The recovery in oilfield service (OFS) activity and pricing outside the US has been waiting in the wings for three years. Outside the US, there have only been a few international bright spots – non-US oilfield growth has been non-existent. Most countries’ oilfield service markets have been dragging bottom all …
Read More »FID Update, Dayrate Secrets, Seadrill Teeters – Three New Deepwater Datapoints
At this point, we see field development as a marketplace in the very early stages of turning around. As for a broader recovery in the deepwater markets, it’s not even the first inning yet. It’s more like the stretching routine before pre-game warm ups. There’s going to be a game, but …
Read More »Just When Everyone Thought Deepwater Was Dead… A Twitch.
This past weekend, we read a half dozen transcripts of earnings calls from the oil majors and national oil companies (NOCs). The big guys are all whistling the same tune. They are successfully re-engineering pending deepwater projects to fit $50 oil (and below). They are ready to clear their final investment decision …
Read More »Making $40 Oil Great Again? Watch This Key Norwegian Development
An internal challenge set by the Statoil front office this year tasked engineers with something that would have once been thought impossible: turn a profit on a major new Barents Sea field development, the Johan Castberg, at $40 oil. Is $40 is the new $70? Statoil’s internal hurdle was lowered earlier this …
Read More »