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Global and Regional Markets

Global oil slump puts Africa’s drilling potential on hold

The Ensco DS-8 is contracted to Total until November 2020 for operations in Angola. Total expects to decrease its rig count in Africa from 12 in 2015 to fewer than 10 in 2016.

Although significant potential remains for increased drilling activity in Africa, the global oil price slump has left this market stagnant for now. Exploration activity throughout the continent was largely on hiatus in 2015, and if oil prices remain low through 2016, this trend is almost certain to continue. The drop in exploration activity is a result of reactionary budget cuts, as operator profit margins have become increasingly strained due to the still-falling oil prices. Such was the case for Total, an operator that spends a third of its total investments on the African continent. “The impact of the low-priced oil environment currently is that we have started the project of strong cuts and reduction of costs,” Benoît Ludot, Vice President Drilling & Completion for Total Exploration-Production, said.

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Short-term approach to personnel development is a growing concern, DNV GL survey finds

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A report published by DNV GL reveals that skills shortages are seen as a barrier to growth and an increasing concern throughout the US. More than half of respondents believe organizations are taking a short-term approach to skills and career development. “A New Reality: The Outlook for the Oil and Gas Industry in 2016” is based on a global survey of 921 senior professionals in the sector. It shows that an increased portion of US respondents see cost management as the top priority in 2016 – 38% compared with 25% in 2015.

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