The last barrel: Offshore activity to rebound

Craig Fleming (WO) With the havoc created by the war in Ukraine and the hard push to convert to renewables, operators are once again focusing on the high ROI that offshore prospects offer. There is an onslaught of good news and positive indicators that suggest operators are poised to significantly increase offshore development in 2022. ... Continue Reading →

South America’s Newest Oil Boom Is Gaining A War Time Boost

President Joe Biden’s decision to ban Russian energy imports to the U.S. is boosting the outlook for South America’s newest oil-producing nation Guyana as well as neighboring Suriname. The deeply impoverished microstates share the offshore Guyana-Suriname Basin where global energy supermajor ExxonMobil with its partners has made a slew of quality petroleum discoveries in offshore Guyana’s Stabroek... Continue Reading →

Demand for floating rigs soars in February

(OM) Demand for floating rigs is soaring in the new year, with floaters making up 86% of the awards in February thus far, according to Evercore ISI’s latest Offshore Rig Market Snapshot.   While no contract awarded was for more than four months, the firm commented that “day rates are clearly trending higher with Transocean... Continue Reading →

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