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

Offshore

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Feds Delay LNG’s Port Ambrose Application

The US Coast Guard and the US Maritime Administration (MARAD) have temporarily suspended their review of the proposed Port Ambrose deep-water LNG import terminal.

Nations Convene for Arctic Maritime Discussion

Citing an increasing need to ensure safety, security and stewardship of Arctic waters, member countries of the Arctic Council gathered at U.S. Coast Guard Headquarters

Energy

Feds Delay LNG’s Port Ambrose Application

The US Coast Guard and the US Maritime Administration (MARAD) have temporarily suspended their review of the proposed Port Ambrose deep-water LNG import terminal.

Austal Graduates 48 4-Yr Apprentices

Austal USA combined two classes to graduate a total of 48 members of Austal’s cutting-edge four-year apprenticeship program yesterday at a formal ceremony held at the Arthur R.

Mexico Unveils National Strategy ahead of Paris Climate Talks

Mexico on Friday said it will cap its greenhouse gas emissions by 2026, becoming one of the first countries to formally submit its national climate plan the

Fuels & Lubes

EALs & Oil Spill Remediation

EALs & Oil Spill Remediation: The Effects of EALs on Oil Spill and Discharge Reporting and Remediation In the wake of increased environmental scrutiny and potentially expanding liability issues,

Big Spending on Liquefaction Terminals

Capital expenditure (Capex) on global liquefied natural gas (LNG) facilities is expected to total $259 billion over the forecast period 2015-2019, according to

Brent Oil Rises as Euro Gains Against Dollar

Brent oil prices rose on Wednesday as the euro strengthened against the dollar following a boost in business morale in the euro zone's top two economies. The euro was up 0.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1548 sec (6 req/sec)