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2016-06-16 18:25:00

U.S. THE STEEPEST CUTS

U.S. THE STEEPEST CUTS

 

OIL PRICES 2015 - 2016

 

USA OIL PRODUCTION JAN 2014 - 2017

 

According to BOEREPORT, the oil and gas industry will cut $1 trillion from planned spending on exploration and development because of the slump in prices, leading to slower growth in production.

Worldwide investment in the development of oil and gas resources from 2015 to 2020 will be 22 percent, or $740 billion, lower than anticipated before prices plunged in 2014, with the deepest cuts in the U.S., Wood Mackenzie said in a report Wednesday. A further $300 billion will be eliminated from exploration spending. Global production this year will be 3 percent lower than previously forecast.

"The impact of falling oil prices on global upstream development spend has been enormous," Malcolm Dickson, principal analyst at Wood Mackenzie, said in the report. "Companies have responded to the fall by deferring or canceling projects" in virtually every oil-producing country, he said.

A global supply glut caused by the increase in shale oil production in the U.S., coupled with the Organization of Petroleum Exporting Countries' decision to keep pumping to preserve market share, triggered a collapse in oil prices in 2014. While Brent crude, the international benchmark, has rebounded more than 75 percent from a 12-year low in January, the current price of about $49 a barrel is still less than half the level two years ago.

Drilling Decline

The U.S. has experienced the steepest cuts in spending. Forecast capital investment there is down by half for this year and next, a drop of around $125 billion, mainly due to a decline in drilling, Dickson said in the report.

The Middle East is the region least affected, with no drop in investment expected in Saudi Arabia — the world's largest crude exporter — for this year and next. That's because several countries in the region are spending to maintain their market share, the report said.

The investment cuts are taking a toll on production. Compared with expectations before the slide in oil prices, output this year will be 5 million barrels of oil equivalent a day lower, with the deficit widening to 6 million next year, Wood Mackenzie estimates.

Part of the reduction in spending stems from a drop in the cost of doing business. Costs in the U.S. unconventional oil and gas industry were a quarter lower on average compared with their peak in 2014, Wood Mackenzie said. In Russia, the 40 percent reduction in investment in dollar terms anticipated over the next two years is due in large part to the depreciation of the ruble, it said.

"For now, the select few projects that are progressed will do so because costs have been cut substantially," Dickson said. "Kick-starting the next investment cycle will require more cost deflation" and confidence in higher prices.

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Earlier: 

U.S. OIL PRODUCTION DOWN 118 TBD  

VENEZUELAN OIL DOWN 

NORWEGIAN OIL & GAS DOWN BY $50 BLN 

IMF SELLS MONEY AGAIN 

BRITAIN LOSE 120,000 JOBS 

IMF: LOW PRICE LIFE 

BP: TIME OF CHANGES 

THREE SHELL'S PRIORITIES 

U.S. BANKRUPTCY & BUBBLES  

U.S. WANT YOUR MONEY AGAIN - 2 

 

Tags: USA, OIL, GAS, PRICE, PRODUCTION

Chronicle:

U.S. THE STEEPEST CUTS
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.

U.S. THE STEEPEST CUTS
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.

U.S. THE STEEPEST CUTS
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.

U.S. THE STEEPEST CUTS
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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