Out to sea
There is still potential for offshore upstream around the world. Our series of articles investigates the challenges and opportunities in depth.
OFFSHORE upstream is now a game of two halves. Production continues apace in many regions, founded on investment made at $100 oil, while offshore licensing rounds have generally been met with lukewarm responses. Despite some bright spots, there is no disguising the dramatic downturn. Baker Hughes’ international rotary rig count shows a sharp decline in active offshore rigs from 334 in November 2014, when oil prices were starting to slide, to 211 in March this year. That collapse accompanies a sharp drop in expenditure, which isn’t going to recover soon. In a recent report, consultancy Douglas Westwood forecast subsea hardware spending will total $94.3bn in 2016-20 – a 19% fall from the 2011-
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4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
3 March 2026
The killing of Iran’s Supreme Leader Ayatollah Khamenei in US–Israeli strikes marks the most serious escalation in the region in decades and a bigger potential threat to the oil market than the start of the Russia-Ukraine crisis
2 March 2026
A potential blockade of the Strait of Hormuz following the escalating US-Iran conflict risks disrupting Qatari LNG exports that underpin global gas markets, exposing Asia and other markets to sharp price spikes, cargo shortages and renewed reliance on dirtier fuels
