World Drilling & Production Market Forecast 2017-2023 Q4

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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.

OPEC Must Extend Production Cuts to Balance Market

The medium-term future of the oil & gas industry rests with OPEC’s impending decision to potentially extend production restrictions beyond the end of March 2018. Westwood predicts a nine-month extension would lead to a supply-demand equilibrium in 2018, avoiding a return to a significant supply glut. With no such extension currently agreed, Westwood’s base case is an oversupplied market comparable with that of 2015.

2015-2019 supply-demand balance2015-2019 supply-demand balance: base case vs extended OPEC cut
Source – Sectors

  • OPEC has cut deeper than its initial agreement during the first nine months of 2017, despite low compliance from Iraq and non-OPEC participants.
  • The glut of stored oil is still present and stockpiles will remain above their five-year average by the end of 2017.
  • With OPEC production cuts ending in March, global oil production is predicted to rise 3.1 mmbbl/d in 2018, much of this coming from recovering US shale plays and OPEC members.
  • Without additional OPEC intervention, Westwood’s base case is a significant oversupply of 1.3 mmbbl/d, potentially sustained over the rest of the decade by further gains from the US and additions in the Middle East.
  • US onshore drilling activity to rise 39% in 2017 and grow at an 11% CAGR to 2023 (base case).
  • Offshore drilling for 2017-2023 down 13% on 2010-2017 due to the decline of project sanctioning over the last two years.

 

 

Based on detailed models, the report examines each of the 68 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 World 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 ofsresearch@westwoodenergy.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. Westwood 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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