The offshore drilling rig market is “much tighter” than previously thought, according to new analysis, with some segments “nearly sold-out”.
Westwood Global Energy Group
Westwood Global Energy Group expects rig demand to increase around the world but with no rapid increase in dayrates.
Analysts have said it “could be the end of the line” for Aberdeen-headquartered Awilco Drilling after the firm agreed to offload the remains of its fleet.
As of 26 April, Westwood Global Energy reports that there is one exploration well and one appraisal well active, in the CNS and NNS respectively. One appraisal well is in the process of being suspended since the last report.
As of 26 April, Westwood Global Energy reports that there is one appraisal well and four exploration wells active.
Firms won’t be rushing into deals or investment off the back of higher oil and gas prices – the boom may even be stalling such activity in the North Sea, according to top analysts.
As of 25 March, Westwood Global Energy reports that there is one exploration well and one appraisal well active, both in the CNS. One exploration well completed since the last report.
As of 25 March, Westwood Global Energy reports that there is one appraisal well and four exploration wells active. Three exploration wells are in the Northern North Sea and one in the Norwegian Sea. The appraisal well is in the Norwegian Sea. One exploration well programme has completed since the last report, with the Statfjord Kile well P&A dry. A total of four exploration wells have completed to date in 2022 and none have been successful.
Leading energy consultancy Westwood Global Energy Group has appointed a new research director to its RigLogix team.
Securing an extension to the Cambo licenses affords Siccar Point Energy time to find the right partner to progress the project.
Subsea engineering, procurement and construction (EPC) spend in Western Europe in 2022 is projected to reach its highest level in almost a decade.
While the future of the Cambo project remains on hold, Siccar Point Energy’s intentions for the scheme could soon become clearer.
More than 20 floating production storage and offloading (FPSO) vessels are currently awaiting redeployment across the globe.
Westwood Global Energy reports that there were three exploration wells active as of 24 January. One exploration well has spudded and completed in 2022.
Westwood Global Energy reports that as of 24 January there were two exploration wells active in the UK.
The North Sea is one of just a handful of regions “falling behind” as offshore oil and gas investment returns to pre-pandemic levels around the world.
BP and Rosneft were the only companies to deliver more than a billion net barrels of oil equivalent through exploration last year, according to new research.
Tributes have been paid to John Westwood, founder of the namesake energy market analytics firm, who has died aged 76.
The estimates of recoverable barrels for the CNOOC Glengorm discovery have been downgraded by analysts after a disappointing appraisal campaign.
There are “sizeable barriers” between making the hopper of “proposed” hydrogen projects in the UK and Europe an economic reality, according to new research.
Westwood Global Energy reports that there was one exploration well active as of 16 December. A total of six appraisal wells and 28 exploration wells have completed to date in 2021, from which ten commercial discoveries have been made giving a 36% commercial success rate to date.
The decision by Shell not to invest in the Cambo project has been deemed a “huge blow” for the UK industry and the potential for emissions-busting technology in the West of Shetland.
A trio of energy analytics heavyweights, who have overseen more than $30billion (£22.5bn) of oil and gas deals, have teamed up to form a new research and consulting firm in Aberdeen.
Energy chiefs discussed the main knock-ons for oil and gas of COP26 during a Society of Petroleum Engineers (SPE) webinar yesterday.
Westwood Global Energy reports that as of 25 October there was one appraisal well and two exploration wells active in the UK. Completions to date in 2021 are two appraisal wells at 22/26d-3 Glengorm South and 30/13e-12, 12Z Talbot and three exploration wells at 22/6c-B4Z Bacchus South, 16/2a-6 Tiger Lily and 22/1b-12, 12Z, 12Y Fotla.