The North Sea semisubmersible (semisub) market hit 100% utilisation at the height of summer this year, however the reality is that shrinking supply has accentuated this, rather than soaring demand.
Nine months after the UK government allocated £2 billion to green hydrogen projects, industry has raised concerns about delays and regulatory hurdles putting the bids that succeeded in winning funding projects at risk.
Analyst firm Westwood Global Energy Group has found that “floating offshore wind global targets will all be missed’” as it gauged industry opinion.
Exploration is not quite the dirty word it was in 2020-21, but appetite remains muted and highly selective.
Analysts have named Parkmead Group’s (AIM: PMG) Skerryvore as the UK North Sea well to watch this year.
Westwood expects offshore rig dayrates to continue their upward trajectory across the board in 2024 as supply tightens.
August update: K2, Leverett and Earn underway, and Norway takes off.
With Teal West and Victory expected to follow, Rosebank could be part of a 'bumper year' for UK FIDs in 2023.
Oil and gas firms own just 7% of global floating offshore wind projects in the pipeline, according to analysis.
Orsted's £8bn Hornsea Three wind farm is a prime example, and a number of others globally have been "re-shuffled and refocused."
"What we’re looking at here is probably more of an effort to get an earlier level of coordination within the industry."
Westwood Global Energy Group recently compared the net zero journeys of Norway and the UK, indicating that INTOG might be too slow to electrify the North Sea.
The regulator is not expected to use its ultimate sanctioning powers here - even if licensing rules have been breached.
Oil and gas companies are dishing out more contracts for subsea trees as the industry continues its global resurgence.
There's been numerous cases over the last decade in UK North Sea exploration where company estimates have been way off the mark.
New data has highlighted the “standout” firms carrying out exploration in the UK North Sea in recent years.
By 2027, rig demand in the GCC area will be 53% higher than 2019, Westwood’s Jensen predicted.
As of 24 March, Westwood Global Energy reports that there is one appraisal and four exploration wells active in Norwegian waters.
Africa will “dominate” new floating LNG (FLNG) projects in the period to 2027, adding 10.2 million tonnes per year of capacity, according to a note from Westwood Global Energy Group.
As of 24 March, Westwood Global Energy reports that there are two exploration wells active, with one each in the West of Shetland and northern North Sea regions, and one appraisal well in the central North Sea.
A top market analyst fears the North Sea faces losing rigs “for good”, unless changes are made to the UK’s oil and gas windfall tax.
A new report is warning that political instability and a lack of government clarity around support could stunt the rollout of hydrogen projects in the UK.
Rig owners are keeping hold of their older units as the offshore drilling sector continues its bounce back from a multi-year downturn.
The largest discovery in a decade for the region will now open up more than a dozen other prospects in the Southern North Sea.
A new report from Westwood Global Energy Group has laid bare the impact of the UK Government's fiscal tinkering on Harbour Energy's (LON: HBR) share price in 2022.