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E&P equipment and services market: Party to begin soon
Jan 10: There is good news coming in for offshore E&P equipment and service providers
8Latest data shows the rig count was higher, though by only 2%. Importantly, an upsurge is expected going ahead.
8Meanwhile, nominal capital expenditure volumes will bottom out this year
8And from then on, the forecast is that capex will grow at a galloping 10% CAGR right up to 2027
8Already, offshore project sanctions have doubled in 2017 in relation to 2016 levels.
8For now, equipment and service suppliers just need to wait out the current trough before the party begins.
8Bulk of the orders for offshore work by ONGC for the KG-DWN-98/2 will be able to catch the downturn but prices are likely to firm up sooner than expected.
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