In the short-term, Westwood expects FPS engineering, procurement and construction (EPC) contract awards to reach a total of just over US$5 billion in 2020 – a 59% decline from 2019’s ~US$13 billion.
Paola Rodriguez-Masiu, Senior Oil Markets Analyst at Rystad Energy, has commented on what yesterday's OPEC+ meeting may mean for oil prices.
Oil prices have risen as US crude inventories are believed to have fallen more than traders expected. However, more news that could move the market again could come from the OPEC+ meeting today.
A Rystad Energy analysis shows the number of drilled wells globally is expected to reach around 55 350 this year, the lowest since at least the beginning of the century.
Oil prices fell as the market expects OPEC+ to lower production curtailments, while Covid-19 slows demand recovery.
Similar to the previous downturn, awards for FPSO vessels are set to recover next year, with seven projects likely to be sanctioned according to Rystad Energy.
BP invests US$5 million in a cloud-based geospatial analytics software company that uses advanced spectral imagery and machine learning to monitor environmental changes.
Oil prices fell as Covid-19 cases hit daily country record in the US, erasing previous gains and pricing in the demand uncertainty ahead.
API released the fifth edition of Specification 4F, a manufacturing standard that applies to both onshore and offshore well structures to ensure operational safety and sustainability.
Oil prices are largely stable today as a decline in gasoline stocks balances fear over increased Covid-19 cases in key-market countries.
The findings have identified room for improvement in the way maintenance is planned, highlighting the need for a consistent strategy across equipment groups, systems and production units.
Kenneth J. Gerbino, Titan Oil Recovery, USA, considers the production upsides that could be gained from using a proven enhanced oil recovery technology and a seldom-used smallbore lateral drilling method.
Oil prices are just below yesterday’s levels as everyone waits to see how crude stocks will evolve and amid fears of demand destruction by Covid-19.
Because of the new market reality, Rystad Energy now estimates that instead of rebuilding Angola’s lost output by 2029, the country will likely never manage to produce at current levels again.
Charles Tavner, Magma Global, UK, reflects upon how Covid-19 is affecting innovation and the adoption of disruptive technologies.