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Forty British companies came to the South American country in order to reinforce networking and business expansion.
Positive trends, such as Europe’s improving economy and a counterbalance of lingering oversupplies, has the industry poised for better days, according to Stratas Advisors.
Crude oil takeaway will require the additional flex capacity and the proposed pipelines to come online in a timely manner to avoid any pricing implications due to lack of takeaway capacity.
With many traditional oil and gas contractors now diversifying into offshore renewables, the recent acquisition of Seaway Heavy Lifting will give buyer Subsea 7 a stronger foothold in this market, which it has targeted as a growing sector.
Results show the oil and gas industry still has interest in the Gulf of Mexico as market conditions improve.
At DUG Bakken & Niobrara, Whiting Petroleum's Jim Volker said IP rates of the pad exceeded 10,000 barrels of oil equivalent per day.
The engineering contracts follow two others awarded earlier this month for U.S. Gulf of Mexico development.