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World Upstream Oil & Gas Outlook

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

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.

Table Of Contents

World Upstream Oil and Gas Outlook
INTRODUCTION xi
I. EXECUTIVE SUMMARY 1
II. MARKET ENVIRONMENT 4
General 4
World Economic Overview 5
Recent Historical Trends 6
World Economic Outlook 7
World Demographic Outlook 10
World Oil and Gas Outlook 12
World Crude Oil Outlook 15
Reserves and Exploration 16
Demand 22
Production 24
Crude Oil Pricing Patterns 27
World Natural Gas Outlook 29
Reserves and Exploration 30
Demand 34
Production 35
Natural Gas Pricing Patterns 38
III. OVERVIEW 40
General 40
Producing Wells Overview 41
Wells Drilled Overview 46
Active Rigs Overview 49
Technology Overview 52
Exploration 52
Drilling 54
Completion 56
Unconventional Resource Development 59
Tight Oil and Gas 61
Shale Formations 62
Coalbed Methane 63
Oil Sands and Extra Heavy Crude 64
Environmental and Regulatory Issues 65
IV. NORTH AMERICA 69
General 69
Crude Oil Outlook 70
Natural Gas Outlook 72
Wells and Rigs 74
Unconventional Resource Development 76
United States 78
Canada 95
Mexico 111
V. EUROPE 128
General 128
Crude Oil Outlook 131
Natural Gas Outlook 133
Wells and Rigs 135
Unconventional Resource Development 137
Russia 138
North Sea Countries 155
Other Europe 167
VI. ASIA/PACIFIC 176
General 176
Crude Oil Outlook 177
Natural Gas Outlook 179
Wells and Rigs 181
Unconventional Resource Development 182
Australia 183
China 194
India 208
Indonesia 218
Thailand 228
Other Asia/Pacific 235
VII. CENTRAL and SOUTH AMERICA 244
General 244
Crude Oil Outlook 245
Natural Gas Outlook 247
Wells and Rigs 249
Unconventional Resource Development 251
Argentina 252
Brazil 266
Colombia 278
Venezuela 287
Other Central and South America 299
VIII. AFRICA/MIDEAST 307
General 307
Crude Oil Outlook 308
Natural Gas Outlook 310
Wells and Rigs 312
Unconventional Resource Development 314
Kuwait 315
Oman 323
Saudi Arabia 331
Other Africa/Mideast 338
IX. INDUSTRY STRUCTURE 347
General 347
International Oil Companies 348
National Oil Companies 349
Other EandP Companies 350
EandP Contractors and Suppliers 351
Oilfield Service Companies 351
Contract Drilling Companies 352
Other Product and Service Providers 353
Competitive Strategies 353
Acquisitions and Divestitures 355
Cooperative Agreements 365
Capital Spending 378
Research and Development 379
Company Profiles 381
AlMansoori Specialized Engineering 382
Anadarko Petroleum Corporation 383
Apache Corporation 385
Baker Hughes Incorporated 389
BP plc 392
CAT oil AG 399
Chesapeake Energy Corporation 400
Chevron Corporation 403
China National Offshore Oil Corporation 409
China National Petroleum Corporation 415
China Oilfield Services, see China National Offshore Oil
China Petroleum and Chemical Corporation 420
CNOOC, see China National Offshore Oil
Diamond Offshore Drilling, see Loews
Ensco plc 423
Ensign Energy Services Incorporated 425
EOG Resources Incorporated 428
Eurasia Drilling Company Limited 430
Exxon Mobil Corporation 432
Gazprom OAO 440
Halliburton Company 444
Helmerich and Payne Incorporated 448
HighMount Exploration and Production, see Loews
Kuwait Petroleum Corporation 450
Loews Corporation 454
LUKOIL OAO 456
Nabors Industries Limited 460
Nexen, see China National Offshore Oil
Noble Corporation plc 464
Oman Oil Company SAOC 465
OneSubsea, see Schlumberger
Patterson-UTI Energy Incorporated 467
Performix, see Baker Hughes
PetroChina, see China National Petroleum
Petróleo Brasileiro SA 469
Petróleos Mexicanos SA 474
Precision Drilling Corporation 475
Rosneft Oil Company OJSC 477
Royal Dutch Shell plc 483
Samara-Nafta ZAO, see LUKOIL OAO
Saudi Arabian Oil Company 490
Schlumberger Limited 492
SES Holdings, see Schlumberger
Seventy Seven Energy, see Chesapeake Energy
Sinopec, see China Petroleum and Chemical
TerraVici Drilling Solutions, see Helmerich and Payne
TNK-BP, see Rosneft Oil
Transocean Limited 496
Trinidad Drilling Limited 498
Weatherford International plc 500
Whiting Petroleum Corporation 503
XTO Energy, see Exxon Mobil
Other Companies Mentioned in the Study 505

LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY
Summary Table 3
SECTION II -- MARKET ENVIRONMENT
1 World Gross Domestic Product by Region 10
2 World Population by Region 12
3 World Oil and Gas Production by Region 14
4 World Crude Oil Proved Reserves by Country, 2013 20
5 World Petroleum Demand by Region 24
6 World Crude Oil Field Production by Region 26
7 World Natural Gas Proved Reserves by Country, 2013 32
8 World Natural Gas Demand by Region 35
9 World Natural Gas Production by Region 37
SECTION III -- OVERVIEW
1 World Producing Wells by Region and Resource 45
2 World Wells Drilled by Region and Trajectory 48
3 World Active Drilling Rigs by Region and Location 51
SECTION IV -- NORTH AMERICA
1 North America: Crude Oil Supply and Demand 72
2 North America: Natural Gas Supply and Demand 74
3 North America: Wells and Rigs 76
4 United States: Crude Oil Supply and Demand 81
5 United States: Natural Gas Supply and Demand 84
6 United States: Wells and Rigs 87
7 United States: Selected Unconventional Resource Plays 89
8 Canada: Crude Oil Supply and Demand 99
9 Canada: Natural Gas Supply and Demand 102
10 Canada: Wells and Rigs 105
11 Canada: Selected Unconventional Resource Plays 107
12 Mexico: Crude Oil Supply and Demand 117
13 Mexico: Natural Gas Supply and Demand 120
14 Mexico: Wells and Rigs 123
15 Mexico: Selected Unconventional Resource Plays 127
SECTION V -- EUROPE
1 Europe: Crude Oil Supply and Demand 133
2 Europe: Natural Gas Supply and Demand 135
3 Europe: Wells and Rigs 137
4 Russia: Crude Oil Supply and Demand 143
5 Russia: Natural Gas Supply and Demand 146
6 Russia: Wells and Rigs 149
7 Russia: Selected Unconventional Resource Plays 154
8 North Sea Countries: Crude Oil Supply and Demand 159
9 North Sea Countries: Natural Gas Supply and Demand 161
10 North Sea Countries: Wells and Rigs 163
11 North Sea Countries: Selected Unconventional Resource Plays 166
12 Other Europe: Crude Oil Supply and Demand 170
13 Other Europe: Natural Gas Supply and Demand 172
14 Other Europe: Wells and Rigs 173
15 Other Europe: Selected Unconventional Resource Plays 175
SECTION VI -- ASIA/PACIFIC
1 Asia/Pacific: Crude Oil Supply and Demand 179
2 Asia/Pacific: Natural Gas Supply and Demand 180
3 Asia/Pacific: Wells and Rigs 182
4 Australia: Crude Oil Supply and Demand 186
5 Australia: Natural Gas Supply and Demand 188
6 Australia: Wells and Rigs 191
7 Australia: Selected Unconventional Resource Plays 193
8 China: Crude Oil Supply and Demand 198
9 China: Natural Gas Supply and Demand 201
10 China: Wells and Rigs 203
11 China: Selected Unconventional Resource Plays 205
12 India: Crude Oil Supply and Demand 211
13 India: Natural Gas Supply and Demand 213
14 India: Wells and Rigs 215
15 India: Selected Unconventional Resource Plays 217
16 Indonesia: Crude Oil Supply and Demand 221
17 Indonesia: Natural Gas Supply and Demand 223
18 Indonesia: Wells and Rigs 225
19 Indonesia: Selected Unconventional Resource Plays 227
20 Thailand: Crude Oil Supply and Demand 230
21 Thailand: Natural Gas Supply and Demand 232
22 Thailand: Wells and Rigs 234
23 Other Asia/Pacific: Crude Oil Supply and Demand 238
24 Other Asia/Pacific: Natural Gas Supply and Demand 240
25 Other Asia/Pacific: Wells and Rigs 242
SECTION VII -- CENTRAL and SOUTH AMERICA
