The current “tailwind” in the energy industry is likely to propel 100 new offshore projects to be sanctioned this year, according to Rystad Energy.
Strong results for oilfield service giants of Schlumberger, Haliburton and BHGE “set the tone” for 2018, according to Rystad Energy.
Energy consultancies Rystad Energy and Wood Mackenzie expect 13-14 North Sea developments to have reached final investment decisions (FID) by the end of this year.
Saudi Arabia has added enough recoverable oil resources to retake top position ahead of the United States and Russia, according to Rystad.
Research firm Rystad Energy has found that more delayed projects have been sanctioned so far in 2017 than during the entirety of 2016 – but the overall list has continued to grow.
Rystad Energy has predicted that US oil production could hit an all-time high of 10 million barrels per day before the end of 2017.
US gas companies could see a large LNG export potential to China after President Donald Trump and President Xi Jinping reached the bilateral trade agreement last month, said Rystad Energy.
There is hope in the oilfield service industry despite the current downturn with a project $30billion growth from 2014-2018 according to a leading analyst.
Job cuts, lack of capacity and failure to invest in field development could lead to a oil supply shortage in coming years, according to research by oil and gas consultants Rystad Energy.