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 January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Wärtsilä Propulsion Solution for 3 Tugs

Three large new escort tugs contracted by Norwegian operator Østensjø Rederi, will feature Wärtsilä dual-fuel (DF) engines integrated with a customized gas storage

Russia – Turkey Gas Pipeline Approved

Ankara hosted today a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Taner Yildiz, Turkish Minister of Energy and Natural Resources.

Greatship to Buy PSV

Greatship (India) Limited (GIL), a wholly owned subsidiary of The Great Eastern Shipping Company Limited, has signed a contract to buy a 2015-built 4000 dwt Platform Supply Vessel (PSV).

Energy

US House Passes Bill to Pressure Regulators on LNG Exports

The U.S. House of Representatives passed a bill on Wednesday to speed permits for exports of natural gas, a measure that even if passed by the Senate and signed into law by President Barack Obama,

Denmark's Budget Gap May Flirt with EU Limit if Oil Stays at $50

Denmark's government estimates its budget would lose 7.5 billion Danish crowns ($1.1 billion) if oil prices remained around $50 a barrel, according to a document

NewLead Holdings Acquire 5 Vessels

NewLead Holdings Ltd. announced today that it recently added five bitumen tanker vessels to its fleet. The Company has expanded its fleet to 10 vessels in less

Fuels & Lubes

GTT to Exhibit at Euromaritime

Gaztransport & Technigaz (GTT), a designer of membrane containment systems for the maritime transportation and storage of liquefied natural gas (LNG), will exhibit at Euromaritime,

International Sulphur Campaign Launched

An international information campaign on the new, stricter sulphur requirements and their enforcement will be launched in February and, at the same time, cooperation

Sweden-Poland Maritime Link Improved

The EU's TEN-T Program will co-fund with over €2 million the development of the sea ports of Trelleborg (Sweden) and Świnoujście (Poland), to increase their competitiveness and sustainability,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1689 sec (6 req/sec)