"Phoenix rising – UK offshore industry poised for surge of FIDs"
The UK offshore oil and gas industry is stirring back to life, fueled by a robust uptick in the number of field development projects on which operators are expected to reach a final investment decision (FID) this year.
According to research from Rystad Energy, 13 UK fields are expected to be sanctioned in 2018, versus only four UK fields gaining approval during the past two years.
"Size of the prize: South East Asia 2018-2020 FID forecast"
Fifty oil and gas fields in South East Asia (SEA), with a collective 4 billion barrels of oil equivalent resources, will likely be approved for development during the three-year period from 2018 through 2020, Rystad Energy research finds. These fields will require $28 billion of capex from final investment decision (FID) to first production.
"Delayed project sanctions in 2017 more than double the 2015-16 count"
A flurry of delayed final investment decisions (FIDs) during the final quarter of 2017 led to an encouraging industry statistic: delayed projects sanctioned during 2017 more than doubled over the combined count in 2015 and 2016.
The sanctioning of a pair of Brazilian FPSO projects, a couple of subsea tiebacks in Angola and China, as well as an onshore oil development in the UAE meant 18 delayed projects reached FID during 2017. The count was 2 for 2015 and 5 for 2016.
"Trump administration move could unlock 65 billion barrels of oil equivalent"
“The US offshore sector held approximately 180 billion boe of original resources, oil and gas combined, before the first offshore production took place,” says Sonia Mladá Passos, senior analyst at Rystad Energy. “In the Gulf of Mexico, which is the world’s most mature offshore region, nearly 50% of these original resources have been translated into production since the 1960s. The remaining 50%, or 90 billion boe, are still to be discovered offshore US.”
"South Asian subsea market is set for growth"
Spending levels in the South Asian subsea market have not been lower in a decade, but Rystad Energy sees a recovery taking form. Several contracts have been awarded, including the OneSubsea subsea production system contract for the R-Cluster project offshore India. Key offshore developments are expected to be sanctioned in India and Vietnam in 2018 with $3 and $0.5 billion in aggregated subsea contract awards available, respectively. Malaysia and Indonesia will follow in 2019 and 2020.
"December spree boosts Norway to the country with the most offshore project commitments in 2017"
After a sanctioning drought in the offshore industry in 2015 and 2016, Norway is leading the comeback. Recent projects submitted to the Norwegian Ministry of Petroleum (NPD) show a clear turnaround in the offshore industry and make Norway the largest contributor to offshore project commitments in 2017. “Oil field service companies have been squeezed quite tightly for the past few years, but the developments in 2017 in Norway and elsewhere show the future is brightening for offshore service suppliers,” says Audun Martinsen, Vice President of Oil Field Service Research at Rystad Energy.
"Colorado’s oil industry: rapid recovery behind the scenes" by Artem Abramov, VP of Analysis
(Published by OGFJ)
While the market’s attention within the U.S. Land oil industry has been recently attracted by the ongoing activity expansion in the Permian Basin, SCOOP and STACK plays, there is one more major basin where oil output has been recovering even faster in relative terms. The Denver-Julesburg Basin, with the core activity in the Weld County, Colorado, had pushed total state oil production to the new all-time high levels of 370-380 MBbld by late summer 2017. Colorado was the second significant oil-producing state after New Mexico to renew the pre-downturn production record. An impressive growth rate of 30% was achieved in the period from February to August 2017, which alone suggests significant activity expansion in 2017.
- The Award Show of the Year -
This year marks the 10 year anniversary of Rystad Energy's Gullkronen. The purpose of Gullkronen is to recognize companies, teams or people who have shown outstanding achievements on the NCS during the previous year.
Gullkronen 2018 will take place on Thursday, 01 February 2018 at Wallmans Oslo, Norway.
Nine prizes will be awarded - Four for E&P achievements, Three for the oil service sector, a Green Award* and an "Honour Award".
Find the winners of Gullkronen 2017 here
For More Information