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The company made a projection regarding the future of the oil and natural gas sector in the year 2023. Brazil and South America will be highlights in the drilling of new wells for the exploration of fuels, says Westwood Energy.
The global oil and natural gas sector is expected to continue at an increasing rate. expansion throughout the year 2023. The company Westwood Energy is projecting this Thursday (19/01), a strong highlight in South America regarding the drilling of new wells. The forecast is that the Suriname-Guyana Basin and offshore Brazil will be the key pieces for the sector's expansion over the next few months.
Global oil and gas industry to see 75 to 85 high-impact wells drilled in 2023, highlights Westwood Energy
The year 2023 has barely begun and is already generating discussions about the expansion of the oil and natural gas sector in the global market.
The company Westwood Energy has optimistic forecasts for drilling new wells in the coming months. According to her, the market will witness the opening of up to 85 new high-impact wells in the year.
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The number is in line with what was recorded between 2020 and 2022. In the year 2022, according to the company, 81 wells considered high impact were drilled.
In addition, the company is planning a major highlight for South America, especially Brazil, mainly in the areas of the Suriname-Guiana Basin and offshore in the national territory.
For the future of well drilling in the domestic market, the highlights pointed out by Westwood Energy are Morpho (operated by Petrobras in the Foz do Amazonas Basin) and Ubaia (operated by TotalEnergies in the Campos Basin).
Westwood also claims that Argentina will see its first deepwater well being drilled in 2023.
In North America, activity in the oil and natural gas sector should pick up again. In 2022, only nine high-impact wells were drilled in the region, marking a calm period in the sector.
Westwood Energy further expects Africa to see wells in the emerging Orange Basin off the coast of Namibia, as well as frontier tests off the coast of Morocco, Gabon and Mozambique.
The Eastern Mediterranean will continue to grow in 2023, with the drilling of five new high-impact wells in the oil and natural gas industry.
Drilling activity for oil and natural gas wells has remained flat over the last two years
Westwood Energy is expecting strong growth in well drilling operations in 2023, after two previous stable years in the industry.
High-impact drilling in 2022 remained at a similar level to 2021, with 81 high-impact wells completed.
The year was also marked by major discoveries in the oil and natural gas sector, such as those made in Guyana and one in Suriname, which represented approximately 21% of the total resources discovered.
Frontier exploration drilling remained low for the year, with only 19 wells completed in 2022. The commercial success rate in emerging plays increased from 28% in 2021 to 46% in 2022, mostly driven by better performance in Suriname-Guyana .
Regarding the success rate in maturation plays, it dropped from 36% in 2021 to 30% in 2022. The companies that stood out in the well drilling segment in 2022 were CNOOC, Exxon and Hess.
Now, Westwood Energy looks forward to a promising year for drilling operations in the oil and natural gas sector.
