With global oil prices currently hovering in the sub $30/barrel level and the number of Covid-19 cases rising on a daily basis, companies are being forced to rethink ongoing project timelines and projects in the pipeline for 2020.
As operators scale back heavily on capital spending budgets and the short-term outlook for oil and gas looking particularly weak, the 2020 project outlook for Europe is concerning. The majority of projects awaiting final approval in the region this year are in the medium to high-risk category.
Go deeper with GlobalData
Breakeven prices and level of risk of European oil and gas projects due to take FID in 2020
Only projects that are extremely robust in a low oil price in the environment or are shielded from global oil price swings are likely to go ahead this year.
Projects under construction are at risk of timeline slowdowns and operational disruptions as European governments take stricter measures to control the spread of Covid-19. Consequently, Europe is predicted to see a multi-year low in upstream project FIDs for 2020.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
