The next 24 months will see a “rebound” in work for the UK North Sea, according to Westwood Global, with a clutch of offshore projects for contractors to keep an eye on.
“Rapid growth” is being forecast for the offshore wind helicopter market, with nearly 100 extra aircraft needed by 2030.
The direction of travel appears clear; around a quarter of the current offshore floater rig fleet - ships and semi-submersibles - will be sent to the scrapyard near-term.
‘The valuations for E&P companies on the stock market are not very attractive’ – could we see more North Sea reverse takeovers?
The reverse takeover model could become more of a permanent fixture in the North Sea in the coming years as more private-equity (PE) backed operators look to go public.
Premier Oil has hailed the arrival of its Tolmount platform in the North Sea and kicked off installation work.
Westwood Global Energy reports that there was one exploration well programme active as of May 27, plus one development programme with an exploration sidetrack planned. One exploration well programme was completed and one exploration well programme spudded in May.
Westwood Global Energy reports that as of May 27 there were no exploration and appraisal wells active in the UK. In light of the Covid-19 pandemic and oil price crash, there have been a large number of E&A wells deferred to 2021.
Westwood Global Energy reports there were three exploration wells and three appraisal wells active at the end of October.
Westwood Global Energy Group reports that as of June 30, one exploration well and three appraisal wells were in progress in the UK. Three wells were spudded and one well was completed in July.
Westwood Global Energy reports that there were six active exploration wells and one active appraisal well at the end of July. Since the last report, five exploration wells have spudded and six E&A wells have completed on the Norwegian Continental Shelf.
The size of Spirit Energy's operation will limit any potential buyers to well-funded firms, according to an analyst.
The Glengorm gas condensate discovery announced last week could be the biggest in the UKCS since 2008. It will reignite interest in the high temperature, high pressure plays in the North Sea and heralds a mini renaissance in UK exploration.
The wheels of recovery are undoubtedly in motion for the global offshore rigs market, analyst said today.
DNO could become a “more dominant player” in the North Sea with its takeover of Faroe Petroleum, according to an analyst.
Contractors are starting to ‘test pricing’ on North Sea drilling work as demand grows for heavy-duty jackup rigs.
Oil and gas operators are expected to create a surge in demand for automomous underwater vehicles (AUVs) as more projects move to deeper water.
Analysts Westwood Global Energy expect 61 orders to be made for floating production storage and offloading (FPSO) vessels to be made between 2018 and 2022.
BP and Hurricane Energy are leading the way when it comes to demonstrating the potential of the west of Shetland basin, an analyst has said.
Offshore wind is a “bright spot” for UK energy service companies, an industry expert said today.
Half of oil and gas fields don’t meet expectations when they come onstream, a new report said.
Westwood Global Energy reports that in the UK in December there was just one new well spud in the Central North Sea, whilst operations on four wells were completed. 2017 saw a total of 23 E&A wells* completed. At the end of December, just one exploration well was active on the UKCS.
An analyst has tempered expectations of a “flurry” of North Sea asset sales following the Chancellor’s decision to introduce transferable tax history (TTH) from November 2018.
The number of oil and gas farm outs has nosedived over the past decade, but an upturn may not be far away, a new report said.