Some of the most-read news and features on Offshore Technology over the past year have dealt with the uncertainties surrounding LNG, the tensions in the Red Sea and the use of drones for offshore inspections.
So, here are some of the readers’ favourites as we look back over the past 12 months.
The most-read features on Offshore Technology:
Explainer: the Venezuela and Guyana oil dispute
We explored how Guyana’s economic development was at risk due to Venezuela’s interference with its oil exploration and discoveries.
Red Sea tensions’ impact on the oil and shipping market in the West
The threats to shipping using the Red Sea significantly impacted the global oil and gas and shipping markets, and many companies have had to re-evaluate their supply chain strategies due to increased attacks on ships by Yemen’s Houthis and retaliatory air strikes by the US and UK.
Outlook: global LNG trade amid market uncertainties
Demand and supply patterns for LNG changed dramatically, prompted by geopolitical tensions, and global LNG trade increased by 6.8% from 2021 to 2022, reaching approximately 401.5 million tonnes (mt).
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By GlobalDataHow drones are reducing risk in offshore oil and gas inspection
GlobalData’s Drones in Power report outlined that the global drones market is seeing rapid growth, having been worth $15.2bn in 2020 and estimated to reach $89.6bn by 2030. The strongest area of growth in the market is expected to come from commercial drones, which will be worth $57bn by the end of the decade.
Strong oil and petrochemical demand likely to 2030, despite IEA data
Growing global demand for energy and petrochemicals, coupled with ongoing energy security concerns, could prompt rising demand for oil into 2030, despite the rapid deployment of green energy, according to a GlobalData response to International Energy Agency (IEA) data.
The most-read news on Offshore Technology:
UK can’t stop Falkland Islands extracting millions of barrels of oil
In what will be seen as a blow to the UK’s movement away from fossil fuels under the new Labour Government, the Falkland Islands seemed intent on approving the development of a huge oilfield in its territorial waters. Rockhopper Exploration said its views on the exploration and development of the Sea Lion basin remain unchanged, and it is proceeding with drilling.
BP in talks to sell Trinidad and Tobago assets
BP reached an agreement to sell a portion of is Trinidad and Tobago oil and gas assets to Anglo-French oil company Perenco. BP is Trinidad and Tobago’s largest natural gas producer, with output of more than 1.3 billion cubic feet per day.
Major oil and gas reserves found in Pakistan’s waters
A major discovery of oil and natural gas reserves was made in Pakistan’s territorial waters, reported a local publication. The hydrocarbon find is said to be so large that it could potentially alter the nation’s economic trajectory. A three-year survey, conducted in partnership with an allied nation, has confirmed the presence of these resources.
Saudi Arabia eyes BPCL refinery investment in India
Saudi Arabia was considering investment opportunities in Indian Government-backed Bharat Petroleum Corporation Limited’s (BPCL) new refinery project, reported Moneycontrol, citing sources. BPCL is in the preliminary phase of establishing a refinery to cater to the country’s escalating energy needs and is currently finalising a location for this venture.
Global oil markets likely to face large supply deficits soon, says report
Global oil market supply deficits are likely to appear as 2024 progresses and continue into 2025, despite possible production increases coming from OPEC+ nations, according to a recent market assessment. A research note published by international banking group Standard Chartered forecasts a sizeable 1.9 million barrels per day (mbbl/d) shortfall by the third quarter of 2024. This will then fall a little to 1.41mbbl/d during 2025.
