DW. Meeting future global oil & gas demand will require massive numbers of new development wells to be drilled; in 2014 some 83,000, of which 80,000 will be onshore and 3,000 offshore. However, a forecast 17% increase in oil & gas demand by 2020 means that annual well completions will need to climb 35%; in all an additional 670,000 wells must be drilled by the end of the decade.
Offshore, the developing shallow water gas and highly productive deepwater sectors will offset the effects of an aging shallow water oil sector into the forecast, with total offshore oil & gas production set to rise 22% by 2020. DW expect to see a surge of deepwater well completions in the medium term – reaching 476 by 2018, up from 185 in 2013.
New annual onshore well numbers are set to grow 35% by 2020, as more completions are needed to offset ongoing production decline. Worldwide, more drilling for less oil & gas is a recurring theme; the Middle East will need to achieve more than 30% growth in drilling as the NOCs of KSA, Kuwait, Qatar and UAE start large redevelopments in the near-term – nevertheless, production will rise just 10% due to the maturing of existing fields. It is of note that the well numbers of the national oil companies will surge as the international oil majors endeavour to reign-in their spending.
Greenfield projects (onshore and offshore) in Russia could see production maintained at current levels into the 2020s, though recent diplomatic tensions could affect this considerably. China will invest significantly into output at home and abroad, notably Central Asia, as it looks to satisfy rapidly rising domestic demand.
On a global basis, much of the drilling is due to the continued resurgence of the dominant North American market (which accounted for 62% of worldwide development wells drilled in 2013).
|July, 12, 10:55:00|
|July, 12, 10:45:00|
|July, 12, 10:40:00|
|July, 12, 10:35:00|
|July, 12, 10:30:00|
|July, 12, 10:25:00|
BLOOMBERG - Treasury Secretary Steven Mnuchin told a Texas judge that Exxon Mobil Corp. doesn’t have a right to see privileged documents related to a $2 million fine assessed against the energy company for violating sanctions related to Russia’s 2014 invasion of Ukraine.
NPD - Preliminary production figures for June 2018 show an average daily production of 1 747 000 barrels of oil, NGL and condensate, which is an increase of 88 000 barrels per day compared to May.
NOVATEK - In the first half 2018, NOVATEK’s hydrocarbons production totaled 264.3 million barrels of oil equivalent (boe), including 32.93 billion cubic meters (bcm) of natural gas and 5,864 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons production by 6.3 million boe, or by 2.4%, as compared to the first half 2017.
REUTERS - Brent crude futures LCOc1 were down 75 cents, or 1 percent, at $78.11 a barrel by 0308 GMT, having fallen as low as $77.60. U.S. crude CLc1 was down 55 cents, or 0.7 percent, at $73.56.