DW Monday: Powering a Bright Future

Posted on May 23, 2016

Solar PV – deployed in Europe for over two decades – can hardly be called a new technology. However, in recent years we have seen the rapid adoption of solar PV throughout America and Asia – particularly in India, China and SEA. Solar is currently seen as a complementary source of power when compared to…read more

In the News, 20th May 2016

Posted on May 20, 2016

It has been another busy week for DW with a number of reports, including OFE and Subsea Hardware referenced on a variety of websites: Jason Waldie gave was quoted on Rigzone this week: “Deepwater prospects are down to 122 as of January, down from 210 projects a year ago, Jason Waldie, associate director at energy…read more

Onshore Oilfield Equipment Expenditure to surpass offshore from 2017

Posted on May 17, 2016

Douglas-Westwood (DW) forecasts global oilfield equipment expenditure to total $622 billion (bn) between 2016 and 2020, despite a 3% year-on-year decline to 2020. Onshore growth will return from 2017 – with onshore spend expected to surpass offshore in the same year. Global Oilfield Equipment Expenditure Onshore/Offshore Split 2011-2020 The over-building of mobile offshore drilling units…read more

DW Monday: Movement in the Middle East

Posted on May 16, 2016

The Middle East has been a relative bright spot for upstream activity during the oil price downturn. International land rig contractors, such as Saipem, are actively focusing their strategy and drilling campaigns on the region in the attempt to limit the negative impact of low oil prices. Looking at drilling activity, it is clear why…read more

In the News, 13th May 2016

Posted on May 13, 2016

It was a bust week with numerous reports of a presentation by Matt Loffman at OTC, references to a number of market forecast and a very popular DW Monday: Matt Loffman’s appearance at an industry breakfast at OTC, discussing Egypt continued to get references this week, including in the last two issues Upstream: Matt Loffman,…read more

Downturn to Expedite Subsea Sustainability

Posted on May 10, 2016

In recent years, the economic viability of numerous offshore projects has been questioned due to a relentless rise in Capex and Opex. The prolonged low oil price has placed additional pressure on operator budgets – resulting in deferred sanctioning and in some cases, cancellations of new projects. Prior to the downturn, various projects were under…read more

In the News, 6th May 2016

Posted on May 9, 2016

It has been a busy week with Matt Loffman giving a presentation at OTC and numerous articles on Douglas-Westwood’s market forecasts: Matt Loffman gave a speech at an industry breakfast during OTC and was quoted in a number of publications: “We really do see Egypt growing and growing in importance,” said Matt Loffman, manager of…read more

DW Monday: Saudi’s Policy Discord at Full Volume

Posted on May 9, 2016

The end of March saw a resolution reached between Kuwait and Saudi Arabia for the resumption of production from the Khafji field – located in the Arabian Gulf. The project was shut-in by the Saudis in October 2014 due to environmental regulation breaches, March’s initial agreement was backed by senior Riyadh officials. However, Deputy Crown…read more

Floating Production Orders Bottom Out – Spend to Total $58 Billion 2016-2020

Posted on May 5, 2016

Douglas-Westwood’s (DW) new World Floating Production Market Report 2016-2020 forecasts that Capex for FPS units will total $58 billion (bn) over the period to 2020. This is substantially lower than expected last year, as result of plummeting oil prices over the second half of the year, but the value of the order book remains near…read more

DW Monday: Breaking Even in an Uneven Oil Market

Posted on May 2, 2016

The Johan Castberg development has faced numerous challenges since inception. If production in the Barents Sea wasn’t difficult enough, Statoil has had to contend with changes to Norwegian Tax laws as well as disappointing drilling results. In May 2014, it was confirmed that of five exploration wells drilled in the area, only two yielded oil…read more

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