Significant cost reductions have improved E&P cashflows and should drive increased offshore tendering activity in 2020. However, pricing is expected to remain competitive and contractors will need to remain focussed on profitability being locked into low-margin purgatory.
Westwood has investigated success rates for exploration wells which targeted the five direct hydrocarbon indicators (DHIs) most commonly reported by companies pre-drill.
The report focuses on Asia/Pacific new rig contract awards, outstanding and new rig requirements, rig moves, operator and drilling contractor updates, financial news, shipyard updates and other news relevant to the region.
