Global and regional upstream activities, including in Southeast Asia, are rising, as more exploration and development projects are evaluated and approved. Yet, the drilling rig market in the region is not as exciting as it should be, especially with global oil prices ranging between $100 and $120 per barrel in recent months.
Westwood Global Energy reports that as of July 1 there was one exploration and appraisal well active in the UK.
Oil prices plunged to an 18-year low yesterday as hopes of a production pact between Saudi and Russia faded
Total will lead the way with exploration drilling this year, according to analysis from Westwood Global.
Aberdeen-headquartered Westwood Global Energy Group has acquired a US premium offshore data service for an undisclosed fee.
Market research company Westwood predicts a shift to gas as performance continues to grow within the UK North Sea.
Energy consultancy Westwood Global has predicted a recovery in the offshore helicopter market after three rough years.
The pace of cost cutting in the mid-cap market is continuing to slow, according to analysis by Westwood Global.
As I travel to All-Energy this year, my expectations are high. I expect there to be a real buzz around the event, especially the sessions in relation to offshore wind. This is a sector which is on the cusp of material growth.
We all need to remember, but often choose to forget, that the oil & gas exploration and production is a highly cyclical business. There have been seven significant price cycles since 1970 and also a few minor ones between times, so yet another should come as no surprise. The real surprise is that no one ever seems to build the probability into their business planning! The reasons for the fall in Brent crude prices from $115 in June to below $71 following November’s OPEC meeting are well documented, as is the realisation that Saudi Arabia is now defending market share, rather than a minimum price.