The offshore support vessel (OSV) market is very much a global industry where ships frequently mobilize between regional markets. This offers far more opportunities than markets more closely linked to their specific local geography and operational patterns. As a result of these additional opportunities, the supply- and demand balance in the respective regions are more dynamic than the offshore activity therein in isolation…
Over the past few years the Namibian Orange Basin has emerged as an exciting new oil province and subsequently a provider of significant new demand and future demand potential for deepwater drilling rigs.According to Westwood’s Wildcat, “the…
In the next few weeks, Saudi Arabia and its OPEC⁺ allies must take a delicate decision about whether to proceed with planned production increases from October, or postpone them because of an uncertain economic outlook.The recent slides in front-month Brent futures prices…
Europe's record gas surplus inherited from the winter of 2023/24 has been largely eliminated following an unusually small accumulation of inventories so far in the summer of 2024.Inventories across the European Union and the United Kingdom have risen by just 336 terawatt-hours (TWh) since March 31…
Investors cut their petroleum positions to the lowest level for at least a decade early last week, part of a broad-based retreat from risk amid rising concerns over a global economic slowdown.Hedge funds and other money managers sold the equivalent…
Offshore winds have the potential to supply coastlines with massive, consistent flows of clean electricity. One study estimates wind farms just offshore could meet 11 times the projected global electricity demand in 2040.In the U.S., the East Coast is an ideal location to capture this power…
Examining similarities and differences between the deepwater oil & gas and the emerging floating wind segment.There has been much excitement around the potential for the offshore wind industry to access deeper water sites through the deployment of floating wind technology…
The OPEC+ decision to extend crude oil production cuts is an acknowledgment that demand growth is still uncertain, but also that the group remains hopeful its bullish scenario is correct.The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia…
Portfolio investors purchased petroleum contracts for the first time in seven weeks as traders squared up short positions ahead of a meeting of OPEC⁺ ministers to decide production policy in the second half of 2024.Hedge funds and other money…
Brazilian President Luiz Inacio Lula da Silva may soon discover that swapping the CEO of Petrobras PETR4.SA is not enough to turn the state-run oil company into the engine for job creation and development it was during his first 2002-2010 terms…
It certainly has been an active few months in the U.S. offshore wind space.Despite some ongoing issues, the fundamentals are looking surprisingly positive in the context of what has taken place over the last 12 months. In fact, the key concern…
U.S. oil and gas production rebounded sharply in February after extensive disruption the previous month caused by freezing wells and other outages stemming from Winter Storm Heather in the middle of January.Nationwide crude and condensates output jumped by 0…
At a high-level, there are three solutions to transferring technicians from shore bases to offshore wind farms for construction and O&M activities: crew transfer vessel (CTV), helicopter, and SOVs/CSOVs.SOVs and CSOVs generally house 60-120 technicians offshore for a few weeks at a time…
Chevron CEO Michael Wirth is facing a head-to-head match with Exxon Mobil with his $53 billion bid for Hess and its stake in oil hotspot Guyana, and could wind up trapped in a dispute between two of South America’s biggest energy rivals.On Wednesday…
When storms batter Scotland's Shetland Islands, as they frequently do, the force of the winds whipping through its streets and valleys leave you in no doubt that this is Britain's windiest place.Now islanders are looking to those fierce winds…
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