Westwood Global Energy Group
-
Industry forecasts point to increasing upstream expenditure and production, even as geopolitical volatility and smaller discoveries challenge project economics. -
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.
-
Westwood links 2026 exploration outcomes to policies, with operators offshore Norway finding seven times more resources than those offshore the UK.
-
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.
-
Westwood Energy analysts suggest operators have an opportunity to secure rigs at lower rates for their 2027 drilling programs.
-
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.
-
Oil and gas companies drilled 75 “high-impact” wells in 2024, representing 5.2 billion BOE.
-
Subsidies lapse while others take hold in a bid to bolster offshore wind energy capacity around the globe.
-
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.
Page 1 of 2