Global Oilfield Services – Offshore Spending Stuck in the Doldrums

Posted on July 27, 2016

2016 will see the start of a barren period for the offshore oilfield service (OFS) sector. A significant drop in project sanctioning brought about by the downturn, coupled with low rig dayrates, will see annual expenditure average $48.6 billion (bn) over 2016-2020, 25% lower than 2014’s annual total of $65.3bn. The recent growth in offshore…read more

OCTG Market to Remain Supressed into 2020s

Posted on July 26, 2016

Oil country tubular goods (OCTG) – including drill pipe, production tubing and well casing – expenditure has been hit hard by the downturn – Douglas-Westwood’s (DW) World Oilfield Equipment Market Forecast shows 2016 spending will amount to just 42% of the 2014 peak. This is largely due to the significant reduction in drilling activity onshore…read more

DW Monday: Realising the Russian Potential?

Posted on July 25, 2016

Historically, Gazprom has monopolised all gas exports in Russia. Complete control over gas sales to both east and west did not incentivise Gazprom to explore new ventures in LNG projects. Instead, the company focused on the development of a conventional pipeline network – including the Nord Stream, South Stream and East Siberia-Pacific Ocean pipelines. Consequently…read more

In the News, 22nd July 2016

Posted on July 22, 2016

There have been a number of DW market forecasts featured in the news this week with DW’s first webinar, which focused on the World Drilling & Production Market Forecast, in particular drawing attention:  Douglas-Westwood held its first webinar at the end of last week and it has proved very popular with a large number of…read more

DW Monday: Keep on Drillin’?

Posted on July 18, 2016

This year has seen US land drilling activities fall to the lowest levels on record. Globally we are seeing a very nuanced and regional reaction to the current oil price downturn. Examination of the global land rig fleet (which Douglas-Westwood tracks on a rig-by-rig basis) reveals some key themes. Having dominated the global land drilling…read more

In the News, 15th July 2016

Posted on July 15, 2016

The new edition of DW’s World Land Drilling Rig Market Forecast was released this week and featured on a number of sites. DW Monday was also popular, with a range of websites covering it:   The fifth edition of DW’s World Land Drilling Rig Market Forecast was released recently and was featured on a number…read more

Global land drilling rig market to recover following significant declines

Posted on July 12, 2016

The 5th edition of Douglas-Westwood’s (DW) World Land Drilling Rig Market Forecast has been released today. The global land drilling rig market is expected to see a recovery from 2017, as commodity prices recover and drilling activity increases. This follows significant declines in drilling activity over the previous eighteen months, a trend expected to continue…read more

DW Monday: Opex Under Pressure

Posted on July 11, 2016

Reducing drilling and development spend has largely been the focus of services and equipment providers in the Gulf of Mexico – with the aim of lowering costs at the most capital intensive period of asset lifecycles. Often overlooked, Opex costs have grown in line with other upstream costs – 7% CAGR from 2010 to 2014…read more

In the News, 8th July 2016

Posted on July 8, 2016

It is a bumper edition, with two weeks’ worth of news and plenty of interest, including two popular DW Monday’s and a number of articles about a range of reports:   Andrew Reid was quoted in the Press and Journal: “Andrew Reid MD of Douglas-Westwood, said there would be implications for UK oil and gas…read more

World Drilling & Production – Outages Support Oil Prices, But For How Long?

Posted on July 4, 2016

The new quarterly update of Douglas-Westwood’s (DW) World Drilling and Production Market Forecast (DWD&P) has been released. Report Author, Matt Cook, commented on the report’s findings, “Outages in Canada and Nigeria have helped oil prices rally from record lows, as well as output reductions onshore US due to bankruptcies and Capex cuts amongst shale producers….read more

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