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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