May 5 2016 | News & Insight
Douglas-Westwood’s (DW) new World Floating Production Market Report 2016-2020 forecasts that Capex for FPS units will total $58 billion (bn) over the period to 2020. This is substantially lower than expected last year, as result of plummeting oil prices over the second half of the year, but the value of the order book remains near […]
More »The Johan Castberg development has faced numerous challenges since inception. If production in the Barents Sea wasn’t difficult enough, Statoil has had to contend with changes to Norwegian Tax laws as well as disappointing drilling results. In May 2014, it was confirmed that of five exploration wells drilled in the area, only two yielded oil […]
More »Scanning the newspapers, social media and analyst coverage this year, there is consensus that a recovery in oil prices is coming, as a function of a reduction in over-supply, and that we should expect upward movement in prices later this year. The extent to which this view is built upon analysis of data or gut […]
More »Apr 20 2016 | News & Insight
Over the past 18 months, industry headlines have been dominated by the severe impact of the sustained low oil price on drilling contractors, OEMs (Original Equipment Manufacturers) and vessel owners. The low oil price environment has challenged the viability of virtually all deepwater projects, as operators continue to cancel or defer final investment decisions (FIDs) […]
More »Apr 19 2016 | News & Insight
Douglas-Westwood (DW) forecasts subsea hardware expenditure to total $94.3 billion (bn) between 2016 and 2020, with a 3% CAGR (Compound Annual Growth Rate) over the forecast period. Expected expenditure growth for subsea hardware has been tempered by the prolonged low oil price, causing a 19% decline in expenditure compared to the 2011-2015 period. Report author, […]
More »In 2015, Russian onshore drilling bucked global activity trends and reached record highs. Depreciation of the rouble cushioned the Russian oil industry, incentivising operators to boost activity and pay for services in roubles while gaining dollars on international markets. Last year, the global number of onshore wells drilled decreased 31%, yet the Russian market – […]
More »Apr 14 2016 | News & Insight
Next week, Manchester will host the annual Total Decom event, providing a chance for industry players to meet and discuss the current state of the nascent oil & gas decommissioning market in the North Sea. Douglas-Westwood’s own Ben Wilby will be joining a wide range of speakers at the event, presenting DW’s recently released market […]
More »Whilst 2016 has so far seen much discussion surrounding the oil price, oversupply and the almost daily mini-rallies that appear as fickle as my two-year old’s breakfast selection, not a great deal of attention has been paid to the gas outlook. From 2016 production levels, Douglas-Westwood currently forecast a 16.2% increase in global gas production […]
More »Apr 6 2016 | News & Insight
The trials and tribulations of the global oilfield services sector has been much publicised in recent months. The latest edition of Douglas-Westwood’s World Oilfield Services Market Forecast estimates Capex in the sector fell by 38% in 2015. Adjustments to spending plans are expected to continue well into 2016, compounding 2015’s decline by a further 10% […]
More »Backlogs for subsea equipment manufacturers have been historically high in recent years – following record levels of subsea tree orders posted in 2013-2014. The process of working through these backlogs has thus-far cushioned the market against the decline in order activity seen in 2015. However, these backlogs are now being eroded rapidly as new orders […]
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