Archives for category: offshore industry

Offshore exploration has been challenged since the onset of the downturn. There have been some major discoveries in countries such as Guyana and Mauritania, but oil company exploration spending remains significantly lower than pre-downturn outlay, and in 2018 offshore discoveries fell to the lowest level in around 50 years. That being said, might there now be signs of some improvement to come?

For the full version of this article, please go to Offshore Intelligence Network.

Conditions in the offshore sector have been challenging for several years now, and many on the outside might presume that market signals would still be very negative. But key offshore metrics appear more varied, with some parts of the market having seen greater improvements than expected whilst others remained stubbornly weak. Why do the indicators seem a little mixed, and what do they really tell us?

For the full version of this article, please go to Shipping Intelligence Network.

Offshore is quite a project driven sector in the sense that work at offshore fields drives much of the demand for offshore vessels. But offshore is also project driven in the sense that offshore output growth is linked to field project start-ups. And since 28% of global oil production is offshore, the aggregate of individual offshore start-ups can potentially have significant implications for wider energy market trends…

For the full version of this article, please go to Offshore Intelligence Network.

The Middle East Gulf, which laps the shores of several major OPEC countries, holds 32% of the world’s 60 largest offshore oil fields, some of which have been active for 60 years. But though it is a mature area, in 2018 it is still projected to account for 28% and 34% of global offshore oil and gas production, with output having been supported by a large number of expansion, EOR and redevelopment projects.

For the full version of this article, please go to Offshore Intelligence Network.

The Middle East is a key component of global oil production. In total, it accounts for just under 25m bpd of oil output (or 30m bpd including NGLs), of which nearly a quarter is produced offshore. The Middle East also produces 63.5bn cfd of gas (64% offshore). The majority of Middle Eastern producers are OPEC members, so the group’s decisions have a large impact on production volumes in the region.

For the full version of this article, please go to Shipping Intelligence Network.

As recent history demonstrates, if the global oil supply-demand balance moves from a deficit of supply to a surplus, or vice versa, the effect on oil prices and hence the offshore sector can be far reaching. At present, as 2019 draws nearer, oil demand and supply look to be increasingly finely balanced. However, there are still a range of uncertainties that could significantly shift the current oil supply-demand outlook.

For the full version of this article, please go to Offshore Intelligence Network.

The mobile offshore orderbook reached its lowest level since 2005 at the start of August. Furthermore, a significant portion has been on order for a number of years, with a large share of these units having already been launched. As uncertainty continues to cloud the future for many of these vessels, this month’s Analysis investigates the nature of the offshore orderbook in more detail.

For the full version of this article, please go to Offshore Intelligence Network.