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The marine geophysical firm will use the Geo Coral 3D streamer vessel. PHOTO SOURCE: Shearwater GeoServices
Shearwater GeoServices Holding AS reported Thursday that it has won a 3D multisensory marine seismic survey in the Otway Basin, offshore Australia.
“We see a solid, consistent level of activity in Australia where we have multiple projects booked in 2021,” Shearwater CEO Irene Waage Basili commented in a written statement emailed to Rigzone. “We observe increasing regional demand for our vessels equipped with high-end technology, which is reflected in backlog and utilization.”
The marine geophysical firm did not identify the client.
Shearwater expects the approximately two-month survey to begin in the third quarter of 2021. The company noted that it will use its Geo Coral vessel using a multisensory streamer system with a variable streamer spacing configuration.
Major oil sands producers in Western Canada will idle almost half a million barrels a day of production next month, helping tighten global supplies as oil .
OPEC+ took the industry by surprise when it decided to roll over its quota.
That’s according to Ann-Louise Hittle, the vice president of macro oils at Wood Mackenzie, who said the market was expecting a “substantial” increase in production because a tightening in the supply and demand balance is already evident.
“Clearly OPEC+ has decided to take a cautious approach to demand recovery,” Hittle said.
“However, waiting for a solid sign of strong stock draws means prices will have already increased from the present level by the time that sign emerges,” Hittle added.
“Stocks are a lagging indicator and already the market can see solid signals of demand strength – the vaccination program in the U.S., the world’s largest consumer, is ramping up, with the Biden administration promising enough for every adult by end-May. This should help spur a recovery,” Hittle continued.
Offshore project commitments are expected to not only recover going forward but their number is set to reach a new record.
According to a new Rystad Energy report, offshore project commitments are expected to not only recover going forward but their number is also set to reach a new record in the five-year period towards 2025.
The report showed that the commitment count is forecasted to hit 592 projects from the beginning of 2021 up until the end of 2025, with growth expected across shallow water (0-410 feet), deepwater (410-4,921 feet) and ultra-deepwater (beyond 4,921 feet) depth levels. Total offshore project commitments declined during 2016-2020 to 355 projects, from 478 during 2011-2015, Rystad highlighted.
by Bloomberg
|Friday, March 05, 2021
Oil rallied to the highest in nearly two years in New York.
(Bloomberg) Oil rallied to the highest in nearly two years in New York after OPEC+ shocked markets with a decision to keep supply limited as the global economy starts to recover from a pandemic-driven slump.
U.S. benchmark crude futures topped $66 a barrel on Friday, while its global counterpart Brent neared the key $70 level. The producer alliance’s supply curbs and the rollout of Covid-19 vaccines have aided a stellar rebound for crude from the depths of the coronavirus-related fallout. OPEC+’s surprise decision on Thursday to keep output steady in April boosted prices further and led to strength in the market’s structure. Major banks upgraded price forecasts, with some calls for oil reaching north of $100 next year.