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 at the start of the month:
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.
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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