In part two of this series with NOV CEO Clay Williams, Jessica Morales discussed offshore recovery plus the hardships of surviving the downturn.
View Part One: From First Days To Current Technology Shakeups
When asked about preparing NOV for recovery offshore, Williams said, “Through the downturn, since most of the activity has been more directed for shale, we have invested more in that area but importantly, we haven’t sacrificed any of our capabilities in the offshore. If anything, we have actually continued to enhance those as well.”
Williams discussed the deepwater recovery timeline. “I was hoping you would tell me. We have been waiting for four years. But, I think importantly through those four years the owners of the resource basin of the deepwater, have been focused on reducing costs, becoming more efficient, they’ve made real progress. Importantly, it’s a very big resource base that has been discovered in the deepwater. I am very optimistic that we are going to see this. Lately, we are hearing more and more from our E&P customers that they are moving closer and closer to sanctioning large projects offshore,” said Williams.
2022-08-09 - Proceeds from the Production Lending loan will be used by the private, Midland, Texas-based oil and gas company to drill and complete six horizontal wells in the northern Midland Basin.
2022-06-01 - EIV Capital’s David Finan shares how investors are deciding which carbon management practices are worth pursuing, as well as the trillions of dollars of capital needed to reach net zero.
2022-06-23 - U.S. oil and gas executives told the Dallas Fed their highest uncertainties are no longer below ground but above, with politics, inflation, supply times, material shortages, labor and capital hampering activity.
2022-06-27 - Petrobras has experienced an almost constant churn at the CEO position since 2021 stemming from disagreements with Brazil’s President Jair Bolsonaro regarding prices for gasoline and diesel fuel.
2022-06-29 - The project by Black Sea Oil & Gas (BSOG), controlled by U.S. private equity firm Carlyle Group LP, is Romania’s first offshore Black Sea development in three decades.