Rystad

Hunkering down for Covid-19 has led to plenty of analysis about the loss in energy demand, but Rystad Energy has put a human face on the real tragedy, determining that more than 100,000 oil and gas jobs across the United States have been lost, most within necessary support activities.

The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, on Saturday agreed to extend May and June oil supply cuts for another month to continue rebalancing an oversupplied global crude market.

The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, on Saturday agreed to extend May and June oil supply cuts for another month to continue rebalancing an oversupplied global crude market.

Oil and gas companies around the world have announced plans to divest non-priority assets with recoverable reserves totaling some 12.5 billion boe since December 2019, according to new analysis by Rystad Energy.

Over the next five years, the world’s oil majors are expected to invest up to $17.5 billion into solar and wind energy projects, a Rystad Energy analysis projected.

U.S. oil and natural gas drilling activity has hit its lowest point since Baker Hughes Co. began publishing rig count data in 1987, the Energy Information Administration (EIA) said Wednesday.

The Haynesville Shale, the second largest dry natural gas producing area in the United States, is positioned for a 20% decline in output and activity to 2023 if Henry Hub prices were to maintain an average of$1.80-1.90/MMBtu.

The historic slump in oil drilling is likely to result in the largest monthly decline in completions activity ever recorded in the United States, according to an analysis by Rystad Energy.

Oil and natural gas operators have begun taking a second look at spending cuts implemented in March and are shelving projects as a return to “normal” is not forecast until demand comes closer to matching supply.