in 2020 the commercial release of the Zenith™ rotary steerable system (RSS) in response to our customer’s drilling challenges and their ongoing investment decisions. This push-the-bit technology expands the limits of the directional drilling market by improving reservoir access while optimizing drilling costs with its unique integrated …
Rystad Energy: COP26 Pledge to do Better Could Help Limit Global Warming to 1.6°C but more Evidence Needed
Rystad Energy’s assessment of the COP26 summit consensus is that the last-minute compromises can be seen as overwhelmingly positive towards averting critical levels of global warming. Our data-driven forecasts model different climate scenarios and, up until the Glasgow Climate Pact, our research pointed to a likely outcome of 1.8°C. However, …
Rystad Energy: Oil Falls on IEA, OPEC Projections and as US Crude Stocks Seen Building
When the trajectory of the oil market’s supply tightness is being challenged by both the IEA and OPEC, it’s difficult for the trading mood to not turn bearish. Prices are falling on forecasts that the world may see oil surpluses again from as early as next month, if OPEC expectations …
Rystad Energy: The Gas Market is Once Again Rife with Bullish Signals
In Europe, the suspension of Nord Stream 2’s certification process has let bullish momentum take hold again, resulting in higher TTF prices due to the evaporating expectations of any supply relief through this pipeline during the Northern Hemisphere winter. The Nord Stream 2 setback comes as temperatures in the northern hemisphere …
Rystad Energy: As falling Costs Make New Oil Cheaper to Produce, Climate Policies May Fail Unless they Target Demand
Rystad Energy’s annual cost of supply analysis has revealed that costs within the upstream sector have come down considerably in 2021, making new oil more competitive and significantly cheaper to produce. The average breakeven price for new oil projects has dropped to around $47 per barrel – down around 8% over …