Last year was a challenging year for the floating production systems (FPS) market. The low oil price threatened the commerciality of numerous projects, delay announcements for FPS units under construction arrived regularly and overall only four orders were placed…
The UK North Sea is expected to dominate the decommissioning market from 2016-2040. How much it will cost depends on the success of vessels such as Allseas’ Pioneering Spirit, says Douglas-Westwood’s Ben Wilby. Pioneering Spirit with the Lorelay…
A year on since the oil price collapse and the effects are making themselves felt across Northwest Europe, particularly in the UK and Norwegian sectors. The count of exploration and appraisal well spuds in the UK is an all-time low…
Despite a current pause in commitments to new projects, the capital expenditure (capex) for FLNG vessels is expected to amount to US$35.5 billion over 2015-2021, says a new report by Douglas-Westwood (DW) entitled 'World FLNG Market Forecast 2015-2021…
A busy week for global news mid-July sent crude prices plummeting. The agreement between the Greek government and European financial ministers left a lingering uncertainty hanging over the Eurozone, with several high profile organizations remaining openly critical of it…
Analysts at Douglas Westwood say despite a current pause in commitments to new projects, the capital expenditure (capex) for Floating LNG (FLNG) vessels is expected to amount to US$35.5 billion over 2015-2021. Spending on floating, storage…
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…
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%…
An American data analytics and risk assessment firm based in Jersey City has bought Edinburgh, UK-based energy and mining industry analyst Wood Mackenzie. Verisk Analytics has agreed to buy the firm for US$2.8 billion from owners Hellman & Friedman and other Wood Mackenzie shareholders…
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%…
Underlying structural issues with the North Sea exploration sector will need to be ironed out before the true impact of the latest licensing round and other recent UK licensing rounds is known, says oil and gas advisory firm Hannon Westwood…
Deepwater exploration offers one of the few attractive places for today's international oil companies, but costs will need to be curbed to make it work, senior executives said in Aberdeen today (14 October). Total's…
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