2021
Hart Energy discusses David Linden’s comments on oil and gas companies approaching sustainable energy:
‘Shades of Green’: How Oil and Gas Is Approaching Sustainability
David Linden writes in Offshore Engineer on the topic of oil & gas infrastructure, in the context of reaching net-zero by 2050:
How to Ensure Oil & Gas Infrastructure Still Has Value
Harry Dye writes on exploration activity in the UK North Sea:
Exploration and appraisal wells in the UK North Sea
The Financial Times writes on carbon capture with comments from Westwood’s Head of Energy Transition, David Linden:
Carbon capture is key to net zero. Here’s how we can achieve it
David Linden discusses net-zero in the Financial Times:
Net zero: we need more than one technology to get there
Graeme Bagley speaks with regard to Eni’s activity in Angola:
Eni’s ILX plans continue run of success with Cabaca North
Hart Energy cover Westwood’s recent webinar on rig market utilization:
Webinar: Inching Toward Higher Rig Utilization
Head of Offshore, Thom Payne, appears on CNBC to discuss the outlook for the oil market:
Oil prices may hit $80 per barrel in the short term, says Westwood Global Energy
Westwood Insight from Ben Wilby on the global land drilling rig market is picked up in Hellenic Shipping News:
Global land rigs demand on a path to 30% increase by 2025 from nadir of 2020
Hellenic Shipping News 9/09/2021
Worldwide Oil & Gas cover Ben Wilby’s Westwood Insight on the global land drilling rig:
Westwood projects slow recovery for land rigs after 2020 downturn
Ben Wilby’s commentary on global land drilling rig goes into an article for Oilfield Technology:
Westwood: slow recovery for global land rig demand expected
Comments from Arindam Das are used in a Wind Power Monthly article on oil and gas and wind collaboration:
Wind power sectors and fossil-fuel giants – friends or foes?
Ben Wilby writes in OGV Energy on the global land drilling rig market:
Westwood: slow recovery for land rigs after catastrophic 2020
Jamie Collard’s key wells to watch in Guyana are highlighted in an article on Guyana Times:
Tanager-1 well plugged by Exxon could contain over 65m barrels of oil
Press and Journal discuss Westwood’s comments on DAC:
Question mark over Direct Air Capture tech’s viability
The Press and Journal 31/08/2021
Analysis from Westwood on North Sea oil & gas discoveries used in an article in The Times:
Dilemma over new North Sea projects
Westwood’s commentary on DAC covered in Energy Voice article:
Westwood Global – Price of Direct Air Capture could make it a ‘non-starter’
Arindam Das provides commentary on the approach to a low-carbon future by US companies :
Big oil plots a new path as tide turns on fossil fuels
Bunker Ports News Worldwide pick-up the launch of the new Westwood Land Drilling report:
World Land Drilling Rig Market Forecast 2021-2025
Bunker Ports News Worldwide 25/08/2021
UK discoveries highlighted by Westwood in a Press and Journal article on global subsea tree demand:
Subsea trees expected to be in demand
Westwood analysis included in an article published on Pipeline & Gas Journal:
2021 Midyear International Outlook: Pipeline Construction & Market Trends
Data from Westwood’s SubseaLogix is used in an article from Energy Voice:
Cambo and Tain projects in UK to bolster global subsea orders in Q3
Joe Killen quoted on 2021 FIDs in OilPrice.com:
2021 has been a blockbuster year for offshore oil and gas
Kat Symes’ Westwood Insight is covered in several news outlets:
Key considerations for newbuilds in the offshore wind installation vessel market
Hellenic Shipping News 6/08/2021
Journal of Petroleum Technology 6/08/2021
KeyFacts Energy 5/08/2021
Offshore Magazine pick-up Kat Symes’ Westwood Insight on supply chains:
Local content, technology advances affect newbuild installation vessel strategies
Michelle Gomez, Paul Ezekiel, Mark Adeosun & Thom Payne’s article looking at offshore investment is published in Offshore Magazine:
Offshore oil and gas capex expected to reach $63.1 billion
Analyst Dominic Stirling quoted on environmental backlash risk to some UK offshore projects:
North Sea EPC spend to top £2.8bn in 2021, about £1.8bn still to come – Westwood Global
Westwood data used in an article on Mexico Business News:
BHP Will Not Leave Trion
Mexico Business News 28/07/2021
Analysis from Westwood is quoted in New Straits Times:
Bumi Armada to generate stable cash flow from long-term FPSO contract extensions
Arindam Das and Ben Wilby discuss North American pipelines in the Financial Post:
