Archives for posts with tag: Offshore Intelligence Network

Halfway through 2021, sentiment around future oil demand has clearly improved, despite challenges
such as the spread of the Delta variant or continuing travel restrictions dampening demand. Though
partly owing to OPEC+ cuts constraining short-term oil supply, oil prices have risen to above $75/bbl,
and accordingly, 1H 2021 saw improved interest in progressing offshore oil and gas project FIDs.

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

The ‘Energy Transition’ has become a key focus in many industries and the offshore oil and gas sector has been no exception, with upstream players increasingly looking at what role they can play in the fast growing renewable energy segment. The offshore wind sector, in particular, has been attracting attention from those E&P companies with experience of offshore operations.

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

Whilst most offshore vessels have been burning MGO for many years with benefits in terms of reduced NOx and SOx emissions (relative to HFO), efforts to transition to cleaner, lower carbon fuels are increasingly evident. The first adoption of LNG fuel was by Norwegian players, but there are now slow signs of interest in a range of alternative fuel options, from owners and charterers in a range of regions. 

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

Covid-19 has been a tough blow to the offshore sector. The sector has had a difficult last half decade, with the boom-times of >$100/bbl oil receding into the rear-view mirror. Although utilisation and dayrate levels began to tick up in 2019, the outlook was significantly weakened by Covid-19. Tracking the key indicators on how offshore markets are developing will be important as the downturn plays out.

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

The impact of the spread of Covid-19 in Q1 2020 on the energy markets has contributed to a significant shift in the outlook for the offshore industry, as well as the wider oil and gas sector. Operators have shifted rapidly from planning modest increases in CAPEX budgets to making swingeing cuts, and major offshore projects are being delayed and cancelled as a result.

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

 

Offshore contracting has remained at extremely low levels for a number of years, and the mobile offshore orderbook has now shrunk to less than a quarter of its peak size. Furthermore, the majority of units on order in the MDU and OSV sectors were now contracted more than five years ago. This month’s Analysis examines what’s still on the orderbook and where solutions have been found.

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