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2014-03-03 16:38:00

OWER 670,000 OIL & GAS WELLS

OWER 670,000 OIL & GAS WELLS

Over 670,000 new oil wells will need to be drilled in order to meet global energy demands according to a report published by energy business research group Douglas-Westwood.

The report states that global demand will increase by 17% by 2020 and the new wells are needed to meet this rise in consumption. 

DW’s ‘World Development Drilling & Production Forecast’ published today, states that in 2013 oil & gas development wells drilled totalled over 79,000, but in 2020 well numbers will need to exceed 106,000.

“As the easiest-to-access oil and gas reserves deplete, each year we have to drill more and more wells for less and less production per well. Over the period, numbers of development wells drilled need to grow 35% to enable oil & gas production to meet an expected demand growth of 17%,” said DW chairman, John Westwood. “This effect is most marked onshore where by 2020 we expect production to grow by 15%, whereas offshore production should grow at 21% due to developments in deepwater.”

Tags: OIL, GAS, WELL

Chronicle:

OWER 670,000 OIL & GAS WELLS
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

OWER 670,000 OIL & GAS WELLS
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

OWER 670,000 OIL & GAS WELLS
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

OWER 670,000 OIL & GAS WELLS
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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