After years of budget cuts, oil and gas companies are finally stepping up their exploration game. Several wildcat wells planned for 2019 have the potential to be “elephant” finds, according to Rystad Energy.
A total of 33 floating production, storage and offloading (FPSO) vessels will be sanctioned between now and 2021, according to a new analyst forecast.
Life is looking up on the subsea front.
The oil and gas world is abuzz with news of a major gas find in the UK as operator CNOOC and partner Total unveiled the largest discovery in British waters since 2008.
After four years of cutbacks, oil companies are poised to open their purses again and develop new offshore fields, although the benefits won’t be spread equally across the companies who provide them everything from seismic surveys to pumps and turbines.
OPEC and its allies must cut oil production by 1.5 million barrels per day next year if they want crude prices to surge above $70 again, an analyst said today.
Subsea 7’s £1.4billion takeover bid for McDermott represents a move to “assume the throne” for the global subsea umbilicals, risers and flowlines market (SURF), according to analysts Rystad Energy.
Gas exports to Europe from Russia and Norway reached record levels last year, a new report said today.
The UK oil and gas industry is stirring back to life, with 13 fields expected to be sanctioned in 2018.
The number of delayed oil and gas projects sanctioned last year was more than double that of 2015 and 2016 put together.
Oil companies discovered less oil and gas this year — 7 billion barrels — than any year on record, the Norwegian research firm Rystad Energy reported on Thursday.
Since OPEC announced the production cut deal at the end of November, industry analysts have been warning that rising production from producers outside the deal—U.S. shale in particular—is effectively capping the oil price gains from that agreement.
The number of new field projects put on hold has increased from 40 to 63 in the past six months alone, according to a report. Senior analyst Readul Islam from Rystad Energy, said a total of $230billion in pre-development spending has also now been deferred. Islam said the drop in oil price has imposed stricter financial prudence on E&P players.