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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
2018, August, 15, 10:40:00

RUSSIAN NUCLEAR IN EURASIA

WNN - Rusatom International Network - a subsidiary of Russian state nuclear corporation Rosatom - has signed a memorandum of understanding and cooperation with the Eurasian Development Bank (EDB). The memorandum provides for establishing common principles of bilateral cooperation with Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries.

OWER 670,000 OIL & GAS WELLS
2018, August, 15, 10:35:00

NORWAY'S KEY PRIORITY

BLOOMBERG - The Norwegian government in June made its first deposit into its wealth fund since the end of 2015. Now that the economy is in full recovery and the labor market is tightening, winding down fiscal stimulus is a key priority in next year’s budget, the prime minister said in an interview in Arendal, on Norway’s southern coast.

OWER 670,000 OIL & GAS WELLS
2018, August, 15, 10:30:00

ALASKA LNG: $43 BLN

PLATTS - A deal between Chinese companies and Alaska's state gas corporation to build the $43 billion Alaska LNG Project appears to be on scheduled despite the trade war brewing between the US and China.

OWER 670,000 OIL & GAS WELLS
2018, August, 13, 14:05:00

OIL PRICE: NEAR $73

REUTERS - Benchmark Brent crude oil LCOc1 was up 10 cents at $72.91 a barrel by 0930 GMT. U.S. light crude CLc1 was unchanged at $67.63 a barrel.

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