Norway Targets $2t Int’l Oil & Gas Spend

Sunday, August 30, 2009

Analysis of 19 target countries and 26 key onshore and offshore market sectors, ranging from land drilling equipment to offshore operations, has revealed that overall expenditure levels are expected to total $2t over the 2009-2013 period. These are amongst the key findings of a new report commissioned by Norwegian oil & gas partners INTSOK from energy business analysts Douglas-Westwood.

Addressing over 300 delegates at INTSOK’s 8th annual International Business Days conference in Oslo, Douglas-Westwood Chairman, John Westwood, outlined his views on the current market turmoil, the prospects for recovery and the expected outcomes in terms of future industry expenditure.

“The current economic environment has hit activity levels hard, however, by 2011 it is forecast that overall expenditure will have recovered and beyond this the majority of the selected market sectors are expected to exhibit growth through 2013,” Westwood said.

“Within the offshore target markets, expenditure is expected to grow from $163 billion in 2009 to $222 billion in 2013 and onshore markets from $170 billion to $229 billion.

“Over the next five years, we forecast that the total expenditure within the onshore and offshore INTSOK target markets will total nearly two trillion dollars, compared to about $1.4 trillion over the previous period,” said Westwood.

Key drivers include the strong growth in energy demand from the developing countries, increasing tightness in global energy supplies and a resultant growth in oil prices. In particular, the report authors note the prospects for offshore & deepwater activity. Westwood commented, “The era of easy oil is over and therefore the industry is continuing efforts to move oil and gas production offshore. Opportunities within the shallow-water markets are becoming increasingly scarce and operators are moving to prospects in greater water depths.”

Turning to the home market, Westwood noted that, “2009 marks the 40th anniversary of the discovery of Norway’s first field, Ekofisk. The country will produce oil & gas for many decades, however, it faces a future of declining oil production. Norway still has huge gas potential, particularly in the arctic and it is essential for future security of European gas supplies that it uses its proven ability to develop reserves in such environmentally sensitive areas.”

(www.douglas-westwood.com)

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Coast Guard tactical air squadron holds change of command ceremony

Capt. Kevin P. Gavin relieved Capt. Donna L. Cottrell as commanding officer of Coast Guard Helicopter Interdiction Tactical Squadron Jacksonville during a change of command ceremony at HITRON Friday.

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

LNG

OMV CEO Warns Against More Russia Sanctions

Europe should avoid more sanctions against Russiaover its role in Ukraine and continue to pursue dialogue with Moscow, the chief executive of OMV , the longest-standing

Petrobras, Mitsui Study South Brazil LNG Import Terminal

Brazil's state-run oil company Petroleo Brasileiro SA and Japanese trading house Mitsui Corp will study building a liquefied natural gas (LNG) terminal in the country's southernmost state,

Ukraine launches restricted operation

Ukrainian forces launched a "special operation" on Tuesday against separatist militia in the Russian-speaking East, authorities said, although aside from a landing

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1307 sec (8 req/sec)