-
Categories
-
Pharmaceutical Intermediates
-
Active Pharmaceutical Ingredients
-
Food Additives
- Industrial Coatings
- Agrochemicals
- Dyes and Pigments
- Surfactant
- Flavors and Fragrances
- Chemical Reagents
- Catalyst and Auxiliary
- Natural Products
- Inorganic Chemistry
-
Organic Chemistry
-
Biochemical Engineering
- Analytical Chemistry
-
Cosmetic Ingredient
- Water Treatment Chemical
-
Pharmaceutical Intermediates
Promotion
ECHEMI Mall
Wholesale
Weekly Price
Exhibition
News
-
Trade Service
Norwegian consultancy Rystad Energy said spending on new offshore oil and gas projects will grow
further this year, following the approval of more than 20 billion barrels of oil equivalent development last year.
Rystad, a leading oil and gas industry consultancy, said in a note that more than $92 billion in new offshore oil and gas projects were approved in 2019, up nearly fourfold
from a decade low in 2016.
The strong pick-up in offshore activity is the result of higher oil prices and significant cost cuts across the industry, leading to higher profitability
of projects.
Deepwater gas fields are complex and expensive, but their high capacity and long life mean that many projects are able to compete with
the shorter-cycle onshore shale oil production that is surging in the United States.
Overseas spending in 2019 increased by 5% from the previous year and is expected to grow by more than
8% in 2020.
The largest projects approved last year included the expansion of Marjan and Berri fields in Saudi Arabia, Anadarko's Area 1 LNG project in Mozambique and Chevron's Anchor project
in the Gulf of Mexico.
The volume of oil and gas approved for development last year was the highest since 2011 and more than doubled from 2018 to 12.
3 billion barrels of oil and other liquids and 8.
3 billion natural gas equivalent resources
, the data showed.
Offshore projects generated nearly $90 billion in free cash flow for listed exploration and production (E&P) companies last year, down from $108 billion in 2018 but still the third-highest year
in a decade, Rystad said.
Espen Erlingsen, Head of Upstream Research at Rystad, said: "The very strong cash flow position of offshore companies suggests that E&P companies have enough cash on hand to invest in new projects
after several years of capital expenditure constraints.
”
Norwegian consultancy Rystad Energy said spending on new offshore oil and gas projects will grow
further this year, following the approval of more than 20 billion barrels of oil equivalent development last year.
Rystad, a leading oil and gas industry consultancy, said in a note that more than $92 billion in new offshore oil and gas projects were approved in 2019, up nearly fourfold
from a decade low in 2016.
The strong pick-up in offshore activity is the result of higher oil prices and significant cost cuts across the industry, leading to higher profitability
of projects.
Deepwater gas fields are complex and expensive, but their high capacity and long life mean that many projects are able to compete with
the shorter-cycle onshore shale oil production that is surging in the United States.
Overseas spending in 2019 increased by 5% from the previous year and is expected to grow by more than
8% in 2020.
The largest projects approved last year included the expansion of Marjan and Berri fields in Saudi Arabia, Anadarko's Area 1 LNG project in Mozambique and Chevron's Anchor project
in the Gulf of Mexico.
The volume of oil and gas approved for development last year was the highest since 2011 and more than doubled from 2018 to 12.
3 billion barrels of oil and other liquids and 8.
3 billion natural gas equivalent resources
, the data showed.
Offshore projects generated nearly $90 billion in free cash flow for listed exploration and production (E&P) companies last year, down from $108 billion in 2018 but still the third-highest year
in a decade, Rystad said.
Espen Erlingsen, Head of Upstream Research at Rystad, said: "The very strong cash flow position of offshore companies suggests that E&P companies have enough cash on hand to invest in new projects
after several years of capital expenditure constraints.
”
