Archives for posts with tag: oil production

Although some indicators seem to suggest that the offshore markets have now bottomed out, most segments of the ‘cradle-to-grave’ offshore fleet are still facing significant challenges, often due to persistent vessel oversupply. One more positive sector though has been FPSOs, which is largely project driven and which has been supported by a rise in FIDs. So what is the outlook for FPSO contracting to 2020?

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

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2018 so far has been a year of firming oil prices. Despite continued strong output growth from US shale, the crude price has risen, with Brent even topping $80/bbl, fuelled by political risk: Venezuelan instability, North Korea and sanctions on Iran. Supply outages, plus higher prices muting demand, have hit the tanker market. However, the flip side has been more positive indications (at last) in the offshore sector.

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

 

Brazil’s offshore sector has faced various challenges in recent years but nevertheless still accounts for 11% of all offshore oil production, 20% of all ultra-deepwater fields and 23% of FPSO deployments globally. It also still has significant untapped potential, or at least so many international oil companies seem to think, if the results of the country’s most recent offshore block licensing rounds are any guide.

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

Sometimes in shipping, as in life, things come along that nobody really expects. US shale/tight oil production, which was barely on the radar ten years ago, seems to be one of those things. The most recent news, of US crude being unloaded in the Middle East and of output passing 1970s levels, has not come entirely out of the blue. But imagine saying ten years ago that the USA could soon be a net oil exporter…

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

 

After an extremely challenging 2016, parts of the offshore sector had a less harrowing year in 2017. Oil prices, though volatile, trended upwards, offshore project sanctioning picked up and there was a sense that perhaps some charter markets were starting to bottom out. That being said, it was still another very challenging year for the offshore fleet and owners will certainly be looking for improvements in 2018.

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

Since the onset of the downturn in 2014 it has been a pretty bleak few years for the offshore sector, with the occasional chinks of light on the horizon often quickly clouded over. More recently there have been indications that things might be clearing up a little and so sentiment has improved somewhat. But it is worth recalling just how low the barometer has sunk in order to put these things in perspective.

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

The North Sea and even more so the frontiers west of the Shetlands and in the Barents Sea are known for their often challenging operating conditions of rough seas, stormy skies and limited visibility. Unfortunately, the native climate could be seen as something of a metaphor for the region’s offshore markets at present, though a keen observer might spy mercurial signs of fairer weather on the distant horizon…

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