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The Year 2022 Was Marked By A High Utilization Rate Of Drill Ships In The Gulf Of Mexico And South America. Westwood Energy’s Projections For The International Oil And Natural Gas Market Are Even Better For 2023.
After a year of great results in drilling operations, the international market is expected to see even greater growth in 2023. Westwood Energy’s projections for this Friday (01/03) point to a utilization rate of 95% for drill ships. The numbers will be sustained by the expansion of demand for vessels in the global oil and natural gas sector, driven by exploration campaigns.
Utilization Of Drill Ships In Oil And Natural Gas Exploration Campaigns Was Quite Significant In 2022, Highlights Westwood Energy
Throughout 2022, the utilization rate of drill ships and offshore drilling rigs varied between 80% and 90%, a high figure for the international context.
According to data from Westwood Energy, the average utilization of drill ships was 93% for the year, while semi-submersible rigs had a rate of 82%.
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The demand for rigs grew significantly, from 135 units in January to 143 in December, marking a strong need for drill ships amid the oil and gas exploration campaigns.
The regions of the oil and natural gas market that stood out the most in drilling new wells were the Gulf of Mexico, in the United States, and South America.
In the Gulf, the utilization was 100% from February to December 2022, while the utilization in South America ranged from 94% to 97% throughout the year.
On the other hand, utilization in Southeast Asia fell 16% during the year, due to decreased demand for drill ships for drilling operations in oil and natural gas projects.
Throughout the entire year of 2022, 94 of the 131 contracts signed were for work in the North Sea and the so-called “Golden Triangle.” This region includes the Gulf of Mexico (U.S. and Mexico), South America, and West Africa.
According to Westwood Energy’s data, the offshore drilling market in the oil and natural gas sector was able to take advantage of the increase in exploration campaigns.
The Heating Of The Drilling Market In The Oil And Natural Gas Sector Is Expected To Continue In 2023
For the upcoming months of 2023, Westwood Energy’s projections in the current oil and natural gas scenario are even more optimistic.
The company expects the utilization rate of vessels to remain stable at around 95%.
“In 2023, there’s no reason to believe that the focus will not remain in the same regions. The search for idle rigs will result in continuous demand for exploration drilling, with long-term field development programs also adding multi-year contracts,” said Westwood Energy researcher Terry Childs.
There are currently 73 rig requests globally that are in some form of platform inquiry.
In the ‘Golden Triangle’, there are 23 processes for operations in the oil and gas sector with drill ships for the year.
Thus, Westwood Energy’s projections for the utilization of drill ships in exploration campaigns in the oil and natural gas market remain optimistic amid the sector’s growth.
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