Rising oil prices have drawn more eyes to the offshore markets. There are signs of green shoots after a period of depressed sentiment that started in late 2014, pushing asset values downwards through 2016. VV's Fixed Age Values for a 5-year old Jack Up Rig has increased 36% from Jan 2017, when a vessel was worth $69.9 million, to $95.14 million today.
ArcLight Capital Partners announced that one of its affiliates has acquired a 26.5% non-operated interest in the Perdido Regional Host from BP Exploration & Production Inc. The Perdido Regional Host is the only deepwater production facility serving the Gulf of Mexico’s Perdido Foldbelt Trend, one of the most prolific and strategic plays in the Gulf of Mexico.
Downstream Markets Will Remain Strong
2018's mantra will be to keep the focus on simpler wells. With investment down and competition up, companies will focus on newly proven plays and frontiers, and capturing new acreage for the longer term.
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