Archives for category: Offshore Intelligence Network

North West Europe is a key offshore area, accounting for 3.2m bpd of offshore oil production (12% of the global total) and 17.8bn cfd of offshore gas (14%). Whilst 10% of the active jack-up fleet and 23% of the active floating MDU fleet are deployed off North West Europe, these are harsh environment units. The region is also home to c.400 OSVs, or 11% of the fleet, but hosts 30% of all PSVs >4,000 dwt.

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

 

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Drilling wells offshore always has an element of risk attached, and comes with significant upfront cost. Yet only a few appraisal campaigns end in ‘mega-finds’, and not all wells drilled indicate volumes of oil or gas worthy of stand-alone development. Whilst many such fields were side-lined as ‘non-commercial’ in the boom, since the downturn there has been an increasing push to develop more marginal satellites.

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

There are a range of indicators that can be used to gauge activity in the subsea segment of the offshore industry, including the number of tree awards, the EPC/SURF contractor work backlog and subsea support vessel utilisation trends, for example. Another is the backlog of subsea trees on order at tree fabricators. So where is this indicator now and what might it suggest about the subsea sector generally?

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

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.

The offshore sector has seen some impressive gas projects over the last decade, from the development of the vast South Pars/North Field to the start-up of pioneering mega-projects off Australia and the introduction of FLNGs. Accounting for 32% of total gas output, offshore gas is now a key part of the global energy mix. But similar could be said of US shale gas. So how do shale and offshore gas measure up?

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

The year just gone was a mixed one for offshore. Incremental progress continued towards rebalancing, while some sectors saw small day rate improvements compared to 2017. Overall though, challenges persisted in an oil price environment characterised by uncertainty and volatility. Several key indicators underperformed relative to start year sentiment and the year ended on something of a negative note.

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