Westwood Global Energy Group
Westwood Global Energy Group News
Floater Backlog Showing Signs of Strengthening
After a softer 2025, floater backlog is strengthening for 2026 and beyond, driven by early contracting, strong South American demand, and a growing pipeline of 2027+ programs.By the close of 2025, total floating rig backlog days had fallen 25% compared with 2024. This was in large part due to few contract awards coming out of Brazil, the world’s biggest user of floating rigs. As of the end of January 2026 however…
Offshore Rig Outlook: As 2025 Challenges Fade, Path Ahead Brightens
While challenges linger from the 2025 offshore rig market, there are signs it will look brighter from late 2026 onwards.Main Events of 2025One of the biggest talking points of 2024 and 2025 was Saudi Aramco’s suspension of 36 jackups from April 2024, but by 3Q 2025 21 units had been re-deployed into other regions of the world. Fast forward to today, the national oil company (NOC) has confirmed it will restart work with eight of the remaining suspended rigs in early 2026.
Westwood: Record Levels of FPS Throughput Capacity to be Sanctioned in 2022
As we enter the final month of 2022, a review of the floating production system (FPS) market revealed that some E&Ps have been bold with investments in the development of their oil and gas (O&G) reserves, with a total of 1.9 mmboepd (1.3 mmbpd of oil and 3.8 bcfd of gas) of FPS throughput capacity sanctioned year to date (YTD). This represents a 7% increase on 2021, with Westwood anticipating an additional 180 kboepd of FPS throughput capacity to be sanctioned before the end of the year.
Permian Pipeline Constraint Stalls Growth
The world’s most important oil growth region – the Permian Basin – will experience a setback with 345 completions likely to be deferred by the end of 2019 due to…
