The UK’s Contracts for Difference (CfD) scheme has played a key role in developing the country’s offshore wind industry – 65% of operational and EPCI capacity is now supported by a CfD. Industry experts were closely following the results of the fourth CfD auction; would the scheme remain as popular as in previous years?
A review of offshore oil and gas (O&G) engineering, procurement and construction (EPC) activities in the first half of 2022 has been a mixed bag, emboldened by Brent oil price averaging $70/bbl in 2021 and $107/bbl in 1H 2022, there were high expectations for an influx of offshore EPC awards.
Rig activity in the Asia Pacific (APAC) region, which comprises Southeast Asia and Australia, has become much busier in 2022. In Southeast Asia, however, all that activity is not completely due to increasing rig demand from operators.
Westwood takes a deep dive into Norway’s emissions forecast and the impact future electrification projects are expected to have.
Onshore pipeline installations have dropped dramatically in recent years, with the industry badly impacted by public opposition, political decisions and depressed oil and gas (O&G) prices.
The global floating wind market is a rapidly developing one with a very strong portfolio of projects in the pipeline.
Exploration activity over the last decade has been impacted by two major oil price crashes and a global pandemic, which have resulted in large fluctuations in drilling costs, exploration performance and discovered volumes. Despite the maturity of the Norwegian Continental Shelf (NCS), Norway continues to be a global hotspot for exploration.
Higher oil prices in the first half of 2022 and its impact on oil market fundamentals is already showing a material uptick in offshore exploration and production (E&P) investment and rig count. This will drive considerable demand for Offshore Support Vessels (OSVs) over the next two years, encouraging owners to reactivate their idle fleets.
The pressure is rising to reduce emissions from upstream operations. The last few years has seen a reduction in total emissions and improvement in emissions intensity as companies have focused their attention on operational advancements and efficiencies.
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