energy-pedia general news
An expected surge in FPSO awards in 2021 and 2022 is set to double fabricators’ pipeline - Rystad Energy
01 Jul 2021
Τhe FPSO market is booming this year, with more contracts awarded in the second quarter of 2021 than during the full year 2020.
Rystad Energy expects FPSO awards to reach a total of 10 units in 2021, with another 10 following next year, creating a very healthy project line-up for contractors, effectively doubling their pipeline.
Four FPSOs were awarded in the second quarter and we believe another four will be awarded before the end of the year. Including the two awards from the first quarter, this will bring the total tally up to 10 FPSO contract awards in 2021 – more than triple the three awards from 2020 – signaling a rapid comeback in FPSO contracting activity, despite the Covid-19 pandemic.
The global government income from oil and gas taxation fell to a multi-year low in 2020 of around $560 billion, as production and prices shrunk. Before Covid-19, oil and gas taxes usually exceeded the trillion-dollar mark. Petrostates will miss these former glories, a Rystad Energy report projects.
energy-pedia general news
Big Oil could see proven reserves run out in less than 15 years as output is not replaced by discoveries - Rystad Energy
07 May 2021
The proven oil and gas reserves of the group of major companies called Big Oil are falling at an alarming rate, as produced volumes are not being fully replaced with new discoveries. A
Rystad Energy analysis shows that Big Oil lost 15% of its stock levels in the ground last year, with remaining reserves set to run out in less than 15 years – unless the group makes more commercial discoveries, and fast.
The task is becoming more and more challenging as investments in exploration shrink and success rates slump. The declining proven reserves could create serious challenges for Big Oil (ExxonMobil, BP, Shell, Chevron, Total and Eni) to maintain stable production levels in coming years. This would in turn cause revenue to dwindle and pose a major threat to the financing of the group’s energy transition plans.
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