oil and gas
Surprisingly, the Oil & Gas and Petrochemical market stands robust on Q3 2020 by reaching 12 months 2019 capital expenditure.
Aware our customers play a main role in the energy transition, we have built the expertise and the according database to help them in this perspective.
From now on, Project Smart Explorer will not only over the Oil & Gas and Petrochemical but also the projects of Renewable Energy and Decarbonization.
Where do we stand 6 months in 2020?
we decided to investigate the reality of data and crunch our numbers from www.projectsmartexplorer.com to make an inventory halfway through the year.
Today trends on the market give us the forecast Capital Expenditures for 2020 should end-up at the same level or above compared to 2019. Previsions for 2021 are also high, fueled by projects postponed.
Medias have largely covered the last weeks Ups and Downs of the Oil & Gas and Petrochemical industry. Well, mostly the Downs in fact.
To figure out the reality, we crunched the numbers from our database www.projectsmartexplorer.com
In fact, the outlook of the Petroleum industry is rather different than what has been massively reported.
In reaction to the social and economic roller coaster initiated by Covid-19, operators of the Oil & Gas industry have taken actions to adapt their strategies. Some have delayed projects, others have rushed projects to restore their market share and take advantage of lower prices in retendering contracts.
The Texas Railroad Commission (RRC) finds itself at the center of the global policy for balancing the oil production with the current consumption as the only legal authority in US having the power to regulate Texas production. Without an agreement among the US producers in Texas, the global price war with Saudi Arabia and Russia will continue until one of the player is giving up the game. But can the RRC really do it?
All crises are creating threats and opportunities, but the accumulation of a double crisis in energy prices and pandemic Covid-19 generates a unique situation.
In this unusual context, we try to evaluate the consequences of this double crisis on the Oil & Gas and Petrochemical market, especially the areas under threats and in opposite way where we should see opportunities.
In August 2016, Eni and ExxonMobil signed an agreement by which Eni will sell 25% stake into the onshore LNG project and transfer the operator role to the US major ExxonMobil. Eni kept the operator role for the development of its offshore fields.