North America about to turn into a graveyard of mega pipeline projects
Westwood’s latest Global Floating Production Systems report is covered by OGN News:
Report suggests 30 FPSOs to be available by 2022 end
Dave Moseley comments on the Tiger Lily prospect off Shetland:
Equinor first to start drilling a UK North Sea exploration well in 2021
Westwood’s latest edition of the World Pipeline Market Forecast report is discussed in World Pipelines magazine:
Pipeline installations spend to increase by 10% to US$45 billion in 2021
Westwood’s joint report with Braemar is picked-up in Offshore:
Offshore support vessel owners facing tough decisions, report claims
The new Global OSV Report, written with Braemar appears in Offshore Engineer magazine:
Report: Global OSV Market Facing Utilization Challenge, Despite Demand Recovery
Westwood report gets a mention in France 24 & Bangkok Post articles on Energy Transition:
Oil majors vow energy transition – at their own pace
France 24 2/06/2021
Bangkok Post 2/06/2021
Jamie Collard’s analysis on Indonesian prospects is covered in Upstream:
Repsol sells Malaysia and Vietnam upstream assets
The Westwood Insight on offshore wind and integrated E&Ps is printed by Hellenic Shipping News:
Integrated E&Ps rapidly accelerate offshore wind market share
Hellenic Shipping News 25/05/2021
OGV Energy cover Westwood’s analysis in Westwood’s Global Floating Production Systems report:
Westwood: record number of FPSO licenses set to expire in 2022
Westwood’s State of Exploration 2021 report is discussed by Demerara Mutual:
Liza could be last major frontier oil play discovered in the world – Westwood
Offshore magazine quote from Westwood’s ‘Five Year Exploration Outlook’ webinar:
Frontier drilling has a future in energy transistion, Westwood claims
Energy Voice discuss Dr Keith Myers’ commentary during the Westwood “Five Year Exploration Outlook” webinar:
‘Plenty’ of demand for new oil discoveries likely in 2026, says Westwood Global
World Oil cover the press release accompanying the launch of the new WindLogix platform:
Westwood: Offshore wind FIDs to skyrocket 57% outside China by 2022
World Oil 27/04/2021
WindTech International 27/04/2021
GreenTech Lead 27/04/2021
Energy Voice 27/04/2021
The press release covering Westwood’s recent release of WindLogix:
Offshore Wind FIDs to Increase by 57 Per Cent by 2022 – Westwood
OffshoreWind.biz 27/04/2021
ReNews.biz 27/04/2021
Global Energy Infrastructure 27/04/2021
Vikesh Mistry’s Westwood Insight on farm-outs is picked up in Offshore Magazine:
Farm-outs down but drilling success rates higher, report claims
David Linden is quoted on oil & gas companies investing in offshore wind:
Chevron Joins Growing List of Oil and Gas Companies Investing in Offshore Wind
Joe Killen’s webinar comments on drilling activity are quoted in Hart Energy article:
Oil Exploration, Appraisal Outlook Appears Promising after ‘Savage Year’
Terry Child’s drillship utilisation Westwood Insight is picked-up in Energy Voice:
Drillships back to pre-Covid levels as owners test $200k ‘ceiling’ on day rates
David Linden & Arindam Das quoted in OGV Energy on the topic of oil & gas majors looking into energy transition:
Oil and Gas Majors Focus on Renewables Energy, Hydrogen, and Carbon Capture
Westwood’s Global Drilling & Well Services Expenditure Forecast is picked-up in an article from Offshore Magazine:
Latin America to propel offshore drilling revival
Terry Childs’ Westwood Insight on drillship utilisation is covered in several places:
Drillship demand set to continue slow recovery
Offshore 30/03/2021
Argentera Oil & Gas 30/03/2021
Oil Price write on offshore spending, quoting Westwood’s Head of Offshore, Thom Payne:
Offshore Oil & Gas Spending Set to Jump to $44 Billion in 2021
Riviera discuss Thom Payne’s presentation on EPC spending at the Annual OSJ Virtual Conference:
Rigs report: EPC spending will rise 250% over 2020, says analyst
The latest edition of the Drilling & Wells Services market report is summarised in Drilling Contractor:
Westwood forecast: Global oilfield spending to reach $156 billion in 2021
Drilling Contractor 22/03/2021
Jamie Collard’s Westwood Insight on natural gas as a part of Energy Transition:
Oil dominating 2021 exploration plans
Westwood analysis on EPC bounce-backs in 2021 is quoted by Seeking Alpha:
Susbea 7: The Trend Is Your Friend And So Are The Fundamentals
GuyanaPress carry commentary on Guyana exploration drilling from Keith Meyers and Jamie Collard:
Guyana Oil Exploration Drilling Set To Soar 2021, Really Busy Year Predicted
