TotalEnergies’ Block 58 development offshore Suriname is set to play a key role in driving subsea tree demand for the remainder of 2024, according to Westwood Global Energy group. The project will involve drilling around 30 wells over 2.5 years, with first oil expected in 2028.
While no contracts were announced in August, Westwood forecasts that 259 subsea trees will be needed by the end of the year, with 131 (51%) already awarded.
Westwood expects an additional 128 units to be awarded in 2024, with 80 of these considered “firm.”
“Major projects backing this demand include ENI’s Coral North (Mozambique), BP’s Kaskida (Gulf of Mexico), and Shell’s Bonga North (Nigeria). The Northern Endurance Partnership’s CCS project in the UK could also add six units, pending regulatory approval,” Westwood said.
The subsea tree demand outlook for 2024-28 remains steady at 1,415 units, reflecting a slight 1% increase from earlier estimates.
