2023 has been another noteworthy year for the rig market’s ongoing recovery, with a 3% increase in global marketed utilization versus 2022, a demand increase of 29 rigs, a 7% uptick in average contract duration, 16 further reactivations and newbuild deliveries, and not to mention floating rig dayrates exceeding the ‘magical’ $500,000 mark. So, what can we expect in 2024? Westwood has set out its top three predictions for the year ahead…
Out of the 380 GW of pre-sanctioned offshore wind capacity that is forecast to reach FID between 2024 and 2030, nearly 40% of the pipeline is considered to be at risk, according to the new research by Westwood Global Energy Group.In its Project Certainty White Paper…
In a Westwood survey on offshore wind cost inflation, nearly three-quarters of industry players indicated that they had started reviewing the viability of their projects in light of recent cost increases, with over 90% indicating that decision-making had slowed as a result…
A noticeable recovery in the West African offshore floating rig market (semisubmersibles and drillships) has been slower to arrive than the other two points of the Golden Triangle – Brazil and the US Gulf of Mexico – but now appears to be well underway…
Despite substantial revenues generated by high oil and gas prices in 2022, oil companies are being slow to reinvest and are instead focusing on returning value to shareholders and reducing debt, energy industry intelligence group Westwood said in its 2022 review of upstream oil and gas…
Rig activity stood out in several regions in 2022, and there is no reason to expect anything different in 2023, Westwood Energy's Terry Childs writes.In 2022, offshore rig activity for both jack-ups and floating rigs was robust in several key regions of the world…
In a tumultuous year of change in the world, high impact drilling in 2022 remained at a similar level to 2021, with 81 high impact wells completing (Figure 1). Performance improved with discovered resource increasing from 7.4bnboe in 2021 to a preliminary estimate of 9…
As we enter the final month of 2022, a review of the floating production system (FPS) market revealed that some E&Ps have been bold with investments in the development of their oil and gas (O&G) reserves, with a total of 1.9 mmboepd (1.3 mmbpd of oil and 3…
Energy market research and consultancy firm Westwood Global Energy Group (Westwood) has appointed Joyce Grigorey as Director of Hydrogen.Grigorey has 15 years of analytical and project management experience in research and consulting, having…
Oil and gas exploration is likely to continue to have an important role in the decades to come, a view reinforced by the 2022 energy crisis and growing energy security needs, according to energy intelligence group Westwood.In the offshore drilling space…
The UK North Sea still has a lot to offer when it comes to oil and gas reserves yet to be produced. However, unpredictable fiscal conditions are denting the confidence of offshore energy-producing companies to invest and revitalize oil and gas exploration activity…
The availability of emission-lowering upgrades for offshore rigs has been on the rise, but adoption of these new technologies is slow outside of Norway and the US Gulf of Mexico due to limited regulatory and financial incentives, energy intelligence group Westwood has found…
Energy intelligence group Westwood said Tuesday it saw skyrocketing offshore wind growth with 135 GW of new capacity on offer to developers, equivalent to nearly 2.5 times today’s 55 GW market.This is bolstered by new market expansion with over…
38 high-impact exploration wells were drilled in the first half of 2022, similar to the same period in 2021 when 39 wells completed, says industry analysts Westwood Global Energy Group. The 38 wells resulted in 13 potentially commercial discoveries at a 34% commercial success rate…
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…
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