'Prices soar': Westwood publishes key offshore themes from Q1
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Westwood Global Energy Group
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29 April 2022Westwood Global Energy Group has released its latest tranche of comprehensive quarterly offshore market reports and with it can reveal a few interesting themes and positive indicators that emerged from the first quarter of 2022. Within offshore field development, higher than expected commodity prices since late 2021 is driving an anticipated rebound in subsea EPC spend, as 2022 E&P upstream capex guidance increases 28% year-on-year (YoY). Turning to the offshore drilling rig market, all jackup roads are leading to Saudi Arabia after news that Saudi Aramco is reportedly looking to expand its working jackup fleet from 50 to 90 units by the end of 2024. And finally, 1Q highlights from the offshore wind market cover the latest US auction round, which saw average price per acre soar.
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