News

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

In the News, 29th April 2016

Posted on April 29, 2016

It has been a busy week, with references in the Financial Times and Drilling Contractor, among numerous stories related to reports: Matt Cook was quoted in the Financial Times: “That growth is the result of decisions taken years ago, however. Matt Cook of Douglas-Westwood, a consultancy, says that because offshore projects take years to develop,…read more

DW Monday: What should we expect in 2017?

Posted on April 25, 2016

Scanning the newspapers, social media and analyst coverage this year, there is consensus that a recovery in oil prices is coming, as a function of a reduction in over-supply, and that we should expect upward movement in prices later this year. The extent to which this view is built upon analysis of data or gut…read more

In the News, 22nd April 2016

Posted on April 22, 2016

This week saw the release of the World Oilfield Services Market Forecast 2016-2020 while interest in the World Subsea Hardware Market Forecast remained high:   The new edition of Douglas-Westwood’s World Oilfield Services Market Forecast 2016-2020 appeared in the news: “The trials and tribulations of the global oilfield services sector has been much publicized in…read more

World Deepwater Expenditure in Unseen Places

Posted on April 20, 2016

Over the past 18 months, industry headlines have been dominated by the severe impact of the sustained low oil price on drilling contractors, OEMs (Original Equipment Manufacturers) and vessel owners. The low oil price environment has challenged the viability of virtually all deepwater projects, as operators continue to cancel or defer final investment decisions (FIDs)…read more

Despite sustained low oil price, 2016-2020 Subsea Hardware Expenditure to total $94.3 Billion

Posted on April 19, 2016

Douglas-Westwood (DW) forecasts subsea hardware expenditure to total $94.3 billion (bn) between 2016 and 2020, with a 3% CAGR (Compound Annual Growth Rate) over the forecast period. Expected expenditure growth for subsea hardware has been tempered by the prolonged low oil price, causing a 19% decline in expenditure compared to the 2011-2015 period. Report author,…read more

In the News, 15th April 2016

Posted on April 18, 2016

The recently release World Oilfield Services Market Forecast was featured in a number of news pieces this week: “The latest edition of DW’s World Oilfield Services Market Forecast has reported that with the slump in crude oil prices, the global oilfield services (OFS) sector would continue to face trials and tribulations as the Capex in…read more

DW Monday: Russian Rig Demand Changes Direction

Posted on April 18, 2016

In 2015, Russian onshore drilling bucked global activity trends and reached record highs. Depreciation of the rouble cushioned the Russian oil industry, incentivising operators to boost activity and pay for services in roubles while gaining dollars on international markets. Last year, the global number of onshore wells drilled decreased 31%, yet the Russian market –…read more

North Sea Decommissioning – opportunity knocks

Posted on April 14, 2016

Next week, Manchester will host the annual Total Decom event, providing a chance for industry players to meet and discuss the current state of the nascent oil & gas decommissioning market in the North Sea. Douglas-Westwood’s own Ben Wilby will be joining a wide range of speakers at the event, presenting DW’s recently released market…read more

DW Monday: Twin Peaks?

Posted on April 11, 2016

Whilst 2016 has so far seen much discussion surrounding the oil price, oversupply and the almost daily mini-rallies that appear as fickle as my two-year old’s breakfast selection, not a great deal of attention has been paid to the gas outlook. From 2016 production levels, Douglas-Westwood currently forecast a 16.2% increase in global gas production…read more

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