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.
Westwood Global Energy Group
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.
Stena Drilling confirms job cuts across offshore vessels
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 highlights diverging views on the future of oil and gas, Westwood Global says
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.
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.
Norway decision on production cuts looms
Norway has said it will soon decide whether to cut its oil production to help support plummeting prices.
The current challenges for the UK and Norway in the face of Covid-19
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?
At $30 oil, offshore drillers may be out of options
With the oil price crash and COVID-19, the near-term outlook for the offshore rig market is on a lot of minds.
Prolonged price war threatens return of ‘brutal’ cost cuts, experts say
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.
Resources at Total’s major Glendronach discovery cut by 40% following appraisal
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.
Halliburton-TechnipFMC deal: ‘Creating another giant’ comes with uncertainty, experts claim
North Sea job losses could be a potential outcome of “creating another giant” in the oilfield services sector, a top energy consultant said yesterday,
Equinor’s Rosebank to help bring North Sea spending to decade high – Westwood
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.
Explorers to keep up the chase in 2020
Westwood Global Energy reports that as of December 31 there were two active exploration wells drilling in the UK.
UK exploration up but success rate ‘falls off a cliff’
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 eyes sales to reap rewards of oil and gas investments
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.
Darach exploration well in SNS nears completion, Westwood Global reports
Westwood Global Energy reports that as of 22 August there were two active exploration wells and six appraisal wells drilling in the UK.
Oil down, but gas up as drilling activity increases in 2019, Westwood say
Drilling activity increased substancially for the first period of 2019 thanks to a resurgence in the gas market, according to energy research firm Westwood.
Chrysaor makes ‘material impact’ on UK while other newcomers ‘look to exit’
Chrysaor is the only new private equity-backed firm to make a “material impact” on the UK North Sea, according to new analysis.
Reid steps down from CEO role at Westwood Global
Energy industry analyst Andrew Reid said he was leaving consultancy Westwood Global Energy Group (WGEG) in “exceptionally good shape” after confirming his time as chief executive had ended.
Exploration: Oil finds in Greater Edvard Grieg area
Westwood Global Energy reports that there were five active exploration wells and two active appraisal wells as of June 25. Since the last report, six wells have spudded and four have completed.
Renaissance for high-impact exploration in NW Europe, Westwood Global says
North-west Europe is experiencing a renaissance in high-impact exploration, a new report said.
BiFab must ‘actively’ attract decom work after NnG setback, analyst says
Troubled manufacturing firm Burntisland Fabrication (BiFab) needs to "actively look to attract" oil and gas decommissioning work after losing out on another multi-million wind farm contract, a leading energy analyst has said.
Analysts predict boost for offshore rig rates amid surge in activity
Offshore rig rates are due to surge within two years as activity accelerates, according to new data.