Published in EPT by Wilhelm Sicking, April 4, 2016
FEEDing the Recovery
Operators advancing offshore FEED during downturn
April 04, 2016 + + + Backlogs for subsea
equipment manufacturers are being rapidly eroded as new orders dwindle,
says analyst Douglas-Westwood (DW). This will lead to a likely
trough in installations during 2017-2018. But as with previous
down-cycles, operators are continuing to progress development concepts and
initial engineering on stalled projects, DW claims, notably in Australia,
where Hess is proceeding with the tender process for engineering,
procurement, and construction (EPC) contracts for a giant semisubmersible
platform and other subsea equipment for its Equus field development
project.
This is despite the fact that the project is unlikely to
be sanctioned before 2017.
In the US Gulf of Mexico, BP is in the
process of tendering for EPC contracts for its Mad Dog Phase 2 project,
even though the final investment decision remains uncertain. In addition,
pre-FEED exploration and appraisal drilling is under way for Anadarko’s
Shenandoah field, even though project sanctioning has been delayed.
Lead-times for delivery and prices typically increase as activity
picks up. Being “first in the queue” as a result of continuing FEED work
through the down-cycle, DW adds, may be critical for operators seeking to
maximize value from future field developments.
Source:
Douglas-Westwood / Offshore Magazine
www.douglas-westwood.com
Read more:
www.douglas-westwood.com/dw-monday-feeding-the-recovery/
|
Worldwide
more than
100,000 paid subscriptions
Since May 2015 Oil, Gas &
Petrochem (OG&PE) is published as part of the OIL & GAS
JOURNAL to serve a consolidated monthly audience of 135,000 oil/gas professionals worldwide
»
read more |
Worldwide
more than 48,000 subscriptions - 100% one-year direct request
qualification
'What's New' in Upstream, Midstream and
Downstream Products & Services. Circulation 37,000
PennWell Petroleum Group:
Oil & Gas Journal
Oil & Gas Journal Russia
OGJ_eNewsletter OGJ-Website-Statistics
Oil, Gas & Petrochem Equipment
Offshore Magazine
Offshore
Russia
Offshore eNewsletter
Offshore
Website Statistics
Oil & Gas Financial Journal
+ + +
For more information, media
kits or
sample copies please contact
Andreas
Sicking +49 (0)2903-338570
wilhelms@pennwell.com
www.sicking.de
|