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2018-03-11 11:35:00

GLOBAL TIGHT OIL INVESTMENT

GLOBAL TIGHT OIL INVESTMENT

EIAUpstream investment in crude oil and liquids production is highly sensitive to crude oil prices, particularly production of higher-cost resources from tight rock formations, oil sands, and offshore deepwater.  Increasing crude oil prices lead to more investment, driving production growth in these higher-cost resources. By 2040, EIA projects that the combined production from tight oil, oil sands, and offshore deepwater will reach 21 million barrels per day (b/d) and will account for almost a quarter of the world's total crude oil production.

From 2010 to 2014, global investment in tight oil, oil sands, and offshore deepwater development increased from 20% to 30% of total upstream investment. Over that same period, combined production from these resources increased by 4 million b/d, reaching 12.2 million b/d and accounting for 16% of total global crude oil production. Following the decline in crude oil prices in 2014–2015, global upstream investment in these resources decreased from $280 billion in 2014 to $126 billion dollars in 2016.

Brent global benchmark crude oil price will increase throughout the projection period but will remain lower than prices during 2010–2014 in real dollar terms. For this reason, future investment growth in higher-cost resources is expected to be lower than in recent history.  Global production of tight oil will increase by 3.3 million b/d, offshore deepwater by 2.7 million b/d, and oil sands by 1.4 million b/d between 2017 and 2040. Total production increases from these sources makes up nearly half of the long-term global liquids supply growth through 2040.

EIA expects a large share of global upstream capital investment to be concentrated in tight oil resources in the United States. Tight oil projects in the United States tend to have shorter payback periods because of lower service costs, high operator efficiency, exploitable resources that can be accessed through new technological advances, and a stable regulatory framework.

IEO2017 projects that investment in tight oil plays outside of the United States will be lower than investment in plays in the United States through 2025. Development of tight oil can be hindered by a lack of infrastructure and of experience in developing tight oil resources and by competing oil resources that can be produced at a lower cost than tight oil. After 2030, as oil prices continue to increase, more investment in these resources is expected to result in increased production.

Total global investment in the development of new offshore deepwater and oil sands projects  to be limited through 2027. These resources are generally more expensive to develop, take longer to reach full production, and require additional infrastructure, which limits investment in projects other than those already in development. However, higher or lower oil prices would likely affect the allocation and distribution of upstream investments across various resource types and their geographic locations.

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Earlier:

 Investments
2018, March, 7, 14:25:00

OIL NEED $20 TLN

SAUDI ARAMCO - our industry needs more than 20 trillion dollars over the next quarter century to meet rising demand for oil and gas (including in ageing infrastructure).

 

 Investments
2018, February, 16, 23:20:00

ADNOC INVESTMENT $109 BLN

AOG - ADNOC announced that it has launched the implementation phase of its new in-country value (ICV) strategy, aimed at increasing the company’s ICV contribution and strengthening its relationship with the UAE’s private sector.

 

 Investments
2018, February, 7, 08:15:00

GAZPROM'S ANNUAL INVESTMENT: $17.5 BLN

REUTERS - Gazprom expects its average annual investment until 2035 to be capped at 1 trillion rubles ($17.5 billion).

 

 Investments
2018, February, 5, 07:42:00

MEXICO'S OIL INVESTMENT $100 BLN

FT - Mexico secured almost $100bn in investment in its most successful oil tender to date as Anglo-Dutch oil major Royal Dutch Shell positioned itself as the biggest player in deepwater exploration and new companies including Qatar Petroleum burst on to the scene.

 

 Investments
2018, January, 15, 10:00:00

FOSSIL FUELS DIVESTMENT $5 BLN

RBF - New York City Mayor Bill de Blasio and Comptroller Scott Stringer announced plans to divest the city’s five pension funds of approximately $5 billion in fossil fuel investments in an effort to safeguard the retirement plans of the city’s employees from the threat of underperforming assets. The total size of the retirement funds, $189 billion, makes New York City the largest American municipality to divest to date.

 

 Investments
2017, December, 27, 12:15:00

INDONESIA'S INVESTMENT UP BY 21%

PLATTS - Indonesia's state-owned Pertamina plans to spend $3.324 billion on its upstream business in 2018, a 21.16% jump year on year.

 

 Investments
2017, December, 13, 12:15:00

WBG: NO OIL&GAS FINANCE

WBG - The World Bank Group will no longer finance upstream oil and gas, after 2019.

 

 

Tags: OIL, INVESTMENT

Chronicle:

GLOBAL TIGHT OIL INVESTMENT
2018, September, 24, 15:05:00

SAUDI ARAMCO WANTS +50%

ARAB NEWS - Saudi's Aramco Trading Company (ATC) expects to increase its oil trading volume to 6 million barrels per day (bpd) in 2020, 50 percent higher than current levels, the company's top official said on Monday.

GLOBAL TIGHT OIL INVESTMENT
2018, September, 24, 15:00:00

U.S. RIGS DOWN 2 TO 1,053

BAKER HUGHES A GE - U.S. Rig Count is down 2 rigs from last week to 1,053, with oil rigs down 1 to 866, gas rigs unchanged at 186, and miscellaneous rigs down 1 to 1. Canada Rig Count is down 29 rigs from last week to 197, with oil rigs down 13 to 135 and gas rigs down 16 to 62.

GLOBAL TIGHT OIL INVESTMENT
2018, September, 21, 11:00:00

OIL PRICE: NEAR $79 STILL

REUTERS - International benchmark Brent crude for November delivery LCOc1 was up 26 cents, or 0.33 percent, at $78.96 a barrel by 0647 GMT. U.S. West Texas Intermediate crude for October delivery CLc1 was up 7 cents, or 0.10 percent, at $70.39 a barrel.

GLOBAL TIGHT OIL INVESTMENT
2018, September, 21, 10:55:00

RUSSIA'S OIL PRODUCTION: 11.3 MBD

BLOOMBERG - Russia's oil output is currently fluctuating between 1.54 million and 1.55 million tons a day -- driven mainly by state-run giant Rosneft PJSC -- the official said, asking not to be named as the information isn’t public yet. That equates to 11.29 million to 11.36 million barrels a day, beating the previous record of 11.25 million barrels a day set in October 2016 before Russia agreed with the Organization of Petroleum Exporting Countries to cut production.

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