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Global and Regional Markets

Upbeat outlook for Africa’s offshore rig market as utilization stabilizes

Westwood Energy analysis shows marketed utilization for jackups has hit 90%; floater segment also poised for growth following encouraging discoveries in 2019 By Jessica Whiteside, Contributor Hot on the heels of last year’s commercial-grade discoveries, improved supply-demand dynamics appear to be priming the African rig market for potential future growth. At the IADC Drilling Africa Conference in Accra, Ghana, on 18 February, RigLogix head Terry Childs of Westwood Energy Group described the continent’s drilling outlook as showing “promise” and “potential.” But he had a caveat. “There is quite a bit of potential here. The underlying theme, though, is time,” Mr Childs said, noting that projects may not start when they should or when they’re scheduled. Some of the conditions needed ...

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Novel coronavirus likely to hit oilfield budgets, supply chains

By Linda Hsieh, Editor & Publisher As of late February – when this magazine went to press – the new coronavirus, or COVID-19, had not been declared as a pandemic by the World Health Organization. However, with or without a pandemic declaration, it’s clear that this outbreak could have significant trickle-down effects on the oilfield service industry and its supply chains, possibly delaying or even derailing a burgeoning market recovery. Most apparently, the impact can be seen in oil prices. On 26 February, WTI crude fell below $50/bbl to its lowest point since January 2019. This comes as the outbreak is spreading in countries such as Iran, Italy and South Korea. While the situation continues to evolve rapidly, these recent ...

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