Gas year 2020 review: Global gas production exceeded demand, US led liquefaction capacity race - Rystad Energy
11 Jan 2021
2020 was a year that hurt demand for all fuels, and natural gas was no exception. As the year concluded,
Rystad Energy has analyzed all of the year’s gas-related activity and produced a thorough report, offering some easily digestible key figures and some long-term outlook on the future of the industry. Here is a selection of our high-level key findings:
2020 estimates
Global natural gas production is estimated to have dropped by 3.6% in 2020 as low oil and gas prices led to lower exploration and production. Rystad Energy estimates the total produced figure at around 3,918 billion cubic meters (Bcm) for the year.
OPEC+ move is helping US shale industry find 32% more CFO to boost spending January 07, 2021
OSLO The decision by OPEC+ to continue shielding the global oil market by curtailing its output, even with generous self-imposed cuts like Saudi Arabia’s 1 million barrels per day “gift”, has helped WTI crude prices exceed the $50 mark.
The positive effect on oil prices is set to create a chain reaction in the US, where shale operators will see cash from operations (CFO) boosted by 32% in 2021, allowing them to increase their activity spending this year.
The price recovery has helped oil producers’ cash flow improve significantly since the second quarter of last year. In the US in particular, the rebound in prices even before WTI hit $50 per barrel helped shale producers generate record high free cash flow in the third quarter of 2020.
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Alan Paul Co-Founder, Head of Strategy & BD, CardFree
A lot has changed in the past 9 months. Restaurants that wanted nothing to do with technology suddenly found themselves in desperate need of solutions. Order ahead has become essential for everyone, which means operators have had to learn a lot very quickly. As we close out 2020, here are four things operators should know.
1. Third-Party Delivery is Not a Necessary Evil
Many restaurants have turned to third-party delivery (3PD) throughout the pandemic. Despite the crushing economics, there is a sense amongst operators that they cannot survive without delivery services. As one restaurant owner in Texas put it, “We do it because the customers want it. [It’s] a necessary evil, I suppose.” Customers absolutely want digital ordering & convenience, but a relatively small number need it from third-party delivery.
In century’s poorest licensing year, Norway led global awarded acreage, which reached 18-year low
18 Dec 2020
The end of this year is set to make 2020 the year with the fewest concluded licensing rounds of the 21st century, a
43 rounds have been completed so far, with very little upside potential left. Awarded acreage is estimated to be the lowest since 2002 at just over 324,000 sq kms, with Norway being this year’s global leader in total licensed area.
Licensing rounds have been growing every single year since the previous downturn, reaching a high of 98 concluded rounds in 2019, a figure that illustrates how devastating 2020’s decline has been. The count of completed licensing rounds is not expected to increase by much in 2021 either, with total awarded acreage likely to remain below 500,000 sq kms.