GuyanaPress carry commentary on Guyana exploration drilling from Keith Meyers and Jamie Collard:
Statoil to explore north of Sleipner
Westwood’s Insight on scaling renewables is covered widely in industry news:
Total to outpace Iberdrola and Ørsted on renewable power capacity by 2030
Pipeline Oil & Gas News 16/02/2021
WindTech International 15/02/2021
PES 15/02/2021
Rigzone 15/02/2021
Upstream Online 15/02/2021
OGV Energy 15/02/2021
Energy Voice 15/02/2021
Energy Northern Perspective 15/02/2021
Transition Economist 16/02/2021
Key Facts Energy 15/02/2021
Riviera 16/02/2021
ReNews 15/02/2021
Westwood analyis appears throughout OGV’s article on subsea investment:
Subsea Industry Cautiously Optimistic for 2021
Thom Payne’s Westwood Insight on offshore investment is covered by Offshore Magazine:
Offshore EPC awards set for revival in 2021
Upstream Online write an article on Thom Payne’s Westwood Insight regarding offshore investment:
Offshore EPC market set for rebound after ‘torrid 2020’
RigLogix rig data quoted in Riviera article looking at oil and gas leases:
Rigs report: Biden expected to place year-long moratorium on oil and gas leases
Guyana Standard address the Westwood Insight looking at High Impact exploration:
Total, Shell, Exxon to be most active high impact explorers in 2021
Journal of Petroleum Technology refer to Westwood’s list of high-impact wells for 2021:
After Another Discovery in Suriname, Apache and Total Change Direction
Westwood’s webinar on “Key Wells to Watch” is picked up in Energy Voice’s article on UK North sea wells:
UK North Sea exploration well tipped as ‘one to watch’ in 2021 by Westwood Global
Westwood’s Insight forms the basis of Rigzone’s article on Key Wells to Watch in 2021:
Key Wells to Watch in 2021
OGV Energy refer to David Linden’s Westwood Insight, with regard to collaboration between offshore oil and gas and offshore wind sectors:
Rigging & Lifting: Equipment and Service Providers Brace for Another Year of Uncertainty
Key Wells to Watch Insight is picked up by Oil Now:
Bulletwood, Bonboni key wells to watch as exploration takes off in the Americas this year
Graeme Bagley’s Westwood Insight is covered by Offshore Magazine:
Americas to lead high-impact drilling
2020
Offshore Magazine writes on investment in the UK and Norwegian offshore sectors:
Norway, UK heading for offshore pickup in 2021
Offshore Magazine writes on investment in the UK and Norwegian offshore sectors:
Norway, UK heading for offshore pickup in 2021
Westwood analyis cited in Energy Voice article on exploration drilling:
Exploration drilling activity expected to recover in 2021, says Westwood Global
Westwood mentioned in an article on Exrpo News:
NCS exploration delivers good results
Westwood Insight on stalled resources is referenced in a column on Stabroek News:
Deepwater success, global failures and political economy
Peter Heath’s Westwood Insight on environmental impact is covered in Brazil Energy Insight:
Tracking the Environmental Impact of the Oil and Gas Supply Chain
Brazil Energy Insight 24/11/2020
Upstream Online interview Westwood’s newly appointed Head of Energy Transition, David Linden:
‘It’s inevitable, and it’s started’: Westwood’s Linden minding the gaps in energy transition
The Westwood Insight on emissions is covered by Offshore magazine:
Oilfield service groups stepping up action on emissions
Energy Voice write an article on Westwood’s recent look at oilfied service companies emission targets:
Baker Hughes leads oil field services firms on emissions reduction targets
Oil Now discuss farm-outs based on Westwood analysis:
Small companies often farm-out acreage to raise capital
Offshore magazine look at the Westwood Insight on offshore collaboration:
UK offshore sector needs collaboration to capitalize on renewable energy
Oil and Gas Facilities look at Terry Childs’ Westwood Insight on Drillship Attrition:
Lifetime Revenue vs. Construction Cost—a Metric for Assessing Drillship Retirements
Energy News Bulletin covers drillship retirements:
Choppy seas ahead for offshore drillers
Energy-Pedia News writes on the Westwood Insight looking at drillship attrition:
Drillship attrition – lifetime revenue vs construction cost – Westwood Insight
Hart Energy report on Westwood’s recent insight into stalled resources:
Study Shows $65 Billion Worth of Oil, Gas Resources Remain Stalled
Riviera look at global deepwater drilling activity numbers from Westwood’s RigLogix platform:
Rigs report: Dolphin Drilling secures NCS award, but another offshore driller files for Chapter 11.
