Brent oil price reached lows of $27/bbl in mid-January, but has recovered over the past two weeks to above the $30/bbl mark. Nevertheless, volatility is expected to remain as the market is yet to find a new equilibrium. So far, only modest cuts in US shale production have been realised, and global oil supply has […]
More »The oil price collapse has been bad news for nearly every company involved in the industry, but one group that could actually benefit from it are specialist decommissioning companies. For these companies there is an opportunity to be part of removing the huge tonnage of infrastructure that exists in the North Sea. With oil prices […]
More »This week, we look at some of the key takeaways from an event held last Thursday in London, hosted by the Society of Underwater Technology. Douglas-Westwood (DW) presented its outlook for the offshore energy sector, including outputs from its latest, soon to be published studies, in the context of a highly-turbulent start to the year […]
More »Saudi Arabia’s reluctance to cut production to maintain its share of the global crude market has paid off. By not “blinking first”, the Kingdom has succeeded in driving rigs out of the US shale market with current rotary rig counts down 65% from 2014 highs in September. This has led to significant decreases in production […]
More »Oil prices have been extremely volatile since the first trading day of 2016 and hit 12-year lows last week with Brent dropping below $33 a barrel for the first time since 2005. The fall in the Chinese manufacturing index, the Saudi-Iran standoff and North Korean nuclear test have all had a significant impact on shaping […]
More »Jan 6 2016 | News & Insight
Following recent attacks on the Saudi Arabian Embassy in Tehran in response to the execution of a prominent cleric, the Kingdom has announced that it will be severing diplomatic ties with Iran. This soaring political tension between the two most influential members of the Organisation of the Petroleum Exporting Countries (OPEC) has led to fluctuating […]
More »2015 was a tough year. Spending and headcounts have been slashed across the industry and the spectre of bankruptcy is an all too common concern. Recent trends in commodity prices have not helped. Late December saw Moody’s downgrade its price forecast for 2016 by 17% and a further dip in the price of oil – […]
More »This year, the offshore oil and gas industry has had to come to terms with the worst downturn for more than a decade. With commodity prices plummeting to an eleven-year low in December, it is time to reflect on the year gone by and consider the outlook for the year to come. Offshore rig markets […]
More »Dec 22 2015 | News & Insight
LNG – Key to Weaning the World off Fossil Fuels Capital expenditure (Capex) on LNG facilities has risen substantially in recent years, mostly due to growth in the global economy which has been driving demand for natural gas. Douglas-Westwood (DW) forecasts that this trend is set to continue with total expenditure on global LNG facilities […]
More »So far this year nearly forty North American E&P companies have filed for Chapter 11 bankruptcy with expectations of more to follow. Falling oil prices have forced many debt laden shale operators to reevaluate their capital structure. Next year, operators in the US are expected to cut capital expenditures by nearly four times the amount […]
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