Westwood takes a deep dive into Norway’s emissions forecast and the impact future electrification projects are expected to have.
We kickstart Series Four of the Energy Transition Now podcast, just as RenewableUK begins first day of the Global Offshore Wind 2022 conference and exhibition in Manchester, UK. To keep on topic, this week we're delighted to be discussing the opportunities and challenges of floating offshore wind with Alex Gauntt, Supply Chain Director of Cierco Energy.
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.
Westwood Insight – UKCS on track to meet emissions targets but increasing pressure to address intensity
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.