Oct 13 2017
A new market forecast launched today by Westwood Global Energy Group sets out a positive outlook for the US Drilling & Completions Market between 2018-2022, based on a number of oil price scenarios. Expenditure on completions is out-pacing rig expenditure growth as wells become longer and more complex. Under Westwood’s ‘consensus’ oil price expectations1, the […]
More »Sep 21 2017
21st September 2017 The ongoing reduction in the cost of generating renewable energy continues to make the headlines. Offshore wind has relied on subsidies to be viable in the past and, for the overwhelming majority of projects, this remains the case. In the UK, the support mechanism works by providing project owners with a guaranteed price […]
More »Sep 15 2017
(Aberdeen, UK) – 14 September 2017 – Westwood Global Energy Group (Westwood) is expanding its consulting team with the addition of two experienced professionals as it witnesses increased market activity levels. The new additions enhance Westwood’s consulting capabilities, based out of its offices in Houston, Aberdeen, London and Singapore. Ian McDonald joins Westwood’s Aberdeen office […]
More »Aug 25 2017
The first half of 2017 shows the start of a recovery in the global land drilling market, according to figures from Westwood Global Energy Group (Westwood) It predicts that the global number of rigs drilling will increase at a seven per cent compound annual growth rate (CAGR), over the period to 2021 The recovery is […]
More »Aug 17 2017
17th August 2017 Land rigs – a fragmented, undisciplined, commoditised market? Why would rig contractors and E&P companies buy land rigs when oil prices are at recent historic lows, E&P firms are reigning-in Capex and there is seemingly an awful lot of idle rigs and equipment stacked in yards (or worse, in the field) globally? Yet […]
More »Aug 7 2017
7th August 2017 The Liquified Natural Gas (LNG) carrier market has been highly cyclical and is often driven by global macroeconomic events. The growth of LNG carriers over the past decade has been synonymous with the growth in global LNG import and export capacity. However, in recent years the increase in LNG cargos hitting the market […]
More »Aug 3 2017
3rd August 2017 During the last sector boom leading up to 2014, the industry invested heavily in new equipment and infrastructure to support a level of activity that has yet to return. This has had and continues to have brutal implications for asset-heavy businesses, but particularly offshore, where the investment required to build a rig or […]
More »Jul 31 2017
31st July 2017 Publicly traded E&Ps and service companies are entering a Q2 earnings season anticipating a slowdown across the unconventional plays. In Halliburton’s (NYSE: HAL) second quarter earnings call Dave Lesar said, ”rig count growth is showing signs of plateauing and customers are tapping the brakes.” With oil prices under $50 per barrel and oil […]
More »Jul 17 2017
17th July 2017 In 2015, the Department of Energy’s Wind Vision Report projected that the US offshore wind industry could support investment to reach a cumulative capacity of 3 GW by 2020, 22 GW by 2030 and 86 GW by 2050. These targets do look wildly unrealistic, but the prospects for growth in offshore wind still […]
More »Jul 13 2017
The latest data for global exploration shows some signs of recovery after the lows of recent years, with discovered commercial resources for 1H 2017 being twice that for the same period in 2016. Whilst drilling is down in Asia-Pacific for the first half of 2017, commercial success rates are holding up in some areas, with […]
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