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May 14 2018 |
Analysis of Riglogix data shows that recently jackup day rates around the world had risen to slightly above operating costs, allowing rig owners to finally make a little profit. That trend may not continue in all regions.
May 9 2018 |
Westwood Global Energy Group has released its ninth annual State of Exploration Report, the definitive report covering global conventional oil and gas exploration.
May 2 2018 |
The industry is planning to drill out 3.7 billion boe of prospective resources in 16 high impact wells in 2018 in the UK and Norway. Westwood has reviewed the drilling programme for wells targeting resources >100 mmbbl of oil or 1 tcf of gas, to assess the potential for a game changing discovery in 2018.
Apr 16 2018 |
E&P companies have cut costs as much as they can, have stabilized financially and can now make a profit at above US$45 per barrel from their producing assets. Proving they can grow production whilst retaining cost discipline is the next challenge.
Mar 27 2018 |
The capital cycle for oil and gas is in full swing as pressure pumpers, logistics, and manufacturers deploy capital for new and refurbished equipment. Oil prices are supporting the oilfield service expansion as E&Ps find innovative ways to reduce well completion costs by directly sourcing frac sand, chemicals, trucking, and logistics.
Mar 19 2018 |
19th March 2018 The play opening billion-barrel Jubilee oil discovery in Ghana in 2007 triggered a decade of exploration drilling chasing analogues in the deep water Central Atlantic margins, from Mauritania to Cameroon in West Africa margin and from Guyana to NE Brazil in South America (Figure 1). Many were enticed into the play but the […]
Mar 7 2018 |
7th March 2018 FLNG projects require significant capital investments, thus access to financing is a critical contributor to project sanctioning and success. Despite the FLNG liquefaction concept having been around for decades, only three units are in the water and operational or under commissioning as of 2018. Petronas and Shell, with a wealth of knowledge and […]
Feb 26 2018 |
26th February 2018 The West of Shetland (WoS) region is not a new province, but it is still one which is under-explored, at least by UKCS standards. Exploration in the region commenced in 1972 and since then a total of 160 exploration well programmes have been conducted (just 6% of total UKCS exploration). Geologically the WoS […]
Feb 19 2018 |
19th February 2018 Corrosion resistant alloys (CRAs) are back in demand. The supply chain is preparing for an uptick in deliveries as a growing proportion of field developments require high quality downhole tubulars. Sour gas fields and high pressure high temperature (HPHT) wells typically require stainless, duplex or Nickel alloys to reliably transport production from reservoir […]
Feb 5 2018 |
5th February 2018 Half of oil and gas fields are not producing to expectations when onstream, and a new Westwood study shows that this is mainly due to unexpected reservoir issues. 70% of the fields studied with limited appraisal were found not to perform to the development plan. Most of the subsurface risks identified could have […]
Jan 31 2018 |
31th January 2018 US onshore oilfield services companies received positive signs from the equity markets this month. Liberty Oilfield Services’ (“LBRT”) initial public offering performance showed promise for the hydraulic fracturing market; up 5% to $22.93. A week later, Vista Proppants & Logistics (“VPRL”) filed for its initial public offering to become the first pure-play regional […]
Jan 23 2018 |
23rd January 2018 Offshore – dead and buried, thanks to onshore shale? Not quite. The OFS world moves fast. Data from the Energent team in Houston indicates that consumption of sand for hydraulic fracturing in the onshore US market hit new highs of over 30 billion lbs (13.6 billion kg) in Q2 last year, topping the […]
Jan 15 2018 |
15th January 2018 Decommissioning – it’s now a word well entrenched in the mind set and indeed the operations of those involved in the North Sea Oil & Gas industry. With c.$102bn of decommissioning related expenditure forecast to 2040 in Western Europe, it represents a significant opportunity for a supply chain which has proven itself willing […]
Jan 8 2018 |
8th January 2018 A ten year low in oil discoveries in Norway in 2017 doesn’t deter an expected increase in drilling in 2018, whilst performance continues to improve in the UK with the focus switching to gas for 2018. In 2017, there was a shift towards high impact exploration drilling in both the UK and Norway. […]
Dec 18 2017 |
18th December 2017 Global high-impact* exploration in 2017 is expected to match 2016 in both activity and success rates, and with a marked improvement in commercial oil volumes discovered and lower finding costs. High impact drilling commercial success rates have remained constant around the 1 in 4 level for the past 5 years, but in 2017 […]
11th December 2017 On November 28th, Weatherford announced that the U.S. Department of Justice approved the OneStim joint venture between Weatherford and Schlumberger. Earlier this year, Weatherford stated that it had exited the onshore pressure pumping market. According to Energent frac fleet data, Weatherford averaged two frac fleets early in 2017. The OneStim JV combines the […]
Dec 4 2017 |
4th December 2017 The eagerly-awaited outcome of the 173rd OPEC meeting (not to mention the third OPEC & non-OPEC ministerial meeting) was announced on 30th November. The summary headline is an extension of current cuts through to the end of 2018, with a cap on resurgent Libyan and Nigerian production and an agreement to review in […]
Nov 27 2017 |
27th November 2017 In the recent Autumn Budget, the UK Chancellor announced the introduction of Transferrable Tax History (TTH) mechanism from November 2018, in an effort to narrow the value gap between sellers and buyers of late life assets in the UKCS. This policy has been widely welcomed by the industry as a potential driver for […]
27th November 2017 Westwood Insight: TTH, an important step but is it a game changer? In the recent Autumn Budget, the UK Chancellor announced the introduction of Transferrable Tax History (TTH) mechanism from November 2018, in an effort to narrow the value gap between sellers and buyers of late life assets in the UKCS. This policy […]