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

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February 2019 | Seamless Steel Tube & Pipe


Challenging offshore drilling at Russia’s Sakhalin grows: Europe and CIS Analysis


Equinor (former Statoil) – Norway’s largest producer, responsible of about 70% of oil & gas production in the country, is likely to start with OCTG restocking in early 2019.

Norway’s OCTG demand is expected to recover. 
Norway – which in recent years has been the largest OCTG market in Europe has shown a dramatic 24% apparent consumption decline last year from 111kt back in 2017 to just 85kt in 2018. However, drilling activity in the country has shown just a marginal 0.8% decline for the same period of time (see monthly drilling chart). 

Equinor (former Statoil) – Norway’s largest producer, responsible of about 70% of oil & gas production in the country, is likely to start with OCTG restocking in early 2019. The company’s current demand is around 50-60kt of OCTG per year including some 13Cr and CRA grades. The company is now looking at commercial development of smaller fields. However, to make this successful they need to reduce their drilling costs by 50% from current costs. This is planned to be achieved in...

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