OIL How the worst oil price crash in history changed the upstream industryWood Mackenzie, June 24, 2020 2020 capital expenditure will be US$130 billion lower than our pre-crash view. In total, we have cut US$530 billion of investment (2020 terms) from our outlook for 2020-25 – led by reduced activity in North America: Alaska 2020 budgets have been slashed, production … read more

OIL State Reduces Budget to Reflect Reality of Oil PricesRachel Adams-Heard and Catarina Saraiva, Bloomberg, June 22, 2020 As Covid-19 shock waves reverberate across U.S. oil towns, perhaps nowhere is their speed and severity more apparent than in America’s newest shale powerhouse.  Just months ago, New Mexico, the third-biggest producer of U.S. oil, approved the state’s largest budget ever, paid … read more

News of the Day:  Norway will slow down onshore wind power developments OIL DNR to complete its review of BP sale this weekTegan Hanlon, Alaska’s Energy Desk, June 21, 2020 The state Department of Natural Resources says it expects to complete its review of the BP-Hilcorp deal by the end of the week, allowing the oil companies to close part of … read more