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Westwood Insight: 2017 Exploration Highlights

Posted on December 18, 2017

18th December 2017 Global high-impact* exploration in 2017 is expected to match 2016 in both activity and success rates, and with a marked improvement in commercial oil volumes discovered and lower finding costs. High impact drilling commercial success rates have remained constant around the 1 in 4 level for the past 5 years, but in 2017…read more

Westwood Insight: Is OneStim too little too late for the US pressure pumping market?

Posted on December 11, 2017

11th December 2017 On November 28th, Weatherford announced that the U.S. Department of Justice approved the OneStim joint venture between Weatherford and Schlumberger. Earlier this year, Weatherford stated that it had exited the onshore pressure pumping market. According to Energent frac fleet data, Weatherford averaged two frac fleets early in 2017. The OneStim JV combines the…read more

Westwood Insight: OPEC – Holding Firm, For Now

Posted on December 4, 2017

4th December 2017 The eagerly-awaited outcome of the 173rd OPEC meeting (not to mention the third OPEC & non-OPEC ministerial meeting) was announced on 30th November. The summary headline is an extension of current cuts through to the end of 2018, with a cap on resurgent Libyan and Nigerian production and an agreement to review in…read more

Westwood Insight: TTH, an important step but is it a game changer?

Posted on November 27, 2017

27th November 2017 Westwood Insight: TTH, an important step but is it a game changer? In the recent Autumn Budget, the UK Chancellor announced the introduction of Transferrable Tax History (TTH) mechanism from November 2018, in an effort to narrow the value gap between sellers and buyers of late life assets in the UKCS. This policy…read more

Westwood Insight: Rig count doesn’t tell the whole story…

Posted on November 20, 2017

20th November 2017 Westwood Insight: Rig count doesn’t tell the whole story… It is time to look beyond just the rig count as a measure of activity and production growth in the US tight oil plays. Westwood Global Energy forecasts an 18% increase in active rigs in 2018 but more rapid demand growth in certain service…read more

Westwood Insight: Production Potential of the UKCS

Posted on November 13, 2017

13th November 2017 Westwood Insight: Production Potential of the UKCS UKCS oil and gas production peaked in 1999 at over 4.6 mmboe/d but declined to 1.4 mmboe/d by 2013. During this time, the Brent oil price increased from US$17.9/bbl to US$108.6/bbl which stimulated investment in the UKCS to record highs of over US$85 billion (2010 to…read more

Westwood Insight: Cost cutting slows – Mid-Cap E&P Operational and Financial Performance, 2014-2017 H1

Posted on November 6, 2017

6th November 2017 Westwood Insight: Cost cutting slows – Mid-Cap E&P Operational and Financial Performance, 2014-2017 H1 The analysis below is based on the income statements of 22 mid-cap international E&P companies between 2014 and 2017 H1. Key findings are as follows: Unit costs were reduced in 2017 H1, but the pace of unit cost cutting…read more

Westwood Insight: Offshore Wind – The Price is Right

Posted on September 21, 2017

21st September 2017 Westwood Insight: Offshore Wind – The Price is Right The ongoing reduction in the cost of generating renewable energy continues to make the headlines. Offshore wind has relied on subsidies to be viable in the past and, for the overwhelming majority of projects, this remains the case. In the UK, the support mechanism…read more

Westwood Insight: Land Rigs in Focus

Posted on August 17, 2017

17th August 2017 Westwood Insight: Land Rigs in Focus Land rigs – a fragmented, undisciplined, commoditised market? Why would rig contractors and E&P companies buy land rigs when oil prices are at recent historic lows, E&P firms are reigning-in Capex and there is seemingly an awful lot of idle rigs and equipment stacked in yards (or…read more

Westwood Insight: Will New LNG Trade Routes Support Demand for LNG Carriers?

Posted on August 7, 2017

7th July 2017 Westwood Insight: Will New LNG Trade Routes Support Demand for LNG Carriers? The Liquified Natural Gas (LNG) carrier market has been highly cyclical and is often driven by global macroeconomic events. The growth of LNG carriers over the past decade has been synonymous with the growth in global LNG import and export capacity….read more

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