North Sea Decommissioning Costs Estimated as Double Those in SE Asia
Rystad Energy compared the decommissioning costs based on two similar steel platforms, one in each region, using its cost-estimating tool.
Another 150 North American E&Ps May Require Chapter 11 Protection Through 2022
Several E&P and OFS companies have already filed for Chapter 11, but unless prices strengthen the total number of filings could be as high as 190 by 2022.
COVID-19 Pushes OFS Headcount to Lowest Level in Over a Decade, Revenue Per Employee Set to Decline
Among the top 50 oilfield service firms, downsizing is estimated to land at a headcount of 610,000, down from the 760,000 maintained after the 2016 downturn.
North Sea To Lead Increased Spend in Decommissioning
Even before the global pandemic impacted markets, decommissioning work in the North Sea region was expected to increase. Global decommissioning projects could reach $42 billion by 2024.
Prudent Ways to Restart Big Projects in Post-Pandemic World
Delays and disruptions have stymied project plans in the past few months. How will companies prevent current stresses from morphing into catastrophic issues?
OFS Companies’ Stock Price, EBITA Margins Hit Hard From COVID-19 Fallout
Two intelligence groups share similar views on how the fallout from the COVID-19 pandemic has impacted OFS companies’ valuations and operations.
FPSOs May Need To Be Shut Down During Economic Downturn
FPSO sanctioning is at a minimum and few opportunities remain for FPSO suppliers to find new work and redeploy their vessels. Suppliers may be forced to accept day rate reductions in order to keep their vessels working.
Greenfield E&P Tenders Are Set To Shrink to $60 Billion in 2020, a 2-Decade Low
Rystad Energy's analysis shows the decline is in contrast to $170 billion worth of tenders awarded in 2019. Tender activity is expected to show marginal recovery in 2021, reaching about $74 billion.
Global Supply/Demand Imbalance Cut in Half for May as Storage Space Remains Tight
Rystad Energy estimates show demand will be at its lowest in April before moving back up again in May.
Industry Has Little Room for Further Cost Cutting
Energy research groups Wood Mackenzie and Rystad Energy say improvements in operations costs since the last downturn 5–6 years ago have made it difficult for companies to make further reductions amid the current drop in demand.
Global Gas Prices Expected To Drop Further Than Expected in 2020
The drop in gas prices, although greater than forecast, will not be to the same extent as oil prices.
COVID-19 May Impact More Than Half of all Oil and Gas Projects Being Sanctioned
Revised estimates of project sanctioning total $61 billion in 2020, which is down from $192 billion forecast in 2019.
Offshore Industry More Resilient Than Shale Amid COVID-19 Impact
Because offshore project lead times are longer than in shale, production is likely to come on line in 2–5 years when oil prices may be higher. But the number of FPSOs to be sanctioned this year may be cut by half.
Offshore OFS Market Poised for Massive Boost in Southeast Asia
A fresh wave of offshore project sanctions across Southeast Asia could boost greenfield investments in the oilfield service space by almost 70% in 2020. The growth will be driven by a handful of new megaprojects across Malaysia, Myanmar, and Vietnam, according to recent project commitments.
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