World Drilling & Production Market Forecast 2017-2023 Q3

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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.

Extended OPEC Cuts Insufficient to Prevent 2018 Oversupply

OPEC has overdelivered in on its share of the coordinated production cut agreed late last year. However, rising output from exempted members Libya and Nigeria, a recovering US tight oil sector and low compliance of non-OPEC deal participants threatens to undo this work.

2017-2018 liquid production change by geography2017-2018 liquid production change by geography
Source: Sectors Production Data

  • OECD commercial crude stockpiles still stand more than 200 million barrels over the five-year average (OPEC MOMR). 2017’s supply-demand deficit of 0.6 mmbbl/d is insufficient to erode this significantly.
  • OPEC market intervention and falling drilling costs has boosted investor confidence in US shale plays, leading to a 66% increase in North America onshore wells drilled in 2017.
  • 1 mmbbl/d of OPEC and 0.4 mmbbl/d of non-OPEC supply additions to push the market into a 0.7 mmbbl/d oversupply in 2018.
  • Libya and Nigeria to add 0.6 mmbbl/d in 2018 as production is restored from shut-in fields.
  • Undersupplied market by the early 2020s due to a lack of project sanctioning over the last two years.
  • OPEC could increase market share in the long-term without compromising market equilibrium.

 

Based on detailed models, the report examines each of the 67 covered countries 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.

 

For more information on the latest Drilling & Production Market Forecast please contact Gareth Hector or request a live demonstration of the Sectors platform here.

Our D&P market forecast is updated on a quarterly basis. This means you can either purchase;

  • A one-off copy of the report, the most recent quarterly update produced


Or alternatively;

  • You can purchase a 12 month subscription. This will include the most up-to-date quarter produced, at the time of purchase, and then three further quarterly updates over the next 12 months

 

Please read our full Terms & Conditions for purchase in PDF format. By purchasing any of our reports the buyer agrees to adhere to these Terms & Conditions.

Additional services: tailored to meet your company’s needs, include dedicated real-time analysis, on-site support and presentations. Please contact us to discuss further research@douglaswestwood.com or call +44 203 4799 505 for more details.

The complexity and flexibility of Westwood’s models enables us to cut outputs in a number of different formats. Westswood is able to provide different segmentation or additional granularity if required at an additional cost.

Supporting databooks to accompany the charts and tables presented in our market forecasts are available in Excel format upon request, for most reports.

Please contact Westwood to discuss further ofsresearch@westwoodenergy.com or call +44 203 4799 505 for more details.

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