2021 marks an opportunity for upstream operators to overcome cost challenges presented amid last year's turbulent market through appropriate CAPEX and OPEX forecasting.
In our June update, we identify and provide cost forecasts for key CAPEX categories including OCTG, onshore & offshore drilling rigs; and OPEX categories including production chemicals and offshore support vessels.
Some notable trends include Offshore Support Vessels likely to experience one of the most notable cost increase (~9%) amid price increases in 2022, pushing upwards to 2019 levels, as new projects come online through FID and exploration activities.
Operators are leveraging these forecasts to estimate key cost changes, forecast spend, and use industry data to optimise costs in 2021
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