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Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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October 2014 | Seamless Steel Tube & Pipe


North Sea OCTG demand slips: Europe and CIS Analysis


Apache is finding itself under pressure from its investors to concentrate on better prospects such as the US shale oil industry, leading the company to admit that it was evaluating its options in the North Sea.

New investments on the UK continental shelf (UKCS) continue to struggle – with just four deals being announced in the three months leading up to September, down slightly from the five in the previous three months and down substantially from the 14 announced in the same period in 2013.

...as investors hope for tax changes in December

One of the reasons in the decline in the new deals is understood to be as a result of operators waiting for clarity on the future of the UKCS and the implementation of the Wood Review. Included in this review is information on the formation of the Oil & Gas Authority and changes to the North Sea fiscal regime – these measures are expected to be detailed in the Autumn Statement on December 3rd by the Chancellor of the Exchequer. With the North Sea being a mature field, many operators...

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