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Westwood Global Energy Group

E&P

CNOOC plots two appraisal wells at Glengorm

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.

North Sea

Early rig exit suggests no Finzean find

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.

Oil & Gas

The oil market continues its cautious rally but more uncertainty lies ahead

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.

Oil & Gas

Business case for exploration still exists, Westwood Global says

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.