Drilling falters while production and reserves register further increases ///

As we look back over the last 12 months and gauge the effect that cratering oil prices have had on global upstream activity, two distinct, somewhat opposed trends emerge. On one hand, worldwide drilling has taken a major hit, with activity, including North America (Fig. 1), expected to be down 26.5%. On the other hand, global oil production and reserves both posted gains.

Log in to view this article.

Not yet a subscriber?  Get started now for immediate access to this content and more.

World-Oil-Free-Trial-2015.jpg

World-Oil-Premium-Subscribe-2015.jpg

Already a subscriber but don’t have an online account? Contact our customer service.