Big three oilfield services providers' second-quarter profits soar amid strong demand
2023/7/21
Bank of America analysts said this month: "Despite the recent OPEC+ production cuts, international market strength is dominated by the Middle East and Latin America business and has been influenced by years of driving oil and gas capacity growth."
TD Cowen analysts at investment firm said earlier this month: "Oilfield service companies with international/equipment businesses have strong visibility into multi-year sales growth and orders."
Rystad Energy, a Norwegian energy research institute, predicts that offshore oil production will surge by 35% within this decade.
Offshore oil production will jump from 2.5 billion barrels in 2021 to 3.3 billion barrels by 2030, Rystad Energy said. The surge in offshore oil production in Brazil has greatly increased the utilization of shuttle tankers, whose volumes have increased by 55% from 695 million barrels in 2013 to 1.07 billion barrels in 2021. A further increase of 72% is expected by the end of 2030, when the total throughput of Brazilian shuttle tankers will reach 1.84 billion barrels.
Rystad Energy said that it is necessary for Brazil to increase the number of shuttle tankers to meet the growing demand of oil production and replace some aging tankers that are about to stop service. "Crude oil extraction will continue for many years, and given the strong economics and competitiveness of the offshore industry, new investment in offshore production is likely to continue, ensuring a bright future for the shuttle tanker industry," said Rystad Senior Vice President of Energy Services Research.
Not surprisingly, shares of oil and gas companies are soaring in value: The oil and gas sector's popular benchmark, the VanEck Oil Services Fund ETF (OIH), has returned 14.3% year-to-date, while the energy sector's Energy Select Sector SPDR Fund (XLE) has returned -3.7%.
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