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Based on detailed models, the report examines each country in turn and includes a summary of hydrocarbon potential and sensitised production outlook, with associated development drilling requirements segmented into oil & gas for the onshore sector and shallow vs. deep water depths for the offshore sector. Country-by-country exploration and appraisal (E&A) drilling forecasts for both the onshore and offshore sectors are also detailed.
World Drilling and Production Market Forecast – Strong OPEC compliance and Venezuelan Outages Offsetting Resurgent US Production
OPECs output reduction plan, extended to the end of 2018, has had the desired effect on the market, with oil prices rising strongly from 2016 lows. However, two key supply side questions remain: what happens when the OPEC cuts end, and how will a sharp uptick in US production impact the market? The latest edition of Westwood’s World Drilling & Production Market Forecast, built by Westwood’s OFS analysts based on detailed project data and proprietary models, seeks to answer these questions, among others.
Oil Supply Changes 2017-2019
Key Conclusions Include:
This quarter’s edition of the World Drilling & Production Market Forecast has found that almost half of the impacts of a co-ordinated OPEC and Non-OPEC production cut will be negated by sharp increases in US onshore production this year – the result of rising IP rates and continued high levels of completion activity across key basins. A key driver in lower OPEC oil production – far beyond the mandated amount – is the collapse in production from OPEC member Venezuela which since the beginning of 2017 has helped reduce oil supply beyond what was expected. Longer-term, however, the return of uncapped OPEC production, as well as continued growth in the US onshore sector, could see oversupply return in the early 2020s, with a possible 0.3 mmbbl/d net additions to global storage in 2020 and 2021 (based on current visible development plans).
This report, includes data and analysis for 70 of the most important energy producing countries, including detailed drilling and production data for each country covering the period 2008-2024.
For more information on the latest World Drilling & Production Market Forecast please contact Gareth Hector or firstname.lastname@example.org, or request a live demonstration of the Sectors platform here.
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