World Drilling & Production Market Forecast 2018-2024 Q1


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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 World Drilling and Production Market Forecast is our key report on the two most-important leading indicators for the industry.

In context with OPEC’s decision to extend production cuts until the end of 2018, the report features a detailed outlook on the supply-demand balance influenced by this, covering the period of 2018-2024.

Based on detailed project data and proprietary models, each of the 70 covered countries are examined in turn and include a summary of hydrocarbon potential and sensitised production outlook for the onshore sector, in addition to shallow vs. deep water analysis for the offshore sector.

2015-2022 supply-demand balance: extended vs no extension OPEC cut
Source – Sectors

  • OPEC exceeded on its output reduction targets in 2017, eroding excess crude oil stockpiles. With the extension of the cuts to the end of the year, Westwood estimates this will push the market into a deeper 0.9 mmbbl/d deficit.
  • The glut is expected to clear before the end of the year, providing the agreement participants stick to their quotas in 2018 to offset gains from Brazil, Canada, the US and the UK.
  • Gas production globally is expected to rise rapidly over the forecast period, with much of the gain coming from deepwater sources in India, the Mediterranean and Mozambique.
  • Africa’s deepwater output will experience strong growth (24%) over the forecast period as large projects sanctioned during high oil prices are implemented, with a focus on gas.
  • Brazilian hydrocarbon production is predicted to grow 21% by 2024, largely due to the continued development of the country’s huge pre-salt fields.
  • US onshore drilling activity is expected to rise at a CAGR of 11% over 2018-2024, with onshore production growing 3% year-on-year over the same period.


The World Drilling and Production Market Forecast also features a summary of hydrocarbon potential and sensitised production outlook with associated development drilling requirements, as well as detailed country-by-country exploration and appraisal (E&A) drilling forecasts for both the onshore and offshore sectors. Also new this quarter – the addition of Cambodia and Papua New Guinea to the report coverage.

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 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 or call +44 203 4799 505 for more details.

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