Oilfield Service Providers Enjoying Huge Profits -- Source -- July 18, 2023

Locator: 45158INV.

Link here.

Companies mentioned:

• Baker Hughes
• Halliburton
• Schlumberger

• combined, set to post a combined second-quarter profit of $2.04 billion compared with $1.27 billion in the year-ago quarter.

Norwegian energy intelligence firm, Rystad Energy, has predicted that offshore oil production will surge 35% in the current decade

According to Rystad, offshore production will jump to 3.3 billion barrels per year by the turn of the decade from 2.5 billion in 2021.

Surging offshore production in Brazil has significantly improved the utilization of shuttle tankers, with activity soaring by 55% from 695 million barrels in 2013 to 1.07 billion in 2021. A further increase of 72% is forecast by the end of 2030, when total volumes handled by shuttle tankers in the country will hit 1.84 billion barrels.

3.65 billion / 365 days = 0.01 = 10 million bopd.