Analyst: Cambo decision means Shell likely sees UKCS as a ‘difficult place to invest’
Shell’s shock decision to back out of the contentious Cambo field caps a tough few months for the oil giant, as far as the North Sea goes.
Westwood Global
UK well slot: Trio of exploration wells active in the North Sea
Westwood Global Energy reports that as of 29 November there was one appraisal well and three exploration wells active in the UK.
Well Slot: Five E&A wells active in Norway
Westwood Global Energy reports that there were five E&A wells active as of 31 August, comprising two exploration wells and three appraisal wells.
Var Energi’s King and Prince exploration programme a royal success
Westwood Global Energy reports that there were three exploration wells and one appraisal well active as of June 28. In addition, one appraisal re-entry of an exploration well is currently active. Key wells in June include discoveries at King/Prince and Garantiana West and frontier play tests at Stovegolvet and Stangnestind. A total of 14 exploration wells have completed to date in 2021, from which seven commercial discoveries have been made giving a 50% commercial success rate to date.
‘Plenty’ of demand for new oil discoveries likely in 2026, says Westwood Global
Oil and gas firms can expect “plenty of potential demand” for production from future discoveries made towards the end of the decade.
Decommissioning bill for NEO – Exxon UK assets estimated at $1.1billion
The decommissioning bill for NEO Energy’s newly-acquired Exxon Mobil assets in the UK has been estimated at $1.1billion (£795m).
UK offshore market expecting rebound ‘over the next 24 months’ – Westwood
The next 24 months will see a “rebound” in work for the UK North Sea, according to Westwood Global, with a clutch of offshore projects for contractors to keep an eye on.
‘Rapid growth’ forecast for offshore wind with 100 extra helicopters required by 2030
“Rapid growth” is being forecast for the offshore wind helicopter market, with nearly 100 extra aircraft needed by 2030.
A stack more floaters are headed for the chop
The direction of travel appears clear; around a quarter of the current offshore floater rig fleet - ships and semi-submersibles - will be sent to the scrapyard near-term.
‘The valuations for E&P companies on the stock market are not very attractive’ – could we see more North Sea reverse takeovers?
The reverse takeover model could become more of a permanent fixture in the North Sea in the coming years as more private-equity (PE) backed operators look to go public.
Premier Oil hails arrival of Tolmount platform in North Sea, kicks off installation
Premier Oil has hailed the arrival of its Tolmount platform in the North Sea and kicked off installation work.
Some optimism for Norway’s offshore prospects
Westwood Global Energy reports that there was one exploration well programme active as of May 27, plus one development programme with an exploration sidetrack planned. One exploration well programme was completed and one exploration well programme spudded in May.
Slim pickings for UK oil and gas drilling
Westwood Global Energy reports that as of May 27 there were no exploration and appraisal wells active in the UK. In light of the Covid-19 pandemic and oil price crash, there have been a large number of E&A wells deferred to 2021.
Six offshore wells active across Norway
Westwood Global Energy reports there were three exploration wells and three appraisal wells active at the end of October.
Most North Sea wells due to spud since 2010
Westwood Global Energy Group reports that as of June 30, one exploration well and three appraisal wells were in progress in the UK. Three wells were spudded and one well was completed in July.
Six exploration wells active at end of July
Westwood Global Energy reports that there were six active exploration wells and one active appraisal well at the end of July. Since the last report, five exploration wells have spudded and six E&A wells have completed on the Norwegian Continental Shelf.
Size of Spirit Energy may limit potential buyers, says analyst
The size of Spirit Energy's operation will limit any potential buyers to well-funded firms, according to an analyst.
Glengorm find heralds a big year for exploration in NW Europe
The Glengorm gas condensate discovery announced last week could be the biggest in the UKCS since 2008. It will reignite interest in the high temperature, high pressure plays in the North Sea and heralds a mini renaissance in UK exploration.
Wheels of recovery in motion for rigs market, analyst says
The wheels of recovery are undoubtedly in motion for the global offshore rigs market, analyst said today.
Updated: DNO could become ‘more dominant’ North Sea player with Faroe takeover
DNO could become a “more dominant player” in the North Sea with its takeover of Faroe Petroleum, according to an analyst.
Drilling contractors ‘testing pricing’ for North Sea rig work
Contractors are starting to ‘test pricing’ on North Sea drilling work as demand grows for heavy-duty jackup rigs.
‘Aggressive growth’ expected for autonomous underwater vehicles
Oil and gas operators are expected to create a surge in demand for automomous underwater vehicles (AUVs) as more projects move to deeper water.
Westwood predicts surge in FPSO orders
Analysts Westwood Global Energy expect 61 orders to be made for floating production storage and offloading (FPSO) vessels to be made between 2018 and 2022.
BP, Hurricane lead the way west of Shetland, Westwood says
BP and Hurricane Energy are leading the way when it comes to demonstrating the potential of the west of Shetland basin, an analyst has said.
Subsea 2018: Offshore wind a ‘bright spot’ for supply chain
Offshore wind is a “bright spot” for UK energy service companies, an industry expert said today.