Petrobras has long been a pioneer in the adoption and deployment of deepwater technology. This has enabled them to build huge reserves of some 16 billion bbl. Converting these reserves to production, however, is another matter and Petrobras has a history of setting ambitious targets…
The crash in oil prices has led to a dramatic decline in the number and value of awards for floating production and storage offloading (FPSO) units. There have only been three contracts awarded this year; a conversion for the Sankofa-Gye Nyame development in Ghana…
Douglas-Westwood (DW) forecast in their new World Offshore Accommodation Market Forecast that, during the period 2015 to 2020, demand for offshore accommodation vessels will average almost 42,000 personnel on board (PoB) per year, which represents…
Apparently undeterred by low oil prices, oil and gas output from ultra deepwater (>1000m water depth) fields will continue the relentless growth seen in recent years. Image from Shell. In…
About US$336 billion (€300 billion) could be spent in offshore wind capex over the next 10 years, with cumulative capacity surpassing 57GW. Douglas Westwood’s Rachel Stonehouse explains. Cumulative offshore wind capacity is forecast to reach 57GW by 2024…
Towards 2025, deepwater exploration and production will save the offshore industry, Norwegian energy analysts Rystad said in a recent presentation. According to Douglas Westwood’s World Deepwater Market Forecast, 2014-2018, deepwater spending is due to rise by 130%…
At an industry breakfast organized by OTC and the US Department of Commerce, experts said China was chosen as topic of discussion because of its emerging oil and gas business investment opportunities. OTC…
Few countries have been hit harder by declining crude oil prices in recent months than Venezuela, reports energy business advisory firm Douglas Westwood (DW). Falling oil prices have compounded Venezuela’s debt situation because crude oil represents about 95% of the country’s exports…
Several floating wind turbines have been installed in recent years, with operational turbines in Norway, Japan and Portugal. Floating turbines have several benefits over their conventional counter-parts – firstly, they are more economically efficient…
The global offshore accommodation market has seen significant growth over the past five years, with persons on board (PoB) requirements increasing by 27% between 2009 and 2014. Although the recent oil price decline has negatively impacted the accommodation market to some extent…
JGC Corp awarded ABB a US$50 million contract to supply the electrical system for one of the world’s first commercial floating liquefied natural gas (FLNG) facilities, and the second to be owned by Malaysian oil and gas company Petronas, the PFLNG2…
Companies in the deepwater drilling market have lost more than half of their value over the last year; Transocean, Seadrill, ENSCO and Diamond Offshore are currently priced 56% lower on average compared to January 2014 in line with the decrease in oil prices…
Subsea hardware spending in 2014-18 is forecast to nearly double the size of installed subsea infrastructure, according to Douglas Westwood’s latest estimates. Matt Loffman sets out the detail. Douglas-Westwood forecasts subsea hardware capex will total US$117 billion between 2014 and 2018…
Subsea well intervention activities are expected to flourish over the next five years, predicts analysts Douglas Westwood. Despite the recent plunge in oil price, the firm says it expects the global subsea wellstock to increase over the period by 41%…
FMC Technologies reported a 15% increase in revenues and its highest quarterly subsea margins in four years, thanks to its Subsea Technologies division. Subsea Technologies saw a 16% increase in Q3 revenue, at US$1.3 billion, compared to the previous quarter…
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