Midland Reporter cover Westwood’s report on frac crew numbers:
Rise in frac crews is seen as welcome news.
Oilfield Technology pickup the Westwood Insight on the Premier Oil reverse takeover by Chrysaor:
Westwood Global Energy Group comments on Premier Oil reverse takeover by Chrysaor – part two.
Oilfield Technology 20/10/2020
Rigzone, World Oil & Offshore Engineer all cover the press release of David Linden’s appointment as Westwood’s new Head of Energy Transition:
Energy data and intelligence company Westwood Global Energy Group (Westwood) has appointed David Linden to the newly-created role of Head of Energy Transition.
Offshore Engineer 16/10/2020
World Oil 14/10/2020
Rigzone 14/10/2020
Energy Voice feature Westwood’s latest Westwood Insight, looking in-depth at the Premier Oil and Chrysaor merger:
The Chrysaor-Premier Oil mega merger won’t mark the end of Chrysaor’s acquisition spree, according to the top consultant at Westwood Global.
Offshore cover Keith Myer’s Westwood Insight on BP and their plans for net zero:
BP’s goal of achieving net zero for the carbon content of its upstream oil and gas production by 2050 or earlier is one of the most radical of any IOC, according to Westwood Global Energy Group.
Upstream discusses Keith Myers recent Westwood Insight on BP’s net zero ambitions:
The share price of BP, which intends to cut production at a faster rate than its own scenarios suggest is necessary to align with the Paris Agreement, has fallen by 53% in the past 12 months, according to analysts at Westwood Global Energy Group.
Riviera look at Riglogix data on labour unrest impacting Norwegian oil production:
While the labour unrest is impacting oil production out of Norway, overall global offshore drilling was up in week 41 2020, according to RigLogix data from Westwood Global Energy Group. Globally, the number of offshore jack-up rigs rose two week-on-week to 326, the highest level in five weeks, strengthened by activity in the Middle East.
Energy Voice features Dave Mosely on UK exploration wells:
Westwood Global Energy reports that as of September 30 there was one exploration well active in the UK. So far in 2020, four exploration wells have completed. There has been no appraisal drilling to date this year.
Energy Voice quotes Alyson Harding on UKCS exploration drilling:
UK offshore exploration drilling is on course to slump this year to its lowest level since companies starting scouring the North Sea for oil in the mid-1960s.
Offshore Magazine referenced a recent webinar:
A webinar organized by the consultants, “How has the UK and Norway E&P sector reacted to the oil price crash – 6 months on?”, revealed that this year’s line-up of wells – some in potentially high –impact plays, had been decimated as UK operators responded to the oil price and COVID-19 by slashing exploration budgets.
Oil Review Africa summarized the events at the Africa E&P Summit:
Tom Perkins, acquisitions and divestitures, Stellar Energy Advisors; Keith Myers, president, research, Westwood Global Energy Group; Richard Hood, senior research analyst, Wood Mackenzie; Philip Birch, exploration director, Impact Oil & Gas discussed the ways the industry overcome the challenges and dynamics of Africa’s upstream.
Hart Energy referenced Westwood’s analysis of success rates of exploration prospects reported to have DHIs interpreted pre-drill globally since 2010:
Westwood analyzed stratigraphic trap exploration between 2008 and 2019 in 66 basins and in 113 different plays. It found that the pro- portion of exploration targets reported as involving stratigraphic traps increased from 12% in 2008 to 30% in 2019.
Oil Now quoted Jamie Collard, Graeme Bagley and Ili Afifuddin:
“If we start with Suriname and Guyana…Westwood has highlighted two wells – Sloanea and Tanager as key wells to watch. They are both targeting the upper cretaceous. Tanager is targeting an upper floor fan outward of the Liza discovery and Sloanea will be trying to extend the Liza play further up,” said Jamie Collard, Senior Analyst at Westwood Global Energy Group.
Tampa Bay Times quoted Terry Childs:
Terry Childs, head of RigLogix at Westwood Global Energy Group, which tracks data on offshore drilling for energy companies, said they did not show much interest in the latest lease sales in the eastern Gulf of Mexico outside moratorium boundaries.
