The JV will see the creation of an OCTG 130 000 ft2 threading plant in Nashik, India, targeted to be operational by the end of 2022.
Drilling & production
More Drilling & production news
Demand for shuttle tankers in countries with robust offshore oil production and limited pipeline infrastructure is set to grow continuously in the coming years, a Rystad Energy report shows.
The Adorf Z16 well is expected to increase Neptune’s production from the licence to around 4000 boe/d.
The first two wells of Beach Energy's offshore Otway Basin campaign have been connected to the Otway Gas Plant and are now delivering gas into Australia's East Coast market.
As a result of Wood’s success in the region during 2021, and to support further growth, the company recently completed the mobilisation of over 600 new employees, with recruitment underway for an additional 200 roles.
Persistent withdrawals from global oil inventories have led to increases in crude oil prices, but the EIA forecasts that global oil markets will begin to balance through 2023, leading to a drop in prices.
In its January Short-Term Energy Outlook (STEO), the US Energy Information Administration forecasts US crude oil production will increase for nine consecutive quarters, from 4Q21 to 2023.