World Drilling & Production – Bright Spots in the Oversupply

Outages in Nigeria, a rumoured OPEC production freeze and output reductions onshore US, due to bankruptcies and capital expenditure cuts amongst shale producers, have helped oil prices rally.

The new quarterly update of Douglas-Westwood’s World Drilling and Production Market Forecast (DWD&P) has been released.
Continued outages in Nigeria, a rumoured OPEC production freeze as well as output reductions onshore US, due to bankruptcies and capital expenditure cuts amongst shale producers, have helped oil prices rally from record lows. As such, DW anticipates the first decline in onshore oil production since 2009. The oversupply is likely to increase once more in 2017 with a recovery in Nigerian production as well as large output additions from both OPEC and non-OPEC sources.
However, DW has identified several areas with stable activity in the medium-term. In Russia, demands for supply agreements with China and new LNG projects will lead to growth in gas-targeted drilling, offsetting decreases in oil-related activity. Western Europe will see offshore development drilling levels maintained due to a number of developments sanctioned before the oil price crash. Unsurprisingly, the Middle East will see strong drilling growth, both onshore and offshore, as the region’s OPEC members continue with their strategy of defending market share. This will lead to over 21,000 development wells drilled over 2016-2022, up 28% on the preceding seven-year period.
The production gains in Western Europe are just one example of an offshore region increasing production in the medium-term as a result of the positive effects of the last upcycle. Over 2016-2018, combined offshore oil and gas output will increase in all eight of the regions covered in DWD&P as a result of developments sanctioned in the ‘boom years’ of 2011-2014. It must be noted, however, that this poses a significant threat to oil price recovery over the next few years.

ENDS

The World Drilling & Production Market Forecast 2016-2022 is based on detailed models and examines each country in turn, including a summary of hydrocarbon potential and sensitised production outlook. Associated development drilling requirements are 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.
Read more: http://www.douglas-westwood.com/report/drilling-and-production-forecast/world-drilling-production-market-forecast-2016-2022/

About Douglas-Westwood:
Established in 1990, Douglas-Westwood is a leading provider of market research & consulting services to the energy industry worldwide. We have completed 1,100 projects for clients in more than 70 different countries and in some 250 niche energy segments, our work attracting over 20 industry awards. Our clients range from the oil & gas majors and their contractors to financial houses & governments.

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Canterbury - ME13 8AS,
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Phone: (+0044) - 20347799505,
E-Mail: oliver.solly@douglaswestwood.com
http://www.douglas-westwood.com


Contact Details

Company Name: Douglas-Westwood
Issued By: Oliver Solly
Phone: 20347799505
Address: Abbey House, 20 East Street, Canterbury - ME13 8AS, England, United Kingdom
City: Canterbury
State: England
Zip: ME13 8AS
Country: United Kingdom
Website: Visit the website

Keywords : drilling and production, offshore drilling, onshore drilling,

by Oliver Solly (few years ago!)

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