As per June 2020 Analysts at Fitch Solutions Country Risk and Industry Research forecast the price of Brent crude oil in 2020 increasing. Predictions now expect Brent to average $40 per barrel this year, compared to their previous 2020 forecast of $33 per barrel. As reported also Brent rising further to $49 per barrel in 2021, according to the company’s latest report. This marks a $7 per barrel increased compared to their previous projection of $42 per barrel for next year. Looking further ahead, Brent will increase to $55 per barrel in 2022, $60 per barrel in 2023 and $63 per barrel in 2024. Whereas Saudi Arabia and Russia Reach Deal on Oil Output Cut Extension. OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil production cuts by one month while raising pressure on countries with poor compliance to deepen their output cuts, OPEC+ sources told Reuters. OPEC+ agreed last month to cut output by a record 9.7 million barrels per day, or about 10% of global output.
Howbeit Oil and Gas sector continue to develop and new projects are on stream. Sic OGUK starts working to deliver new survey on oil and gas digitalization. The leading representative body for the UK offshore oil and gas industry together with the Technology Leadership Board (TLB), the Oil and Gas Technology Centre (OGTC), and Opportunity North East (ONE) to assess the pace and extent of digitalization across the sector. This collaboration will provide a valuable insight into the current status of North Sea digitization and help focus future investment and deployment of appropriate technologies to fully unlock the potential of the region.” The survey should take no more than 15-30 minutes to complete. The anonym data collected will be shared in confidence across all four participating organizations to help shape their respective initiatives in support of digitalization with OGUK planning to use the findings as the basis of an industry workshop planned for September 2020. As reported by OGUK on 3rd June.
Going further COSL Drilling Europe (CDE) has signed a master framework agreement with Equinor on the Norwegian Continental Shelf, that fully enables it to provide additional drilling units and services to the oil major. CDE said that the agreement would strengthen the cooperation between the companies and facilitate long-term collaboration at all levels. The company added that the parties would commit to working on technology development as well as operational enhancements with initiatives to limit greenhouse gas emissions from drilling operations.
Withal Subsea 7 Secures 'Major' $750M-plus Offshore Wind EPCI Deal. Offshore installation firm Subsea 7 has clinched a major contract with SSE Renewables for the engineering, procurement, construction and installation (EPCI) of the foundations and inter-array cables for the Seagreen Offshore Wind Farm project, 27km offshore Scotland.
And last but not the least Aramco commission new oil pipeline in Bahrain which is capable of transporting up to 350 thousand barrels of crude oil per day. Saudi Aramco and the Bahrain Petroleum Company (BAPCO) successfully commissioned on Tuesday the AB-4 pipeline, a new phase of the strategic Saudi Aramco-Bahrain crude oil pipeline to meet the Kingdom of Bahrain's growing energy needs. The pipeline consists of three segments including a 42-km onshore Saudi segment, 28-km Bahrain onshore segment, and a 42-km offshore segment.
In conclusion, we would like to say that these news cannot but rejoice. Market growth forecast and new projects aims for sector development inspiring field employees all over the world. Navis Crew Management keeps abreast on all vital updates in the industry and invites You to follow our Navis Telegram Channel (NTC) for more useful information: https://t.me/Navis_NCM