Apr 10 2019 | Westwood Insight
The West African offshore rig market has been one of the hardest hit during the oil price downturn. Once a region that attracted premium units and demanded some of the highest rig day rates – some rigs commanded over $600,000 – it quickly descended into an area with a glut of stacked rigs and a demand drought.
More »Apr 7 2019 | Westwood Insight
The offshore market is set for a bumper year with 83 greenfield FIDs expected, totalling $115 billion in infrastructure, equipment & associated drilling services. This includes $19.2bn on FPSO/FLNG awards – of which $5.5bn are lucrative newbuild FPSO opportunities. Historically, the “Big 3” South Korean yards – Samsung Heavy Industries (SHI), Hyundai Heavy Industries (HHI) […]
More »Apr 5 2019 | Westwood Insight
This week, Terry Childs speaks on the Asian jackup market, the global drillship fleet (1:31) and any changes in jackup backlogs (1:55)…
More »Apr 2 2019 | Westwood Insight
Consolidation and Rig ‘Recycling’ are at the Forefront of a Supply-Chain Response Commercial decision-making in offshore drilling companies is a tough challenge, involving not just ensuring safe, efficient, and continued operations in some incredibly challenging physical environments, but also taking a position on where the market may be in 3-4 years, a typical lead-time for […]
More »Mar 29 2019 | Westwood Insight
Exploration started with a bang in 2019 with a frontier discovery by a Total led joint venture at Brulpadda in South Africa, which follows the hugely successful play opening Liza discovery in Guyana in 2015 by an Exxon led JV. Both discoveries included partners who had paid a premium via a farm-in to participate in […]
More »Mar 26 2019 | Westwood Insight
This week, Terry Childs speaks on the Asian jackup market, the global drillship fleet (1:31) and any changes in jackup backlogs (1:55)…
More »Mar 22 2019 | Westwood Insight
Oil & Gas UK published its annual Business Outlook review and presented its findings in both London and Aberdeen on 20 March. Westwood’s Technical Manager, Alyson Harding, comments. One of the key messages was that £200 billion needs to be spent to achieve “Vision 2035” of at least 1 million boepd production in 2035 […]
More »Mar 20 2019 | Westwood Insight
Since the start of 2008, 153 exploration wells have been drilled in the SE Asia exploration hot spot of NW Borneo. 3.5bnboe has been discovered in 37 commercial discoveries, 94% of which is gas. Westwood has analysed exploration performance in both the Sarawak and Sabah basins and reviewed the potential for new frontier plays that are needed to replace reserves and maintain current levels of production.
More »Mar 18 2019 | Westwood Insight
In our new and regular video updates, Head of RigLogix, Terry Childs comments on some of the recent offshore rig activity including; oversupply, regions to watch, rig attrition, utilisation and day rates.
More »Mar 3 2019 | Westwood Insight
Westwood’s Offshore Drilling Rigs Senior Analyst, Teresa Wilkie on what to expect from a changing Northwest Europe market following a change in the demand supply balance.
More »