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The year 2022 was marked by a high utilization rate of drillships in the Gulf of Mexico and in 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 well drilling operations, the international market should witness even greater growth in 2023. Westwood Energy's projections for this Friday (03/01) point to a rate of utilization 95% probe. The numbers will be supported by the expansion of demand from vessels in the global sector of oil and natural gas, boosted by exploration campaigns.
The use of drillships in oil and natural gas exploration campaigns was quite significant in 2022, highlights Westwood Energy
Throughout 2022, the utilization rate of drillships and offshore drilling platforms varied between 80 and 90%, a high number for the international situation.
According to data from Westwood Energy, the use of drillships was, on average, 93% in the year, while in semi-submersible drillships the rate was 82%.
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Platform demand grew significantly, from 135 units in January to 143 in December, marking a strong need for drillships in the midst of oil and gas exploration campaigns.
The regions of the oil and natural gas market that most stood out in the drilling of new wells were the Gulf of Mexico, in the United States, and South America.
In the Gulf, utilization was 100% from February to December 2022, while marketed utilization in South America ranged from 94% to 97% throughout the year.
On the other hand, utilization in Southeast Asia was down 16% year-on-year due to lower demand for drillships for drilling operations in oil and natural gas projects.
Throughout 2022, 94 of the 131 contracts signed were for work in the North Sea and in the so-called “Golden Triangle”. This region encompasses the Gulf of Mexico (USA and Mexico), South America and West Africa.
According to data from Westwood Energy, the offshore drilling market in the oil and natural gas sector managed to take advantage of the heating up of exploration campaigns.
Heating of the drilling market in the oil and natural gas sector should continue in 2023
For the coming months of 2023, Westwood Energy's projections in the current oil and natural gas scenario are even more optimistic.
The company expects that the utilization rate of vessels remain stable, around 95%.
“In 2023, there is no reason to believe that the focus will not be on the same regions. Demands for pending rigs will result in continued rig demand for exploration drilling, with longer-term field development programs also adding to multi-year contracts,” said Westwood Energy researcher Terry Childs.
There are currently 73 rig application processes globally that are in some form of platform consultation.
In the 'Golden Triangle' alone, there are 23 processes for operations in the oil and natural gas sector with drillships for the year.
In this way, Westwood Energy's projections for the use of drillships in exploration campaigns in the oil and natural gas market remain optimistic amid the heating of the sector.