Riviera also quoted Thom Payne and the recent APAC webinar:
“Will these three projects ever see the light of day?” questioned Westwood Global Energy Group head of offshore Thom Payne. Speaking during Westwood Global Energy’s webinar APAC Offshore Update, Mr Payne said the three projects could reappear in the forecast picture if market conditions improved. Westwood Global Energy forecasts spending of US$26Bn in EPC awards in the region over the five-year period from 2020 to 2024.
Offshore Technology quoted Arindam Das on his take of the recent Chevron deal:
Westwood Global Energy head of consulting Arindam Das says: “I think the Chevron/Noble transaction is an example of two things. One, the companies disclosed figures of $300m of synergies that are likely to be realized. But more importantly, there is a strategic fit. Noble’s portfolio across the onshore US, plus the eastern Mediterranean, is of great importance to Chevron.
Offshore Technology 07/09/2020
Riviera referenced RigLogix data:
Westwood Global Energy Group reports in its RigLogix data that there were 326 contracted jack-up drilling rigs for week 36 of 2020, an increase of two week-on-week. While Middle East activity held steady at 118 units, gains were registered in the North Sea and southeast Asia.
Offshore article looking at Westwood’s expectations for the floating production market:
Westwood Global Energy Group expects the floating production system (FPS) market to recover to $13 billion annually from 2021-24, assuming an average oil price of $60/bbl from 2022. This year, Westwood expects EPC awards for FPS projects to slump by 59% to just over $5 billion (against close to $13 billion), based on an average oil price of $37/bbl.
Hart Energy referenced Westwood at the start of the month:
Analyst Corner: Westwood Global Energy Group says explorers must recognize whether they have the right tools and processes to explore effectively for commercial finds.
Seeking Alpha quoted Westwood’s World Drilling and Production Market Forecast:
Altogether, the industry is seeing overall growth, with Westwood Global Energy Group determining that “in the medium to long term through 2025, global drilling activity will experience considerable growth, with more than 12,936 offshore development wells estimated to be drilled over the next five years.”
Hart energy quoted the recent Westwood Macro Outlook Q2 2020 webinar:
So far, there have been about 17 potentially commercial discoveries recorded this year from high-impact prospects targeting more than 100 million barrels of oil equivalent or frontier plays, according to Westwood Global Energy Group.
Riviera recounted Westwood’s participation in their Offshore Rig Market Update: Is the worst behind us? webinar:
Westwood Global Energy Group head of offshore, rigs and wells Thom Payne and head of its specialist RigLogix, Terry Childs, formed the panel.
Riviera quoted Westwood and RigLogix data:
During week 34, Westwood Global Energy Group reported there were 322 offshore jack-up rigs contracted, up two units week-on-week.
Energy Intelligence quoted Graeme Bagley and Westwood data:
High-impact exploration was still a key part of BP’s portfolio, with the company pursuing major projects off Senegal and Mauritania. But its frontier positions were somewhat less expansive than those of some of its peers, according to Graeme Bagley, head of global exploration and appraisal for consultancy Westwood Global.
Energy Intelligence 07/08/2020
Hart Energy referenced Westwood Atlas data:
A Westwood analysis suggests that if the oil price remains below US$27/bbl for the remainder of the year, U.K. Continental Shelf production is not generating enough revenue to cover both operating costs and the planned 2020 capex (Figure 1).
Oil Price quoted Arindam Das on the upstream sector in U.S. shale:
According to Das, shale producers are the most vulnerable group within the oil and gas industry after oilfield service providers, along with smaller exploration and production companies in Western Canada.
OGN News covered quoted Thom Payne and content from our recent Westwood Macro Outlook Q2 2020 webinar:
The effective cut could be nearer to 8-8.5 mbpd for August/September if the suggestion that serial non-compliers such as Nigeria and Iraq make up for any shortfalls in compliance in May and June, Thom Payne, Head of Offshore, Rigs & Wells, Westwood Global Energy Group, said.
Tank Terminals referenced Westwood Global Energy Group:
Westwood estimates that 3Q could see an average draw of 5.2mmbpd over the balance of the year, dropping to 1.6mmbpd for 1H2021.
Energy Voice referenced Westwood Global Energy Group data:
For the oil markets, the first half of the year saw extraordinary swings in supply and demand, culminating in what is now thought to have been a staggering 22mbbpd of oversupply in April as OECD economies headed into lockdown and OPEC+ cuts dissolved.
