The “psychological ceiling” of $200,000 day rates for offshore drillships will be broken “more routinely” now that the market has reached pre-Covid levels.
Westwood Global Energy Group
Westwood Global Energy reports that as of 1 February there was one exploration well and one appraisal well active in the UK, with no change since the last report.
High-impact targets from Equinor and Shell have been named among the “wells to watch” for the UK North Sea in 2021 by Westwood Energy.
Oil and gas firm Neo Energy has entered into exclusive negotiations over the purchase of ExxonMobil's UK central and northern North Sea portfolio.
An oil and gas market researcher has highlighted a UK North Sea exploration well expected to be drilled this year by Shell as “one to watch”.
Offshore drilling activity on the UK Continental Shelf (UKCS) is expected to recover in 2021 with a dozen potential exploration wells identified.
The West of Shetland oil and gas (WoS) basin has long been held aloft as the UK’s last great hope for indigenous oil and gas production growth.
Baker Hughes has the “most ambitious” emissions reduction targets of the major oil and gas services firms, a new report has found.
The Chrysaor-Premier Oil mega merger won’t mark the end of Chrysaor’s acquisition spree, according to the top consultant at Westwood Global.
Westwood Global Energy reports that as of September 30 there was one exploration well active in the UK. So far in 2020, four exploration wells have completed. There has been no appraisal drilling to date this year.
For the oil markets, the first half of the year saw extraordinary swings in supply and demand, culminating in what is now thought to have been a staggering 22mbbpd of oversupply in April as OECD economies headed into lockdown and OPEC+ cuts dissolved. Demand fell to 78mmbpd and Saudi Arabia pumped an additional 1.6mmbpd, driving Brent down to under $10/bbl on April 21st and briefly pushing the WTI futures contract into negative territory.
The floating production systems (FPS) market will rebound to $13 billion annually from 2021-24 with an average oil price of $60 per barrel, analysts have said.
Stena Drilling has confirmed it is making redundancies on four of its offshore drilling vessels, along with cuts to a number of roles onshore.
BP’s announcement that it is going to write down the value of its exploration assets by $8-10 billion (56-70%) shows the accounting impact of its energy transition strategy.
Confidence had returned to global exploration with improved performance and the emergence of several new multi-billion barrel plays. The confidence carried over into 2020 but has evaporated in the face of the Covid-19 crisis and the collapse in oil prices. Short term plans are in a state of flux and exploration strategy is being reset again.
Norway has said it will soon decide whether to cut its oil production to help support plummeting prices.
The world has been transformed in the past month since the COVID-19 pandemic took hold. The dramatic impact of COVID-19 on global oil demand and has been compounded by Saudi Arabia and Russia failing to agree production cuts to stabilise oil prices. With Brent trading well below US$30/bbl the resilience of the sector is once again being pushed to its limit. What does this mean for the UK and Norway upstream sectors?
With the oil price crash and COVID-19, the near-term outlook for the offshore rig market is on a lot of minds.
A price war between two of the world’s biggest oil producers has sparked one of the worst crude routs in decades, putting companies under “huge pressure” and threatening “brutal” cost cuts.
One of the largest offshore discoveries in UK waters of the last decade has had its recoverable resources cut by 40% following an appraisal well.
North Sea job losses could be a potential outcome of “creating another giant” in the oilfield services sector, a top energy consultant said yesterday,
Projects from Equinor off the UK and Norway will help bring North Sea spending to its highest level in a decade, according to Westwood Global.
Westwood Global Energy reports that as of December 31 there were two active exploration wells drilling in the UK.
Exploration activity in the UK North Sea has picked up substantially since last year, but the success rate has “fallen off a cliff”, an analyst has said.
EV Private Equity (EVPE) plans to reap the rewards of its investment in the oil and gas sector through a number of sales later this year.