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Offshore spending will continue to grow: Standard Chartered

Offshore spending will continue to grow: Standard Chartered

There’s plenty of scaremongering going on about oil majors reining in their capex this year, sending jitters to many in the offshore sector, however Standard Chartered bank’s point man is convinced the cut backs are mainly onshore, with offshore still set for very solid growth.

Ezion Holdings lands $78.7m in rig charter contracts

Ezion Holdings lands $78.7m in rig charter contractsSingapore: Offshore firm Ezion Holdings has announced it has won two service rig contracts valued at $78.7m. One contract, with a Middle Eastern company, is for the three year charter of a service rig to be deployed in the Arabaia...

Logistics veteran Peter Tan talks to Maritime CEO about his return

Logistics veteran Peter Tan talks to Maritime CEO about his returnSingapore: Last week it was announced that logistics veteran, Peter Tan, the former ceo and founder of Sembawang Kimtrans, has returned to the marine and offshore logistics industry four years after retiring to chair Investment Globa...

DGS Marine opens office in Manila

DGS Marine opens office in ManilaManila: DGS Marine, a leading global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I facility, has announced the expansion of its global network with the opening of a new office in the P...

Ports boss faces graft probe

Ports boss faces graft probeJakarta: The boss of an Indonesian ports firm has been interviewed by Jakarta’s Corruption Eradication Commission (KPK) over a missing $20m from equipment purchases. Pelindo II president director Richard Lino was questioned about t...

Jakarta revises cabotage policies

Jakarta revises cabotage policiesJakarta: The transportation ministry has applied the cabotage principle for several types of offshore vessels. Director general for sea transportation Bobby Mamahit said offshore support vessels (OSV) have now been eliminated from...

E. A. Technique to list in KL

E. A. Technique to list in KLKuala Lumpur: Kulim (Malaysia) will look to list indirect subsidiary E. A. Technique in Kuala Lumpur. E. A. Technique is a shipowner and operator of marine vessels for the transportation and offshore storage of oil and gas, and pr...

IFC exercises convertible bond in Wintermar Offshore Marine

IFC exercises convertible bond in Wintermar Offshore MarineJakarta: Wintermar Offshore Marine announced that IFC, a member of the World Bank Group focused on private sector development, has exercised their convertible loan and will become a shareholder of 4.92% of the issued capital of Winte...

Phase 1A of Pengerang Terminal commences operation

Phase 1A of Pengerang Terminal commences operationKuala Lumpur: Dialog Group has announced that Phase 1A of Pengerang Terminal in Pengerang, Johor in Malaysia has been successfully completed and has commenced operations. Phase 1A, consisting of 25 tanks of various capacities with...

KrisEnergy and Eni take over Neon’s stake in Vietnamese offshore blocks

KrisEnergy and Eni take over Neon’s stake in Vietnamese offshore blocksSingapore: KrisEnergy, an independent upstream oil and gas company, announced today that Eni Vietnam, as operator of Blocks 105-110/04 (Block 105) and 120 offshore Vietnam, has issued default notices to Neon Energy (Song Hong) regar...

SBIC asks Hanoi for help

SBIC asks Hanoi for helpHanoi: The Shipbuilding Industry Corporation (SBIC), formerly known as Vinashin, has asked Hanoi for a special mechanism to deal with debts and negative equities of its subsidiaries before equitisation in the next 20 months. "Current...

ICTSI makes play for Israeli port

Manila: Philippine port operator International Container Terminal Services Inc (ICTSI), fresh from winning a bid to operate the largest box port in Iraq, is now in the mix to win a bid for another port in the region. ICTSI has been revealed as one of...

PTTEP moves rig after fishermen’s protest

Bangkok: Thai oil explorer PTTEP has agreed to remove an offshore rig after facing strong protests from local fishermen. PTTEP started moving the rig 18km from Lang Suan district, to its Phra Arhit rig, 32km to the South of Koh Samui on Saturday.

Laos Petro to invest in Vietnamese petrol transport infrastructure

Hanoi: Laos Petro Join Stock Company plans to invest $200m in a bonded warehouse and oil pipeline from Hon La in Vietnam’s Quang Binh Province to Khammouna Province in Laos. The project includes the bonded warehouse, with a capacity of 300,000-500...

Tenau Kupang port upgrade

Jakarta: The port of Tenau Kupang in eastern Indonesia is set to open a new pier next month. The state run port’s new pier has cost Rp106bn and is 110 m long. "This is an effort to help increase the efficiency of logistics costs. Particular shipme...

ICTSI to operate Iraq’s largest box facility

Manila: Philippine terminal operator International Container Terminal Services, Inc. (ICTSI) has agreed to operate, develop and expand Iraq’s largest port facilities and invest $130m in the first phase of the deal. ICTSI signed a contract with G...

Seadrill reduces stake in SapuraKencana

Kuala Lumpur: Seadrill, a leading offshore deepwater drilling company , has reduced its stake in SapuraKencana Petroleum from 12% to 8% after selling 230m shares in the Malaysian oil and gas support services firm, raising about $300m in proceeds. Aft...

Alewijnse up and running in SE Asia

Singapore: Systems integrator Alewijnse Marine Systems has signed contracts for the launch of the new branches Alewijnse Marine Singapore and Alewijnse Marine Malaysia.

MPA and PSA study boxport technology

Singapore: The Maritime and Port Authority of Singapore (MPA) and PSA Corporation Limited (PSA) have signed a Memorandum of Understanding (MOU) to extend their collaboration under the Port Technology Research and Development Programme (PTRDP). The ex...

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In Focus

Offshore spending will continue to grow

Standard Chartered analyst bullish on prospects for Asian oil capex

Offshore spending will continue to grow
There’s plenty of scaremongering going on about oil majors reining in their capex this year, sending jitters to many in the offshore sector, however Standard Chartered bank’s point man is convinced the cut backs are mainly onshore, with offshore still set for very solid growth.
 
In the second and final part of our look at our parent firm, Asia Shipping Media’s Offshore Business Breakfast, held at the Fullerton Hotel in Singapore last month in association with Standard Chartered, we look at the very thorough presentation given by the bank’s director of oil and gas equity research, Duke Suttikulpanich.
 
Producers’ ROEs have been declining for the last three years, Suttikulpanich said, and while oil prices have been dropping with many saying the price of a barrel might hover around $90, Standard Chartered disagrees saying a barrel will be worth $108 - $115 from 2014 to 2017.
 
Independent oil companies’ development capex has slowed down from 5% last year to 1% this year, and likely no growth at all next year, Suttikulpanich said, but stressed this decline is mainly onshore. “Offshore is still strong,” he said, with 7% growth expected this year, much to the relief of the 45 people in the room, made up predominantly of OSV and rig owners.
 
Most Asian producers are moving away from shallow water to deep water, Suttikulpanich noted, adding that there was a need for plenty more semi-submersibles in the region. Asian growth is coming from national oil companies who are likely to account for around 70% of the spending increase this year, Suttikulpanich said.
 
Concluding, he maintained: “Any slowdown in offshore this year is just a brief pause.”  Asian offshore E&P spending growth will remain healthy at 6.4% per annum over 20 ...   More>>