Petrogas now sole equity owner of Baker exploration well
Well Slot is a monthly feature where Westwood’s Stephen Coomber looks at drilling activity and rig moves in UK and Norwegian waters.
Westwood Global Energy
North Sea rig use nearly maxed out as vessels move overseas
Drillers will “undoubtedly be considering moving more rigs elsewhere” if offered higher rates and longer time frames, analysts say.
North Sea rig exodus could hamper Europe’s CCS ambitions
An exodus of drilling rigs from the North Sea could curb plans to drill the hundreds of wells needed to make the basin’s carbon storage ambitions a reality.
$350bn of offshore wind projects could see FID risk, warns Westwood
TotalEnergies and BP were identified as amongst the highest risk developers given their substantial project pipelines but “limited or no operational capacity.”
2024: A lost year for North Sea FIDs?
Amid ongoing scorn over windfall taxes and a looming general election, the outlook for new project sanctions in the North Sea has remained cloudy throughout 2023.
Delays pose ‘significant risk’ to UK CCS targets
A new report on UK carbon capture and storage (CCS) progress finds its ample pipeline and sound ambition could yet be undermined by the risk of delays and cancellations.
Drilling dayrates soar amid global semisub sell-out
Heated demand in Australia, Mexico and West Africa has seen the global market for the latest generation of semi-submersible rigs reach 100% utilisation for the first time in nearly a decade.
Norway well slot: Wellesley gets busy at Carmen
As of 21 April, Westwood Global Energy reports that there is one appraisal and two exploration wells active in Norwegian waters.
Business boom as spend on offshore O&G contracts set to top $276bn
Contractors are buoyant as spending on offshore EPC over the next five years totals $276 billion, a 71% increase compared to the preceding five-year period - according to a Westwood Insight report.
First exploration well of the year ‘spudded’ in UK North Sea
Westwood Global Energy reports that as of June 28 there was one exploration well and one appraisal well active in the UK. Completions to date in 2021 are one appraisal well at 22/26d-3 Glengorm South and one exploration well at 22/6c-B4Z Bacchus South.
Glengorm Central the lone, active E&A well on UKCS
Westwood Global Energy reports that as of June 1 there was one appraisal well active in the UK.
India’s ONGC seeks to buy new build jack-up rigs
India’s Oil & Natural Gas Corporation (ONGC) is seeking to buy newly built jack-up drilling rigs as the national oil company (NOC) looks to secure long-term offshore drilling capacity.
West of Shetland set for another barren year
Westwood Global Energy reports that as of February 24 there was one exploration well and one appraisal well active in the UK, with no change since the end of December.
Assessing energy merger and acquisition opportunities in a time of pandemic
Mergers and acquisitions have been slowed by the COVID-19 outbreak. But as companies embrace the energy transition opportunities will arise
Analyst predicts return of marginal gains ethos in North Sea
Coach Sir Dave Brailsford is widely credited with turning around the fortunes of Britain’s cyclists using the “marginal gains” philosophy.
Oil price downturn could be prolonged, Westwood Global says
Oil prices plunged to an 18-year low yesterday as hopes of a production pact between Saudi and Russia faded
Ghana on the rocks
Ghana has had a decidedly mixed couple of months, with a major offshore discovery offsetting problems at Tullow Oil and Aker Energy.
UK exploration up but success rate ‘falls off a cliff’
Exploration activity in the UK North Sea has picked up substantially since last year, but the success rate has “fallen off a cliff”, an analyst has said.
North Sea project consents lagging behind OGA estimates
The number of North Sea projects approved so far this year is well below Oil and Gas Authority predictions, according to a leading analyst firm.
Monthly update on North Sea exploration: Three UK wells active
At the end of September there were three active exploration wells and four appraisal wells being drilled in the UK, according to Westwood Global Energy. Two E&A wells were spudded and three were completed during September.
Helicopters built to work hard, Sikorsky chief says
Helicopters are at their happiest when they are being worked hard, a boss at manufacturer Sikorsky said.
‘Expect to pay for the privilege’ – looming undersupply of top tier rigs
There is a “looming undersupply” of top tier rigs to meet demand for drilling and exploration campaigns in the North Sea in 2019.
Well Slot: Active wells on shelf at end of month
Westwood Global Energy reports that towards the end of November there were three E&A wells active on the UKCS, with two in the Central North Sea and one in the Southern North Sea.
North Sea licensing round ‘exceeds expectations’, Westwood consultant says
The level of interest shown in the latest North Sea auction was “better than expected”, a consultant has said.
Experts call for more realistic UK oil exploration ambitions
Just over a fifth of oil produced over the last decade in the UK has been replaced through exploration, a new report said.