‘It was arguably a massive let down’ – energy chiefs debate success of COP26
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 Group
UK wellslot: Three wells active in the North Sea
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.
Norway wellslot: Four exploration wells active
Westwood Global Energy reports that there were four exploration wells active as of 25 October. Key exploration wells drilling in October include the Dovregubben, Egyptian Vulture, Fat Canyon and Mugnetind wells. A total of six appraisal wells and 23 exploration wells have completed and to date in 2021, from which eight commercial discoveries have been made giving a 35% commercial success rate to date.
Exploration and appraisal wells in the UK North Sea
Westwood Global Energy reports that as of 29 September there were two appraisal wells and two exploration wells active in the UK.
Eni’s ILX plans continue run of success with Cabaça North
Eni has started up the Cabaça North development in Angola’s Block 15/06, adding another 15,000 barrels per day to the local hub.
Westwood Global – Price of Direct Air Capture could make it a ‘non-starter’
An emissions busting technology that is being backed by several large oil and gas firms could be a “non-starter” in the short term, according to researchers.
Cambo and Tain projects in UK to bolster global subsea orders in Q3
Global subsea tree demand for the remainder of the year is forecast to be bolstered by two North Sea developments.
North Sea EPC spend to top £2.8bn in 2021, about £1.8bn still to come – Westwood Global
North Sea engineering, procurement and construction (EPC) contract awards are anticipated to total more than $4 billion (£2.8bn) in 2021.
Equinor first to start drilling a UK North Sea exploration well in 2021
Norwegian energy giant Equinor has become the first company to start drilling an exploration well on the UK Continental Shelf this year.
Record number of FPSO leases on course for expiry in 2022, Westwood Global says
As many as 30 FPSO units could be back on the shelf by the end of next year, according to new analysis from Westwood Global Energy Group.
Westwood Global tips high-impact drilling to bounce back after record slow start to year
Global high-impact drilling is expected to “bounce back” in the second half of 2021 after a record slow start to the year.
Offshore wind projects FIDs expected to increase 57% in coming months, Westwood Global says
Offshore wind projects final investment decisions (FIDs), outwith mainland China, are expected to grow by more than half in the next 18 months.
Hope for Glengorm discovery remains despite initial appraisal setback, analyst says
The Glengorm gas discovery, hailed as the biggest in the UK North Sea for more than a decade, could still turn out to be a major find despite suffering a setback, an analyst has said.
Drillships back to pre-Covid levels as owners test $200K ‘ceiling’ on day rates
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.
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.
Equinor and Shell targets among trio of UK ‘wells to watch’ in 2021
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.
Updated: Neo Energy enters exclusive talks with ExxonMobil over North Sea portfolio
Oil and gas firm Neo Energy has entered into exclusive negotiations over the purchase of ExxonMobil's UK central and northern North Sea portfolio.
UK North Sea exploration well tipped as ‘one to watch’ in 2021 by Westwood Global
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”.
Exploration drilling activity expected to recover in 2021, says Westwood Global
Offshore drilling activity on the UK Continental Shelf (UKCS) is expected to recover in 2021 with a dozen potential exploration wells identified.
West of Shetland oil and gas remains UK’s best bet for growth despite recent setbacks
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 leads oil field services firms on emissions reduction targets
Baker Hughes has the “most ambitious” emissions reduction targets of the major oil and gas services firms, a new report has found.
Premier Oil deal won’t end Chrysaor acquisition spree – Westwood
The Chrysaor-Premier Oil mega merger won’t mark the end of Chrysaor’s acquisition spree, according to the top consultant at Westwood Global.
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.
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.
Floating production system market set for quick rebound, Westwood Global says
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.