This report analyses the results of the 124 exploration wells drilled in the 2015 - 2019 period in the UK and Norway Central and Northern North Sea basins, as well as the results to date for 2020 and the outlook for the next 18 months.
Westwood has investigated success rates for exploration wells which targeted the five direct hydrocarbon indicators (DHIs) most commonly reported by companies pre-drill.
Significant cost reductions have improved E&P cashflows and should drive increased offshore tendering activity in 2020. Pricing is expected to remain competitive, however, and contractors will need to remain focussed on profitability.
The report focuses on Asia/Pacific new rig contract awards, outstanding and new rig requirements, rig moves, operator and drilling contractor updates, financial news, shipyard updates and other news relevant to the region.