Westwood Global Energy Group
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Oil prices are high, but spending has not caught up—yet. Meanwhile, exploration strategies are changing around the world toward a lower-risk model, and the frenzied pace of US M&A has very much cooled off. -
Co-owner Chevron confirmed the find at the Bandit prospect offshore Louisiana and suggested it may become a subsea tieback to existing faciltiies operated by Occidental Petroleum.
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Westwood links 2026 exploration outcomes to policies, with operators offshore Norway finding seven times more resources than those offshore the UK.
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Big projects are expected to add oil and gas to the energy mix in some regions while maturing basins contribute to drops in other areas.
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Westwood Energy analysts suggest operators have an opportunity to secure rigs at lower rates for their 2027 drilling programs.
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The number of high-impact wells drilled across the globe this year are expected to be on trend with the most recent 5-year average.
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Oil and gas companies drilled 75 “high-impact” wells in 2024, representing 5.2 billion BOE.
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Subsidies lapse while others take hold in a bid to bolster offshore wind energy capacity around the globe.
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Through the end of October, 38 rigs have been retired this year. Predicting future rig attrition is not an exact science, but certain metrics help identify those rigs.
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Westwood Global Energy’s analysis looks at production, cost, and revenue estimates in the UK and Norway, should oil prices remain low. The research group also provided an outlook on drilling activity.
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