By Teresa Wilkie, Research Director of RigLogix at Westwood Global EnergyUtilization is one of the key barometers of the health of the offshore rig market, as it identifies what percentage of the usable fleet is available versus what is not. While there has been much excitement over the past year regarding rapidly increasing offshore rig utilization (and dayrates), it appears the true extent of this tightening market is still not always being accurately represented across the industry…
Those who are old enough (or young enough) to remember Justin Timberlake’s poignant lyrics, ‘What goes around, goes around, goes around, comes all the way back around’, will appreciate their significance and relatability to the offshore oil and gas market…
BP, Shell, Exxon, Equinor flag Russia exitsTotalEnergies sticks with Russian natgas assetsLNG central to TotalEnergies' strategyFrance's TotalEnergies cuts a lonely figure hanging onto its Russian investments during a mass exodus of western oil majors from the country after its invasion of Ukraine…
In July 2020, just a few months after the COVID-19 pandemic started to spiral out of control, Shell CEO Ben van Beurden declared world oil demand may have passed its peak - all but condemning his company's core business to eventual obscurity…
Teras Offshore, once a notorious ‘‘big boy’’ in Singapore’s offshore oil & gas market and owning a varied fleet of liftboats, jack-ups, and small AHTs, has recently been forced to close its doors for good and put an end to years of suffering and losses…
The United States, the world's top natural gas producer, has asked Qatar and other major energy producers to divert gas supplies to Europe if Russia attacks Ukraine and the United States imposes sanctions on Russia.Russia, which supplies around a third of Europe's gas…
Oil's rally may extend further in the next few months due to recovering demand and limited capacity in OPEC+ to add supply and prices could break $100 a barrel, OPEC officials have told Reuters.Oil last traded at $100 a barrel in 2014, after averaging $110 a barrel over the previous two years…
Wind speeds were milder than usual in Europe this year, so windmills across the bloc generated less electricity which worsened a crunch that sent power prices to record highs as utilities had to buy more coal and scarce, costly, natural gas…
The German government, to be sworn in on Wednesday, has presented plans to step up climate protection efforts entailing far-reaching reforms for the utility sector and across manufacturing industries, buildings, transport, and agriculture.The targets are radical…
Up until a few days ago, the leadership of British North Sea producer Siccar Point was negotiating the sale of a stake in the promising Cambo oil development to another private equity-backed company, NEO, sources told Reuters.But on Thursday Royal Dutch Shell…
In announcing project sanction on the Scarborough and Pluto Train 2 project last week, Woodside CEO Meg O’Neill emphasized that as well as being both low carbon and globally cost-competitive, it was the strength of demand “particularly in our…
For the first time in a decade, a massive new liquefied natural gas (LNG) project has been approved for construction in Australia, but the Scarborough venture's structure and market realities indicate it may well be the last of its kind.Woodside…
Offshore drilling companies Maersk Drilling and Noble Corp. last week announced they'd merge to form one of the world's largest offshore oil drilling rig companies. Westwood Energy's Terry Childs analyzes the proposed deal and how the combined…
As governments and investors alike push for greater and faster decarbonization, upstream operators are under increasing pressure to act. Divesting out of fossil fuels is an option, but one that runs the risk of only passing the ‘dirty’ assets to another player…
The growing avalanche of governments and companies committing to cut their climate-changing carbon pollution to net zero now covers 88% of global emissions, according to a tracker run by leading climate analysis groups.But those pledges do not…
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