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Global and Regional Markets

US sanction regimes continue to evolve for Russia, Iran, Cuba

Russian sanctions highlight how companies can be immediately impacted by sectoral sanctions. For example, ExxonMobil had a relatively short time frame to stop drilling operations in Russia’s Kara Sea after sanctions were announced in 2014.

Business prospects must be balanced with careful risk management, understanding of local challenges and well-drafted contracts By Jennifer Bickley, Chamberlain, Hrdlicka, White, Williams & Aughtry Since early 2014, the US has seen a significant number of changes to the sanctions imposed by the Department of Treasury’s Office of Foreign Asset Control (OFAC). These changes have, or may have in the future, a meaningful impact on the oil and gas industry. Generally, OFAC’s purpose in imposing sanctions is to support the US’ foreign policy and national security goals through sanctions that are imposed on (i) individuals/entities through a published list of those persons with whom US persons/entities cannot do business (SDN List); (ii) targeted trade areas (sectoral sanctions) and targeted individuals ...

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Dayrates down, but rig demand remains stable in Middle East

Shelf Drilling’s Galveston Key jackup is drilling development wells in the UAE for National Drilling Company. The rig has a maximum drilling depth of 21,000 ft and can work in up to 300-ft water depths.

While drilling markets remain depressed around the world, the Middle East still stands as a growth market. In this region, demand for drilling rigs appear to be relatively stable and is likely to continue growing in 2017 and beyond. “Few rigs have come off contract without going back to work,” said Niels Espeland, President, International at Grey Wolf Oilfield Services. “The Middle East has been stable throughout the cycles. Due to its unique drivers, there’s always been growth regardless of the global market cycles.”

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D&C News

HighlanderTN

Drilling of the first production well has begun on the Maersk Oil-operated Culzean field in the UK. The well is the first of six production wells to be drilled on the high-pressure, high-temperature (HPHT) field, with continuous drilling activity planned over the next five years. First gas is expected to be produced from Culzean in 2019.

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ADIPEC to launch new program targeting cybersecurity

ADIPEC

Cyber threats and attacks against the oil and gas industry are becoming increasingly complex and sophisticated, targeting both IT and OT infrastructures. Industry experts are calling for continuous improvements to cybersecurity safeguards and protocols in oil and gas facilities in order to protect valuable company information and key operational equipment, as well as to maintain operations in a safe and secure manner. Recent figures from Cybersecurity Ventures show that spending on protection against cyber-attacks is forecast to be a market worth US$13.43 billion by 2019 in the Middle East and Africa region alone. Meanwhile, US-based ABIresearch forecasts global cybersecurity spending on oil and gas critical infrastructure to reach US$1.87 billion by 2018. “In 2016, there is an urgency for nations ...

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Burke: Positive indicators point to potential recovery first for shales; offshore must wait longer

The drilling industry is seeing some positive signals. One is that CAPEX reductions, a leading indicator for the industry, are starting to slow down, 
Thomas Burke, President and CEO of Rowan Companies and 2016 IADC Chairman, said at the IADC Houston Chapter Luncheon on 11 October.

In hindsight, the indicators of an impending downturn were clear back in 2014 or even earlier. Still, when it hit, the downturn caught most of the industry by surprise. This has caused massive disruptions as companies realized that their assumptions and projects were flat wrong, Thomas Burke, President and CEO of Rowan Companies, said at an IADC Houston Chapter luncheon on 11 October. Further, Mr Burke, who also serves as 2016 IADC Chairman, pointed to the difficulties that drilling contractors face in planning for their business. “When you have to make investments in expensive assets that are going to last a long time, it takes a lot of capital, and you have to make assumptions about what’s going to happen,” he said. “We have to make long-term decisions based on short-term oil prices.”

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ADIPEC 2016 to launch ‘Security in Energy’ program

ADIPEC

Experts are urging organizations in the oil and gas industry to adapt to an increasingly interconnected energy landscape by taking a streamlined and coordinated approach to security. Technology brings with it a growing concern of data and infrastructure protection that needs to be immediately addressed. The Middle East’s burgeoning security market is forecast to be worth US$34 billion by 2020, with more than 50% being spent on government, energy and critical infrastructure, according to a recent Frost & Sullivan report. Meanwhile, figures from MarketsandMarkets show that the overall critical infrastructure protection market in the Middle East will be worth $13.07 billion by 2018.

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ADIPEC 2016 to launch ‘Security in Energy’ program

ADIPEC

Experts are urging organizations in the oil and gas industry to adapt to an increasingly interconnected energy landscape by taking a streamlined and coordinated approach to security. Technology brings with it a growing concern of data and infrastructure protection that needs to be immediately addressed. The Middle East’s burgeoning security market is forecast to be worth US$34 billion by 2020, with more than 50% being spent on government, energy and critical infrastructure, according to a recent Frost & Sullivan report. Meanwhile, figures from MarketsandMarkets show that the overall critical infrastructure protection market in the Middle East will be worth US$13.07 billion by 2018.

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