On March 16th, the UK government effectively abolished the Petroleum Revenue Tax (PRT) and reduced the supplementary charge tax from 20% to 10% – a measure which could result in ~£1bn tax break over the coming five years. The government’s aim is to encourage investment in infrastructure and new developments, as well as support production […]
More »Mar 23 2016 | News & Insight
The new edition of Douglas-Westwood’s (DW) Iran Oil & Gas Market Forecast publication, covering a forecast period of 2016-2020, provides updated analysis of key markets within Iran’s oil & gas sector, including drilling and production, oilfield services expenditure, and onshore and offshore rig demand, fixed platforms, onshore pipelines and downstream facilities (refineries, gas processing, petrochemicals […]
More »Mar 23 2016 | News & Insight
2015 was a record year for the offshore wind industry, doubling the capacity installed globally in 2014. Douglas-Westwood (DW) forecasts fewer additions in 2016 relative to 2015, however, the level of projects entering construction and the diversity of locations expected in 2016 bodes well for a larger global market in the years to come. Capacity […]
More »As the main driver of global energy demand growth, China accounted for 23% of world energy use in 2014. BP expects this share to rise to 25% by 2035. According to National Bureau of Statistics of China, despite a decline of 3.7% in coal consumption in 2015, the energy source still supplied 64% of primary […]
More »Mar 17 2016 | News & Insight
A year ago, Douglas-Westwood (DW) commented that E&P companies within West Africa were focusing reduced Capex plans on high-quality deepwater assets in the region. At the time, Brent crude was rebounding towards a mid-2015 peak of over $60 per barrel. However, in the months since this peak, oil prices plummeted once more, with Brent reaching […]
More »In recent years, fishing communities in North West Europe have reaped numerous benefits from the rise of offshore wind – fishing vessels and their crews have been regularly employed for the transfer of technicians and equipment to wind farms off the coast. As the industry has evolved, there has been rapid growth in the use […]
More »Mar 10 2016 | News & Insight
Sustained Low Oil Price Sinks Deepwater Projects, 2016-2020 Deepwater Spend to Total $137 Billion Douglas-Westwood (DW) forecasts deepwater expenditure to total $137 billion (bn) between 2016 and 2020. This represents a 35% decline compared to DW’s previous edition of the deepwater forecast, covering the 2015-2019 period and issued at the end of March 2015. Report […]
More »Douglas-Westwood (DW) held their inaugural Business Breakfast event in London last week at Southwark Cathedral. The purpose of the event was to showcase DW’s latest research and to offer a network opportunity for our financial sector and energy industry clients. DW founder John Westwood chaired the proceedings and also gave an introductory talk focusing on […]
More »Saudi Arabia and Russia agreed to freeze production at January levels on February 16th in the first coordinated effort to stabilise prices for 15 years. Expectations of an output cut were rife in the days leading up to the meeting in Doha, with Brent gaining 10.9% on February 12th. However, traders were left disappointed, given […]
More »The protracted low price environment is pushing the offshore marine supply chain to breaking point. Rig managers, OSV contractors and subsea vessel owners are trading at 60-70% discounts to 2013 highs and every week seems to usher in a new wave of profit warnings, impairments or defaults. Although E&P customers are also taking a beating, […]
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