High Oil Price
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- UK North Sea Activity Report Marine Technology, Mar 2014 #16
2013 sees 44% rise in North Sea fields starting production but 28% drop in exploration and appraisal drilling
The number of fields which began producing oil and gas in the U.K. hit its highest level for five years in 2013, as a number of operators focused on development activity. This is according to the latest report into offshore activity from Deloitte, the business advisory firm. The report, detailing activity across North West Europe over the last 12 months and compiled by Deloitte’s Petroleum Services Group (PSG), found the number of U.K. fields which started production rose by 44% in 2013 (up from nine in 2012 to 13 in 2013). This figure represents the highest number since 2008, when 16 fields were brought on-stream.
Of the 13 fields brought on-stream last year, 84% were eligible for tax allowances, pointing to a positive industry reaction to the government incentives in place. However, a total of only 47 exploration and appraisal wells were drilled on the U.K. Continental Shelf (UKCS) in 2013, compared with 65 in 2012 – a decrease of 28%. During the same period, the Norwegian Continental Shelf (NCS) saw a 41% increase in drilling activity.
Graham Sadler, managing director of Deloitte’s PSG, said that more needed to be done to encourage drilling on the UKCS, including incentives for exploration activity. “The North Sea industry is complex, and companies operating in there have to consider many factors. Despite the high oil price, margins are tight and the drop in drilling during 2013 most likely reflects the increased costs of operating. Staff costs remain high and access to equipment such as rigs, which are limited in number, drives prices upwards."
Sadler continued, “Nevertheless, we are seeing evidence that government incentives are helping to stimulate field developments - even historic discoveries - with Chevron’s recent announcement that it will start work on the Alder field, which was discovered in the 1970s.
(As published in the March 2014 edition of Marine Technology Reporter - www.seadiscovery.com)
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April 2016 - Maritime Reporter and Engineering News page: 37strategically ing to stay within budgets and timetables. Until recently, located across the country and these inef? ciencies were hidden by the high oil price. dozens of the highest-factory trained The best cure for complexity is standardization, but in and field experienced technicians order for
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April 2016 - Maritime Reporter and Engineering News page: 36ing costs had been ‘hidden’ by the in January 2015. It turned out that during these three may see a decrease in ? exibility in the world crude sup- high oil price. Now it is in full daylight. months, the industry con? dence followed the oil price ply combined with a higher consumption of oil driven In
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June 2015 - Marine Technology Reporter page: 26that is due to be ment of this technology but the uptake from operators will installed by Saipem this year. be constrained until a high sustained high oil price convinces Analysis of the top ? ve subsea equipment vendors indicates them that 20,000 psi projects are worth the high capital costs. that backlogs
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June 2015 - Marine Technology Reporter page: 24till 2018 when Capex declines. The impact of the oil around $60 in April 2015. price decline on projects already sanctioned will be limited, The high oil price over the last few years was driven by de- as in most cases the Capex has already been assigned and at mand, particularly from China. In recent
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March 2014 - Marine Technology Reporter page: 16explora- tion activity. Sadler said: ÒThe North Sea industry is complex and companies operating in there have to consider many factors. De- spite the high oil price, margins are tight and the drop in drilling during 2013 most likely reß ects the increased costs of operating. Staff costs remain high and access
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December 2012 - Maritime Reporter and Engineering News page: 53to manoeuvre. Profitability this year has been unachievable as overcapacity and poor demand saw rates lingering at below break-even and a stubbornly high oil price pushed operating costs to record levels. With the container shipping industry preparing to record another year of losses and trying to find certainty
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April 2012 - Maritime Reporter and Engineering News page: 6wind farm. While our Offshore Annual? has long-been the domain of matters surrounding the discovery and recovery of offshore oil and gas, a sustained high oil price; increasing global demands for reduced emissions; and more efficient technologies in generating and transferring power via renewable technologies
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April 2008 - Marine Technology Reporter page: 35economically viable. In 2007, the global subsea market was valued at $35 billion. Douglas-Westwood expect that increasing energy demand coupled with high oil price and the move to deeper waters will drive subsea activity over our five year forecast, with an estimated $218 billion to be spent over the 2008-2012
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March 2008 - Marine Technology Reporter page: 11
. Lead analyst on the study, Thom Payne from DouglasWestwood's Aberdeen office said "we expect that increasing global energy demand coupled with high oil price and the move to deeper waters will drive subsea activity to new levels the years ahead. Key regions within the market are Africa, Latin America
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September 2005 - Marine Technology Reporter page: 13Stena Drill Max will be dynamically positioned with six propellers and will have a total displacement of 105,822 tons. "Believing in a sustainable high oil price and demand for both oil and gas, we feel confident this vessel will find a profitable contract and productive employment on delivery," says
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April 2006 - Maritime Reporter and Engineering News page: 45. On January 1, 2006 the fleet consisted of 26 semi-submersibles, 14 floating production vessels, 10 tenders, 5 drill- ships and two jack-ups. The high oil price continues to stimu- late the activity both on the Norwegian shelf and in other offshore areas. If the oil price remains as high as the market for
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August 2008 - Maritime Reporter and Engineering News page: 45during the 20032007. Although many of its producing areas are now considered mature and significant new finds are becoming less frequent, the sustained high oil price has given significant boost the region. Africa accounts for nearly a quarter of deployments and, totalling 30. The identified prospects for North
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June 2008 - Maritime Reporter and Engineering News page: 53
(Asia) Ltd. ? Fax: (078) 252-0265 ? E-mail: [email protected] Flexi-Dip Restricted Trimode Gauging Tape with 2" Micro-B Vapor Control Valve "The high oil price has created a boom market for offshore support vessels and we expect the oil market will remain high for the foreseeable future," said Eivind Grostad
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April 2008 - Maritime Reporter and Engineering News page: 41
for this market at this time? MK: The potential for these ships is impressive, because there is a newbuld cycle on-going in drilling rigs. Added to the high oil price which not only triggers a lot of drilling (moves), but also constructions for production on fast track basis, the need for quick, save and reliable
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April 2008 - Maritime Reporter and Engineering News page: 31
such as the North Sea. In 2007, the global subsea market was valued at $35 billion. DouglasWestwood expect that increasing energy demand coupled with high oil price and the move to deeper waters will drive subsea activity over our five year forecast, with an estimated $218 billion to be spent over the 2008-2012