Hellenic Shipping News quoted Westwood Global Energy Group data:
Westwood estimates that 3Q could see an average draw of 5.2mmbpd over the balance of the year, dropping to 1.6mmbpd for 1H2021.
Hellenic Shipping News 24/07/2020
OGV Energy referenced Westwood Global Energy Group:
While data compiled by Westwood Global Energy Group showed that the number of floaters contracted in the North Sea during week 30 2020 fell from 23 to 20 week-on-week, the region was not without some positive developments.
Riviera also referenced Westwood Global Energy Group:
While data compiled by Westwood Global Energy Group showed that the number of floaters contracted in the North Sea during week 30 2020 fell from 23 to 20 week-on-week, the region was not without some positive developments.
FX Empire referenced the North Sea webinar:
This week several reports were published by leading offshore rig data experts, such as Westwood, indicating a major crisis emerging, while the light at the end of the tunnel is not yet seen.
Yahoo! Finance referenced the North Sea webinar:
Globally, offshore drilling activity continued to slip in week 29 of 2020, with the number of jackup rigs dropping by one to 322 and floaters by one to 105, according to energy analyst Westwood Global Energy Group.
World Oil referenced the FPS report:
Westwood Global Energy Group, the specialist energy market research and consultancy, has released research estimating FPS contract awards will rebound to $13bn annually from 2021-24, underpinned by an anticipated average oil price of $60/bbl from 2022.
Riviera referenced RigLogix and the North Sea webinar:
Globally, offshore drilling activity continued to slip in week 29 of 2020, with the number of jackup rigs dropping by one to 322 and floaters by one to 105, according to energy analyst Westwood Global Energy Group.
Energy Voice referenced Westwood Global Energy Group:
Westwood Global Energy reports that there were four exploration and one appraisal well programmes active as of July 1.
Riviera referenced RigLogix data:
Westwood Global Energy Group reported that the number of contracted jack-up drilling rigs fell from 325 to 323 and floaters from 108 to 106 w-o-w. It was the fourth consecutive week the number of jack-ups and floaters fell, according to Westwood Global Energy’s RigLogix data.
Energy Voice quoted Westwood Global Energy Group:
However last week consultancy Westwood Global Energy Group said operators are expected to keep their “appetite” for high impact exploration drilling in coming years.
Energy Voice referenced the North Sea Exploration Performance webinar:
New research from Westwood has found high impact (HI) drilling – prospects targeting 100million barrels of oil equivalent or more – in the UK and Norway had just a 12% success rate between 2015 and 2019.
JPT referenced a WildCat and the State of Exploration 2020 report:
“Down but not out” is how Westwood Global Energy Group described exploration drilling in an article based on its State of Exploration 2020 Report. The Baker Hughes rig count provides supporting details. On 12 May, the data showed 339 active rigs in the United States—the lowest level since the rig count was introduced in 1987. On 1 June, the US count plunged to 301 in its 12th week of losses. At the worst of the 2014–2016 oil bust—the previous lowest point on record—404 rigs were operating.
Offshore Magazine Quoted Dave Moseley:
Dave Moseley, senior analyst NW Europe at Westwood, said exploration performance improved from a low in 2015, when there was a commercial success rate (CSR) of only 6% from 32 exploration wells drilled, to an average of 23% over the five-year period.
Riviera referenced a RigLogix report:
Globally, during week 26 of 2020 there were 329 contracted jack-up rigs and 111 floaters – semi-submersibles, drillships and mobile offshore drilling rigs, according to energy analysts Westwood Global Energy Group.
Australian Financial Review referenced a recent Westwood Insight:
BP expects the COVID-19 pandemic will have a lasting impact on the global economy and on oil and gas demand and as a result its management now assumes an average of about $US55 a barrel for Brent crude, down from…
Riviera referenced RigLogix data:
For the week, energy analysts Westwood Global Energy Group reported oil companies in Latin America had contracted 24 floaters for deepwater development and exploration activity.
Offshore Engineer referred to a recent Westwood Insight:
BP’s announcement that it is going to write down the value of its exploration assets by $8-10 billion (56-70%) shows the accounting impact of its energy transition strategy.
Bloomberg quoted Keith Meyers:
“It is one of the gray areas of oil and gas accounting,” said Keith Myers, president of research at Westwood Global Energy Group. “It’s very much down to the discretion of an oil company to choose its oil-price forecast that it uses for impairment tests, and there’s no consistency between oil companies.”
