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"Norway to lead European supply growth in 2017" by Veronika Akulinitseva, Analyst (Published by PESGB Newsletter, January Edition) Hydrocarbon production in Europe is expected to continue to decline in 2017 and will be driven by output decrease in many contributing countries. Norway, however, is anticipated to again lead the supply growth in the region, after negative additions seen last year. Being the leading country in terms of production growth in 2016, the UK is estimated to deliver a marginal growth in volumes this year with an increase in crude output, counter balanced by negative additions from gas volumes. This article assesses the 2017 E&P outlook for Europe, illustrated by the three key drivers: production, resources and spending. Read more
"Light at the end of the pipeline" by Jon Fredrik Müller, Partner (Published by Offshore Engineer, January Edition) The subsea market has taken hit after hit over the last years with declining revenues and margins. However, at the same time, the industry has adjusted capacity and is now positioned to start taking advantages of increased activity. First on the tendering side, but then on the revenue and margin side as well. In this article we look at the status of the industry and the likely way ahead. Read more
"2016 offshore discovered liquids resources were 90% lower than in 2010" Rystad Energy concludes that the 2016 total offshore discovered liquids resources reached only slightly below 2.3 billion bbl, 90% lower than in 2010. This drop is most significant to the overall decline in discovered volumes; in fact, total global discovered volumes (oil & gas combined) are at an all-time low since the 1940s. In 2016, the average liquid content in the discovered resources was merely ~40%. Even more tellingly, the replacement ratio* for liquids in 2016 was below 10%. For comparison, the replacement ratio for liquids in 2013 was as high as ~30%. Read more
"Best of the Wolfcamp: Eddy County outperforms Texas" At the end of 2016 and beginning of 2017, we have seen several large M&A transactions within US shale, especially in the Permian Delaware Basin. ExxonMobil, Noble Energy, WPX Energy and PDC Energy for example announced deals here. The majority of those deals are concentrated in the Reeves, Ward and Loving counties in Texas and Eddy County in New Mexico. Read more
"Floater market outlook for H1, 2017" The floater market is in the middle of what is arguably the most dramatic downturn in the history of offshore drilling. Last year saw a record decline of 29% in the floater market, from 225 units on contract in 2015, to 159 units in 2016. This was more than double the decline seen in 2015, when the market dropped 14% from 261 units on contract from the year before. Rystad Energy believes 2017 will be the trough and contracting activity will start to pick up speed, as there is still a need to contract a larger capacity to cover existing drilling demand. Read more
Rystad Energy announced last week the nominees for Gullkronen 2017, to be held on Wednesday, 01 February 2017 at Wallmans Oslo. Gullkronen is dedicated to acknowledging high performances and achievements made by companies involved in the oil and gas business on the NCS during the previous year. Prizes are given out within the E&P Category and Oil Service Category.
Explorer of the Year Aker BP, ENGIE E&P Norge, Faroe Petroleum, Total E&P Norge
Business Developer of the Year Aker BP, Faroe Petroleum, Lundin, Statoil
Project Developer of the Year Aker BP (Ivar Aasen), Statoil (Gina Krog), Statoil (Johan Sverdrup), Wintershall (Maria)
Field Operator of the Year ExxonMobil (Balder), Statoil (Heidrun), Statoil (Oseberg), Wintershall (Brage)
Oil Service Awards
New Venture of the Year HydraWell Intervention, Red Rock, Resoptima, Vision iO
Globetrotter of the Year Calora Subsea, Petroleum Technology Company, RESMAN, Wellcem
Business Success of the Year ABB Norway, Aibel, Odfjell Drilling
The final honouree of the night will be announced at the event.