U.K.-based Wood Group was given a major boost with the recent award by U.S. player Noble Energy Inc. of a FEED and detailed design contract for a fixed platform on the Leviathan gas field development offshore Israel.
Even though well completions in the Anadarko Basin fell during the first half of the year, Midcon operators have still remained active in the Stack, Scoop and Cleveland Sand plays.
Pre-downturn sanctioned projects are expected to grow offshore production next year, but the cancellation of pre-FID projects could create a ‘supply crunch’ later, report says.
Pricing remains steady and bid inquiries are up for Midcon workover services. Demand was actually on the cusp of increasing in the second quarter until weather interrupted field work.
The country is offering 67 discovered small fields in 46 contract areas, including 26 onshore, 18 shallow-water and two deepwater areas.
E&Ps have nearly doubled spending reductions, from 22% in January for U.S. spending to 43% at midyear.
Of the 13 MMbbl/d of new supply that could come from tight oil and conventional projects by 2025, 9 MMbbl/d is commercial at $60 oil, according to an energy consulting firm.