Axios referred to a recent Westwood Insight:
Another [note of caution] is that BP’s prior long-term crude price assumptions — now slashed 27% to a Brent price of $55-per-barrel — were higher than some peers, per this note from the Westwood Global Energy Group.
Energy Voice published a piece featuring a recent Westwood Insight:
Such a wide divergence in how E&Ps are seeing future oil prices and testing the value of assets on their balance sheet means that return on asset and return on capital employed comparisons are going to be difficult.
CNBC interviewed Thom Payne (video)
Westwood’s Head of Offshore, Thom Payne, spoke to CNBC following the OPEC+ production cut extension, and comments on the potential effect on oil storage and oil prices for 2020 and 2021.
Nairametrics also covered Thom Payne’s CNBC interview:
However, director and analyst from Westwood Global Energy Group, Thom Payne, has noted that Brent crude still needs to deal with its oversupply issues before it can successfully move on with its current price range of $40 and $50 per barrel.
Energy Voice published a summary of Westwood’s exploration well tracking:
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.
RigLogix featured in Offshore Magazine at the start of the month:
The consensus among offshore drillers is that things will almost certainly get worse before they get better. This was the major conclusion of a recent report issued by Westwood Global Energy Group’s RigLogix service.
Offshore Magazine also quoted Kai Gruschwitz:
Kai Gruschwitz, senior analyst, Global E&A, expects ~60-70 high-impact exploration wells will be completed by the end of 2020, which would be back down to numbers last seen from 2016 to 2018 following the 2014 price crash.
Offshore Magazine also quoted Terry Childs:
Terry Childs, head of RigLogix, pointed out many companies are having to face up to debt payments due in 2021. One major rig owner believes nearly every public driller will be in Chapter 11 this year or next.
Energy Voice quoted Yvonne Telford:
Once the sector went through the initial pain of cutting costs and activities, companies turned their attention to spending money much more wisely, said Yvonne Telford, senior analyst, north-west Europe, at Westwood Global Energy Group.
The State of Exploration 2020 report was in the news this week:
Westwood Global Energy Group’s ‘State of Exploration 2020’ report reveals an increase in drilling globally last year, with improved performance in 2019.
The State of Exploration 2020 report featured in OE Digital:
Westwood has published its annual review of global exploration activity and performance over the last five years and the outlook for 2020 and beyond.
Arindam Das is featured in a podcast this month:
Mr. Arindam Das, head of consulting at Westwood Global Energy Group, discusses where energy sector companies must focus to meet capital markets’ new expectations, both to survive the downturn and to act advantageously as stabilizing markets present new opportunities.
Offshore Magazine quoted Thom Payne and his predicted slow progress on potential LNG projects in the APAC region:
Thom Payne, Head of Offshore Research in Singapore at Westwood Global Energy Group, said Japan’s INPEX, “had already gone back to the drawing board” on its Abadi LNG project in Indonesia’s Arafura Sea, would probably push the FID with partner Shell to 2022 at the earliest.
Energy Voice featured Westwood analysis:
Westwood analysis (Figure 1) suggests that if the oil price remains below US$27/bbl for the remainder of the year, UKCS production is not generating enough revenue to cover both operating costs and the planned capital expenditure in 2020.
Yvonne Telford published a piece on COVID-19 challenges for E&Ps in the UK and Norway:
Westwood analysis (Figure 1) suggests that if the oil price remains below US$27/bbl for the remainder of the year, UKCS production is not generating enough revenue to cover both operating costs and the planned capital expenditure in 2020.
Offshore Technology quoted Yvonne Telford:
“There are two avenues that companies are thinking about right now,” said Yvonne Telford, senior analyst for north-west Europe at Westwood Global Energy, highlighting these issues. “The health and safety of the workers, maintaining the security of supply through this crisis; and also then looking at the oil price and the activities that are required and necessary.”
Offshore Technology 07/04/2020
Thom Payne is quoted by CNBC’s “Street Signs Asia”:
Thom Payne, director of consultancy Westwood Global Energy Group, said the U.S. oil industry is “fragmented.”
Marine Link featured Terry Childs and contract options in the offshore rig market:
COVID-19 and low oil prices are already having an impact on the offshore rig market as contractors face crew and logistical challenges and E&Ps attempt to prioritize drilling campaigns.
Oil Price reported Terry Childs’ thoughts on the offshore sector following historic oil price crash:
Westwood Global Energy Group also believes that the offshore drilling market faces tough times ahead. A month ago, Terry Childs, Head of Westwood’s RigLogix offshore rig intelligence service, said that “the number of idle rigs will increase substantially in short order.”
