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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Mermaid Maritime Bags Subsea Contracts, Delays Newbuilding

Thailand’s Mermaid Maritime said it has been awarded a number of subsea contracts in the Middle East with a total worth of $11million.   It has also reached

Hercules Offshore Filing for Bankruptcy Again

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection.

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

Energy

Strike In France: Implications for Tanker Demand

After the oil industry suffered from a severe drought in Venezuela, forest fires in Canada and rebel attacks on oil installations in Nigeria, it is now facing

Floating Storage Flattens Fortunes of $50 Crude

The prices of WTI and Brent crude briefly rose above $50/bbl during intraday trading on Thursday, the highest level seen since the end of July 2015, giving traders a brief moment of optimism,

GloMEEP Project Forges Ahead with Train-the-Trainer Workshop

A global Train-the-Trainer workshop on energy efficiency has been delivered in China (23-27 May), preparing the personnel needed to cascade knowledge on energy

Fuels & Lubes

WSS: Post-combustion Fuel Treatment Cuts Vessel Costs, Risk

Wilhelmsen Ships Service, a provider of products and services to the shipping industry, is advising vessel operators to wage war on soot. According to WSS, soot

EGAS: Egypt to tender for 10 LNG Cargoes

Egypt will tender next week to import 10 cargoes of liquefied natural gas (LNG) for delivery in July and August, an official from the state gas company, EGAS, said on Thursday.

ABB Saves 700,000 tons Fuel for Marine Vessels

ABB’s environmental friendly Azipod propulsion system brings greater fuel efficiency to diverse shipping segments ABB today announced the total fuel savings

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Ship Electronics Ship Repair 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: 0.0803 sec (12 req/sec)