1 Central and South America: Crude Oil Supply and Demand 247
2 Central and South America: Natural Gas Supply and Demand 249
3 Central and South America: Wells and Rigs 251
4 Argentina: Crude Oil Supply and Demand 255
5 Argentina: Natural Gas Supply and Demand 257
6 Argentina: Wells and Rigs 259
7 Argentina: Selected Unconventional Resource Plays 265
8 Brazil: Crude Oil Supply and Demand 269
9 Brazil: Natural Gas Supply and Demand 271
10 Brazil: Wells and Rigs 273
11 Brazil: Selected Unconventional Resource Plays 277
12 Colombia: Crude Oil Supply and Demand 281
13 Colombia: Natural Gas Supply and Demand 282
14 Colombia: Wells and Rigs 284
15 Colombia: Selected Unconventional Resource Plays 286
16 Venezuela: Crude Oil Supply and Demand 290
17 Venezuela: Natural Gas Supply and Demand 292
18 Venezuela: Wells and Rigs 295
19 Venezuela: Selected Unconventional Resource Plays 298
20 Other Central and South America: Crude Oil Supply
and Demand 301
21 Other Central and South America: Natural Gas Supply
and Demand 303
22 Other Central and South America: Wells and Rigs 305
SECTION VIII -- AFRICA/MIDEAST
1 Africa/Mideast: Crude Oil Supply and Demand 310
2 Africa/Mideast: Natural Gas Supply and Demand 312
3 Africa/Mideast: Wells and Rigs 314
4 Kuwait: Crude Oil Supply and Demand 318
5 Kuwait: Natural Gas Supply and Demand 320
6 Kuwait: Wells and Rigs 322
7 Oman: Crude Oil Supply and Demand 326
8 Oman: Natural Gas Supply and Demand 328
9 Oman: Wells and Rigs 330
10 Saudi Arabia: Crude Oil Supply and Demand 334
11 Saudi Arabia: Natural Gas Supply and Demand 335
12 Saudi Arabia: Wells and Rigs 337
13 Other Africa/Mideast: Crude Oil Supply and Demand 342
14 Other Africa/Mideast: Natural Gas Supply and Demand 343
15 Other Africa/Mideast: Wells and Rigs 345
SECTION IX -- INDUSTRY STRUCTURE
1 Selected Acquisitions and Divestitures 358
2 Selected Cooperative Agreements 367
3 Capital Expenditures: Selected Oil and Gas Companies, 2013 379
4 Apache Net Wells Drilled 388
5 Apache Gross Producing Wells by Type and Location 388
6 BP Net Wells Drilled 397
7 BP Gross Producing Wells by Type and Location 398
8 CNOOC Limited Net Wells Drilled 413
9 CNOOC Limited Gross Producing Wells by Type and Location 414
10 Exxon Mobil Net Wells Drilled 438
11 Exxon Mobil Gross Producing Wells by Type and Location 439
12 Petróleo Brasileiro Net Wells Drilled 472
13 Petróleo Brasileiro Gross Producing Wells by Type
and Location 473
14 Royal Dutch Shell Net Wells Drilled 488
15 Royal Dutch Shell Gross Producing Wells by Type
and Location 489

LIST OF CHARTS

SECTION II -- MARKET ENVIRONMENT
1 World Oil and Gas Production, 2013 15
2 World Crude Oil Proved Reserves by Country, 2013 21
3 World Technically Recoverable Shale Oil Reserves
by Country, 2013 21
4 World Crude Oil Field Production, 2013 27
5 Average Annual Crude Oil Spot Prices, 2003-2013 29
6 World Natural Gas Proved Reserves by Country, 2013 33
7 World Technically Recoverable Shale Gas Reserves
by Country, 2013 33
8 World Natural Gas Production by Region, 2013 37
9 Natural Gas Prices, 2003-2013 39
SECTION III -- OVERVIEW
1 World Producing Wells by Region, 2013 45
2 World Wells Drilled by Region, 2013 48
3 World Active Drilling Rigs by Region, 2013 51

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