Higher Oil Prices Inspire Exploration

Press Release
Thursday, June 14, 2012

Prime movers in the North American oil and gas industry to recover lost ground with the development of new fields says analysis

According to an analysis by Frost & Sulllivan, major players in the North American oil and gas market, which is characterized by instabilities, have taken a hit over the last couple of years due to the economic decline and price volatility.  Furthermore, upstream companies look to these price fluctuations to dictate increases and decreases in exploration and production activities.

"Higher oil prices will encourage oil and gas companies to increase their budgets for exploration and production," said a Frost & Sullivan research analyst.  "This will, in turn, result in technological advances and revenue generation in the prime movers market."

New reserves exploration, tapping oil sands, and higher numbers of deep water projects will shore up the market and compensate for the drying up of onshore fields. Unconventional supplies such as natural gas, coal bed methane (CBM), shale gas, and tar sands are expected to meet the current energy demand, which cannot be satisfied by oil reserves alone.

The new report finds that total market revenues are anticipated to grow at a compound annual growth rate (CAGR) of 2.5 percent from 2010 to 2017, to reach $1.03 billion. The United States accounts for nearly 82.4 percent of the equipment sold, and Canada maintains the remaining 17.6 percent.

More details available here.

 

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.

Energy

Ukraine Calls "Easter Truce" As Separatists Hold Firm

The Ukrainian government said it will not attack pro-Russian separatists over the Easter weekend as its U.S. ally threatened Moscow with new sanctions if it

Putin Welcomes New NATO Head

Russian President Vladimir Putin welcomed NATO's selection of former Norwegian Prime Minister Jens Stoltenberg as its new head, saying on Saturday the pair

India's Reliance Q4 Sales Rise

Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue.

Fuels & Lubes

Bunker Specialists Endofa Name Hoffmann CEO

Endofa, an independent marine fuel supplier and bunker trader, informs it has named Lars Hoffmann as Chief Executive Officer. Prior to joining Endofa, Hoffmann

YPF Tenders to Buy Fuel Oil for June

State-run oil company YPF launched its second fuel oil tender in April, this time to buy two 50,000 metric ton cargoes (some 375,000 barrels each) to be received

China crude oil output up

China's refinery crude throughput in March rose 2.6 percent from a year earlier to 41.92 million tonnes, or 9.87 million barrels per day (bpd), data from the National

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Port Authority Salvage Ship Electronics Ship Simulators Sonar
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: 0.1021 sec (10 req/sec)