Offshore Magazine quoted Wildcat and Westwood analysis from our recent Westwood Insight:
Exploration well numbers this year could be 35% down on 2019 levels, according to Westwood Global Energy Group.
CNBC’s “Street Signs Asia” quoted Thom Payne:
A group of oil-producing nations known as OPEC failed to reach a deal with its allies over oil output cuts following a meeting in Vienna on Friday. This led OPEC kingpin Saudi Arabia to slash its official selling prices for April and reportedly prepare for an increase in production.
Energy Voice quoted Dave Moseley:
Dave Moseley, senior analyst at Westwood Global Energy Group, said this will have cut recoverable reserves but there is potential nearby for more additions.
Energy Voice featured Terry Childs, head of RigLogix, in a piece focused on offshore drillers:
With the oil price crash and COVID-19, the near-term outlook for the offshore rig market is on a lot of minds.
RigLogix and Terry Childs predict things will likely get worse before they get better:
Westwood Global Energy Group has contacted various drilling rig owners on the likely repercussions of current market conditions.
JPT quoted James Jang and Energent analysis:
“By the end of 2020, horsepower demand in the Permian will fall to 2.9 million, a 46% decline from the year prior. Total frac crews by the end of 2020 will hover near 79 compared to 133 in the fourth quarter of 2019,” said James Jang, an analyst with Westwood
Journal of Petroleum Technology 26/03/2020
Keith Myers is featured in Energy Voice:
Keith Myers, head of research at market research and intelligence firm Westwood Global Energy group, warned the downtown may be …
Offshore featured forecasting remarks by Mark Adeosun:
Westwood Global Energy Group foresees a second consecutive year of growth in 2020 for the offshore oil and gas industry. Feb 14th, 2020. Offshore EPC …
Offshore Oil and Gas Magazine 14/02/2020
Hellenic Shipping News quoted PlatformLogix and SubseaLogix analysis and data:
Westwood Global Energy Group expects $63 billion (bn) of contract awards for new offshore O&G production infrastructure (subsea production systems, SURF, pipelines, fixed platforms and floating production systems) in 2020 – a 49% increase over 2019 and the highest in seven years.
Hellenic Shipping News 17/02/2020
Energy Voice quoted Arindam Das and Dominic Stirling:
Offshore analyst Dominic Stirling said “there is quite a big spike in 2023 and that’s from Equinor’s Rosebank project in the UK and also Equinor’s Wisting project in Norway”, reflecting capex for those developments.
Arindam Das is featured in a podcast this week:
But Arindam Das, head of consulting at Westwood Global Energy Group, also said he did not consider it a “major threat” in the short term.
Riviera quoted Thom Payne’s forecasting:
Westwood Global Energy head of offshore rigs and wells Thom Payne forecasts capital expenditure on new offshore projects will average US$131Bn per annum between 2020 and 2023, with Australia and Brazil leading the way.
Offshore Magazine referenced Westwood data:
Ninety-one high-impact wells were drilled globally last year, 36% up on the total for 2018, according to Westwood Energy.
David Moseley published a piece on active exploration wells drilling in the UK:
Westwood expects a similar level of exploration and appraisal drilling in 2020, with indications of 27 wells currently expected to be drilled.
Offshore featured a Westwood Insight dedicated to exploration:
Ninety-one high-impact wells were drilled globally last year, 36% up on the total for 2018, according to Westwood Energy.
Keith Myers shared his thoughts regarding extinction rebellion:
While the “energy transition and extinction rebellion” may have stimulated reflection in many E&P boardrooms last year, the impact on exploratory drilling was not apparent, according to Westwood’s Keith Myers, president of research.
Natural Gas Intelligence 13/01/2020
Energy News Bulletin referenced Westwood analysis:
ANALYSIS from Westwood Global Energy Group has revealed exploration drilling will continue to increase in 2020, despite backlash from environmentalists and the impending energy transition.
Energy News Bulletin 13/01/2020
NGI quoted Keith Myers and westwood analysis from a Westwood Insight:
This year, though, it may become clearer whether Mexico “will deliver the bounty” from IOCs, according to Westwood’s Keith Myers, president of research.
Natural Gas Intelligence 14/01/2020
Offshore featured Andrew Jackson and Wildcat’s review of direct hydrocarbon indicators (DHIs):
According to Andrew Jackson, analyst, Global Exploration & Appraisal at Westwood, evidence from the 2008-14 period shows that DHIs overall delivered lower success rates than the global benchmark.
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