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World Upstream Oil & Gas Outlook

  • December 2014
  • -
  • Freedonia
  • -
  • 510 pages

Summary

Table of Contents

Dramatic changes in oil & gas industry? Sound data analysis essential

The worldwide oil and gas industry has undergone dramatic changes over the past decade and these changes are expected to continue into the future. The success of unconventional resource development in the US has changed the global energy supply and demand balance, not only in oil and gas but also in downstream derivatives. Much of the progress the US has made in exploiting shale gas and tight oil reserves is the result of improved technology, most specifically horizontal drilling and hydraulic fracturing. The question is whether other countries can apply these improved techniques to duplicate the success of the US and rejuvenate their own oil and gas sector.
In the past, analysis of the oil and gas industry relied primarily on rig counts and energy prices. While prices for crude oil and natural gas remain the key driver of industry activity, assessing opportunities has become more complex. Now in addition to active drilling rigs, a number of other factors need to be considered to get a clear picture of a country’s oil and gas industry outlook. These include the number and type of wells drilled, the available drilling and completion technology in the country, the number and age of producing wells, the health of the domestic service industry, the state of the country’s infrastructure, and the existence and potential for development of unconventional formations. This study takes the available information, much of which is spotty and contradictory, and analyzes it to form a comprehensive and consistent
set of data that highlights individual country trends.

Number of wells drilled will continue to climb despite slowing US market

Much of the growth in global well drilling activity in recent years has been driven by strong increases in the dominant US market, primarily due to the development of shale gas and tight oil plays. As the focus in the US shifts from exploration and development to reservoir optimization, growth in drilling activity is expected to shift to other regions of the world. Overall the number of wells drilled worldwide is expected to grow nearly two percent per year through 2018 to almost 110,000 wells. North America will still account for over 50 percent of activity but faster growth is expected in most other areas of the world other than Europe. The increasing use of new, more efficient rigs and multi-well pad drilling will be a key factor in raising well counts. Mature fields offer opportunities for new technologies There are about two million producing wells in the world, many of which are in mature fields with declining production. Countries around the world are focusing their efforts on using new stimulation and tertiary recovery techniques to rejuvenate these wells in order to maintain production levels. In addition, a number of nations are instituting programs to reactivate old wells using new technology in hopes of increasing output. Countries with the highest number of producing wells include the US, Canada, Russia, and China.

Study coverage

Details on these and other key findings are contained in the upcoming study, World Upstream Oil & Gas Outlook. It presents historical demand data (2003, 2008 and 2013) plus forecasts (2018 and 2023) for the major oil and gas indicators (production, producing wells, wells drilled, active rigs) for 5 world regions by major country. In addition, the importance of unconventional resources from country to country is discussed. The study also considers key market environment factors, assesses industry structure and profiles 35 global competitors.

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