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Message
Offshore Drilling Is Coming Back With A Bang
Posted on 8/9/22 at 7:09 am
Posted on 8/9/22 at 7:09 am
quote:
After years of uncertainty and stagnation, the offshore drilling market is on the rebound and is in the early innings of an upcycle in investment and activity that will outpace the 2016-2019 cycle, major services and rig providers say. Analysts and top offshore drilling executives say that offshore rig utilization and day rates are also rising in a market that is expected to tighten going forward.
In one of the latest outlooks on global offshore drilling, contractor giant Transocean says that the market is recovering, with momentum accelerating.
"While the past eight years have been extremely challenging for the entire industry, it is clear that the recovery in offshore drilling is underway, as contracting activity, utilization rates for high-specification ultra-deepwater and harsh-environment assets, and dayrates all continue to rise," Transocean CEO Jeremy Thigpen said last week, commenting on the company's Q2 performance.
quote:
As the world continues to consume a lot of oil and gas and many governments are prioritizing energy security to an accelerated energy transition after the Russian invasion of Ukraine, the offshore drilling activity is set for an upturn.
quote:
Last month, the world's largest oilfield services provider, Schlumberger, expressed a similarly optimistic view on offshore oil and gas drilling.
“The outlook for 2022, 2025 on offshore investments and FID activity will outpace visibly at 2016-2019 cycle. So we have early innings of this offshore cycle, but it's quite interesting," Schlumberger's CEO Olivier Le Peuch said on the earnings call in July.
quote:
“After a turbulent 2020-21 period denominated by the Covid-19 pandemic, the erosion of oil demand and a crash in oil prices, the offshore O&G sector is prime for a flurry of investment to make up for limited spending over the last few years," Mark Adeosun, Manager – Offshore Energy Services, at Westwood Global Energy Group, wrote in an insight on contractor spending offshore over the next few years.
quote:
“For the first time in several years, due to this increasing committed utilisation, most new rig contracts are being fixed at dayrates that are higher than their prior contracts – another indicator of a tightening rig market," Wilkie noted.
LINK
As if the truck nut market wasn’t already out of whack enough, we could now be in danger of causing a truck nut bubble. In a few years baws could be left holding nuts that are worth only a third of what they paid for them.
10
Posted on 8/9/22 at 7:11 am to ragincajun03
quote:
Coming Back With A Bang
The Vietnamese are getting involved with offshore drilling?
Posted on 8/9/22 at 7:12 am to ragincajun03
Oh there’s gonna be some bang’in
~Offshore Jody
~Offshore Jody
Posted on 8/9/22 at 7:14 am to ragincajun03
Positive economic outlooks before a midterm election? Shocking. Carrot and stick, anyone.
Posted on 8/9/22 at 7:15 am to tigerinthebueche
Who knew schlumberger was a dem sock puppet?
Posted on 8/9/22 at 7:17 am to JohnnyKilroy
ok c on z
Posted on 8/9/22 at 7:19 am to ragincajun03
Good!
Posted on 8/9/22 at 7:33 am to Jfk Jr
I work out here. Haven’t missed a paycheck in 24 years. I work on the drilling side. There is only one drillship warm stacked at the moment in shallow water off of grand isle. So, yes we’re busy! I’m about to get on a new build drillship in the gulf in October.
Posted on 8/9/22 at 7:51 am to Potchafa
quote:
Haven’t missed a paycheck in 24 years. I work on the drilling side. There is only one drillship warm stacked at the moment in shallow water off of grand isle. So, yes we’re busy!
All good stuff, baw!
Posted on 8/9/22 at 7:58 am to ragincajun03
quote:
After years of uncertainty and stagnation, the offshore drilling market is on the rebound and is in the early innings of an upcycle in investment and activity that will outpace the 2016-2019 cycle, major services and rig providers say.
Years 2016 - 2019 were the tail end of the crash and burn cycle for offshore drilling, won't take much to improve upon the stagnant years since.
The majors exploration drilling budgets will indicate how real the drilling market uptick will become.
Hope it's true and we get back to drilling far more in the Gulf compared to the last five years, followed by field development spending on successful drilling sites.
Posted on 8/9/22 at 8:00 am to Mr Breeze
What people don’t realize is, that there are existing permits for years for drilling. Just because new leases aren’t given out at the moment doesn’t mean we don’t have years of work. But I do agree that we do need to explore more in the Gulf of Mexico. The last two years all I have been doing is exploratory work. So that’s a good thing.
This post was edited on 8/9/22 at 8:01 am
Posted on 8/9/22 at 8:03 am to tigerinthebueche
Classic Democrat Party colluding with the offshore drilling industry
Posted on 8/9/22 at 8:03 am to Potchafa
Not sure it matters if they don’t increase refineries
Posted on 8/9/22 at 8:28 am to ragincajun03
Truck nuts won’t be the only nuts they are holding when this is all over.
Posted on 8/9/22 at 8:42 am to xxTIMMYxx
quote:
Not sure it matters if they don’t increase refineries
They'll just ship the oil to other markets besides the U.S. like in Central and South America. It's a big world.
Posted on 8/9/22 at 8:45 am to JohnnyKilroy
quote:
Who knew schlumberger was a dem sock puppet?
This article seems pretty apolitical. I don't understand why you are making it political? These oil companies are just responding to market conditions.
Posted on 8/9/22 at 8:48 am to ragincajun03
Great. Just as my company exited the GOM
Posted on 8/9/22 at 8:52 am to tigerinthebueche
Was wondering
How someone could spin victimhood
Out of good news.
Thank you
How someone could spin victimhood
Out of good news.
Thank you
Posted on 8/9/22 at 8:55 am to JohnnyKilroy
quote:
Who knew schlumberger was a dem sock puppet?
I can tell you they don't give a shite about the democrats, republicans, libertarians, socialists, etc.
The only party they care about is the money party. Them dudes are efficient.
This post was edited on 8/9/22 at 8:56 am
Posted on 8/9/22 at 9:07 am to GumboPot
quote:
This article seems pretty apolitical. I don't understand why you are making it political? These oil companies are just responding to market conditions.
Come on, man!
OilPrice.com is nothing but a mouthpiece for the Biden Administration, and especially the his Greenpeace/Sierra Club base.
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