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After Another Discovery in Suriname, Apache and Total Change Direction
After a line of four discovery wells in Suriname, Total and Apache are going off trend with a well to see if the potentially huge play extends north as well. January 18, 2021
Source: Maersk Drilling
After hitting on four exploration wells in a row in Suriname, Total and Apache are looking forward to doing things differently in 2021.
The 50/50 partnership announced its latest discovery, Keskesi East-1, and successfully completing a line of successful wells running west to east across Block 58. As with the others, it found light oil and condensate in two intervals: the Campanian pay was 190 ft thick, and the Santonian was 16 ft thick.
Offshore EPC investment primed for a rapid bounce-back in 2021 - Westwood Insight
02 Feb 2021
2020 will be remembered as one of the most challenging years in the history of the oil and gas sector. Oil consumption fell to levels not seen since 2001 and at one point US producers were paying to offload crude as the WTI price went negative for the first time ever. In the offshore sector, investment in new field developments was the lowest in over 30 years as companies of all sizes reacted quickly to the commodity price crash by slashing on average 30% from planned 2020 capex and postponing/stalling $54 billion of 2020 offshore EPC contract awards.
1 February 2021 16:35 GMT Updated 1 February 2021 16:35 GMT in London
The offshore engineering, procurement and construction market is expected to quickly recover this year, boosted by projects postponed from 2020 and a resurgent Petrobras, according to analysts Westwood Global Energy Group.
Westwood’s base case outlook for 2021, which assumes a Brent crude price averaging $50 per barrel, currently forecasts firm and already awarded offshore EPC contracts of around $29 billion with a further $12 billion of probable awards and $4 billion of possible awards, compared to the $12.3 billion awarded in 2020.
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