It is going to be better. 2017 is the year of the recovery. Demand will finally out strip supply, rig counts will come back. All things we heard this time last year and all things we are hearing now as we head to the end of this year. What happened? More importantly, what will happen?
Renewables, smart homes, AI and IoT will have a massive impact on how energy companies need to address the market in 2018, predicts Colin Beaney, IFS’s Global Industry Director for Energy & Utilities.
Over the past 12 months, the energy sector has taken stock looking at how it can become more flexible to appeal to today’s offshore worker within the current cost constrained environment. Industry is also questioning what the training requirements will be for the roles of tomorrow.
The past three years have seen the oil and gas industry navigate its way through challenging economic conditions. These conditions have both created and highlighted the operational challenges in a sector that faces perpetual technical challenges.
Steady oil prices
Thanks to the excellent collaboration between HeliOffshore’s 109 members, 2017 has been another very productive year in our shared efforts to enhance safety. Despite the challenges our industry has faced over the past 12 months, we’ve collectively made significant progress in implementing the strategy on which our unique organization was founded just over three years ago.
The beginning of a new year is always a busy period for us as we make the final preparations for our annual conference and exhibition, Subsea Expo. With the theme ‘Facing the Future’, our 2018 event will examine what must be done to reinvent the industry in a new reality.
Quoting Clint Eastwood in “Heartbreak Ridge”, this is the unofficial slogan of the US Marines. It could be a good slogan to adopt in the Oil & Gas industry – or perhaps we can take it one-step further by saying if we have adapted, changed and innovated in 2017, in the right market conditions, we can grow in 2018.
Gary Hodgson, strategic projects director at Peel Ports – who own and operate of Great Yarmouth and Hunterston ports – sets out why he believes there is a realistic model for onshore decommissioning that could reduce costs for the industry and taxpayers.
2017 has been a year of consolidation. We started the year with oil price hovering around $50.00pb, saw a dip just below $44.00pb in the summer and at the time of writing, we see the price of Brent Crude at $62.00pb. The average price of oil is expected to be $55.00 in 2017, $10.00 more than in 2016. Is it yet safe to say that there is an upward trend? Perhaps not, but together with cost savings it is, safe to say that the industry is more ‘fit for the future’.
There are hot spots that exist right now in a service sector that is dusting itself down after the most prolonged downturn in our memory.
We live in an exciting period where we are currently standing on the brink of the fourth industrial revolution. Its size, scale and complexity offer something that human kind has never experienced before.
Mark Zuckerberg famously founded Facebook when he was 20. But did you know that Sam Walton founded Walmart when he was 44 and Charles Flint founded IBM at the age of 61? The recent wave of digital companies becoming wildly successful masks the fact that being an entrepreneur is not just a young person’s game.
Newcastle, the Australian port that's the biggest export harbor for thermal coal, is planning a shift away from the commodity that generates the overwhelming majority of its trade volumes BHP Billiton Ltd., one of the world's largest coal miners, is considering quitting the industry's global trade body and perhaps the U.S. Chamber of Commerce because it can't reconcile its policies on climate change and energy policy with their more coal-friendly stances National Australia Bank Ltd. promised not to lend to new thermal coal projects and ING Groep NV pledged to reduce its exposure to coal generators to close to zero by 2025 China Merchants Bank Co. joined the lengthening line of lenders disavowing advances for Adani Enterprises Ltd.'s Carmichael project, one of the largest such developments worldwide but one that's highly unlikely to go ahead South Korea, one of the world's biggest coal importers, announced plans to phase out coal by 2079 and sharply cut its use by 2030 The International Energy Agency said that coal demand would remain essentially flat until 2022 -- particularly striking given that in recent years it has tended to overestimate coal's prospects
Once upon a time, it was only Elon Musk making shoot-for-the-stars statements about the glittering future of electric cars. Now, even the most sober of his rivals are getting in on the act.
Maybe you string enough lights on your roof to give Clark Griswald a run for his money. Maybe you can identify mistletoe and holly in the wild, chop down your own Christmas tree, and know exactly how many Hallmark Keepsake ornaments they’ve issued since 1973.
The European Central Bank policy could have ended its year with a non-event on Thursday, merely filling in the gaps left after October's decision to curb quantitative easing from January. Instead, policy makers are poised to unveil new growth and inflation estimates that will prove fundamental in dictating how next year unfolds.
Today marks the first day of trading for Spirit Energy, and there is a lot of excitement in our offices across Europe as we take the first step towards building a strong, sustainable exploration & production business ready for the future.
Looking ahead to 2018, while large corporates and private equity houses seek growth opportunities and remain acquisitive, it will come as little surprise that during the challenging market conditions over the past couple of years that potential target companies have sought to adapt to the market changes as oppose to engaging in M&A processes to actively market their businesses for sale.
When Saudi Arabia's oil minister attended Friday's grand opening of a giant liquefied natural gas plant in northern Siberia, he'd have known this was just part of a bigger energy story developing in Russia's icy north. It's not just gas that's a big deal there. Russia's Arctic oil flows are soaring too.
"We will not let go of our current approach until we reach a balanced market," Saudi oil minister Khalid al-Falih said on Monday at a news conference in Riyadh.
2017 was without question a better year for the oil and gas industry. Going into December with an oil price over $60 and all those cuts to lifting costs coming through means many, but certainly not all operators are making money again.
Norway’s $1 trillion sovereign wealth fund, which recently announced its intention to remove all oil and gas stocks from its benchmark, has the potential to be the world’s pre-eminent investor. It enjoys more freedom than any other investor in the world, at least on paper. So why is it such a performance laggard, trailing the best-in-class sovereign wealth funds and pension funds it should be leading? The answer offers a cautionary tale to other sovereign funds and pension funds.
I’m trying to fathom out what the changes to low carbon subsidies sneaked into the Tories’ latest UK Budget really means.
The North Sea’s oil and gas reserves remain significant – even after decades of production and prosperity.