The outlook for the oil industry in 2024
Global oil and gas (O&G) sector performance in 2024 will remain broadly in line with that in 2023 and stronger than mid-cycle levels. Oil prices should remain high and broadly stable year-on-year due to OPEC+’s curtailments, a geopolitical premium and slowing US crude production. However, demand growth will slow and spare capacity, mostly represented by OPEC, should be sufficient to absorb potential shocks. In 2025, we assume oil prices to start declining as OPEC+’s control over supply may start to ease.
While the oil and gas industry isn’t new to supply disruptions and price volatility, the situation today is unique. A confluence of economic, geopolitical, trade, policy, and financial factors have exacerbated the issue of under investment and triggered a readjustment in the broader energy market. As a result, all three components of a balanced energy equation—energy security, supply diversification, and low-carbon transition—are now facing a “trilemma” of concerns.
Although the immediate impact of this imbalance is high energy prices and record cash flows for O&G companies, how and where the industry will invest in the future remains uncertain.
The Shipbuilding Market size is estimated at USD 145.67 billion in the current year. It is expected to reach USD 184.50 billion over five years, registering a CAGR of 4.84% during the forecast period.
Over the long term, the shipbuilding market is expected to grow over the forecast period due to increasing seaborne trade and economic growth, rising energy consumption, the demand for eco-friendly ships and shipping services, and the advent of robotics in shipbuilding.
Though the shipbuilding market is facing a tough time, the major markets are still working and trying to turn the market toward a growth direction. In Korea, the government is taking various initiatives to support the shipbuilding industry, as the companies in the nation receive a greater number of orders.
Upstream, the international oil and gas newspaper, explores some of the crucial asset testing and hazard awareness training undertaken at Noble Offshore’s high-security Test Site.
The facility also plays host to hundreds of oil company staff every year, who undertake hazard awareness training courses that enable them to understand and control hazards, and reduce their safety and business risks.
A feature in Upstream, the international oil and gas newspaper, highlights what goes on at the site and asks one of Noble Offshore’s key clients why hazard awareness training is so important to their business.
Oil and gas production is one of the world’s most exciting and demanding industries. It continuously faces huge technical, environmental and financial challenges. It operates in both the harshest and most sensitive environments on earth – from rain forests and deserts to thousands of feet below sea level.Noble Offshore is involved in all aspects of the production, transportation and processing of oil and gas; from reservoir to market, and are amongst the first to become active in exciting new technologies as they develop from sub sea production to floating LNG plants and FPSOs.
Analysis & Engineering Consulting
Noble Offshore’s client base encompasses oil companies, contractors, shipyards, consultants, designers and utility companies. Our experience across the marine and energy industries provides a unique insight into a range of practices enabling us to advise our clients.
Our consulting capability is driven by our highly qualified staff and recognised industry specialists in a wide range of disciplines including:
Naval Architects
Master Mariners
Marine Engineers
Structural Engineers
Geo technical Engineers
Metocean Engineers
Civil & Mechanical Engineers
Electrical & Automation Engineers
Material Scientists
Occupational Psychologists
Mathematicians & Physicists
Software Designers and Analysts
Jack-up site assessment
Analysis of the ability of a jack-up unit to operate safely at a location within one of the internationally recognized codes of practice is provided quickly and accurately using our specialist software JUSTAS. This unique software is used by the world’s premier drilling contractors to perform a combination of hydrodynamic, structural and foundation response analyses necessary for swift decision- making regarding the capability of any jack-up to operate at its intended location. In addition Noble Offshore helps clients to understand and resolve complex structural and mechanical engineering problems which require not only analytical ability but also an understanding of the marine and operational procedures that govern the safe use of jack-up platforms. Our in-house archive contains current and historical drawings, specifications and operating manuals for most of the jack-up designs currently in use around the world. This enables us to quickly prepare bespoke models for clients to accurate site-specific assessments using the latest international codes of practice.
