February 2021 ///
Special Focus
Special Focus: 2021 Forecast & Review – Washington Outlook
On his first day as President, Biden recommitted the U.S. to the Paris Climate Agreement, rescinded the construction permit for the Keystone XL oil pipeline, and ordered federal agencies to begin reinstating over 100 environmental regulations rolled back by Trump—including ones governing methane leaks from O&G wells and greenhouse gas (GHG) emissions from vehicle tailpipes.
Special Focus: 2021 Forecast & Review – Canadian E&P
The oil and gas business had an exceedingly difficult time in 2020. There are signs that activity may be improving, but it’s hard to compare against a year that felt like rock bottom, and to forecast in the shadow of a pandemic.
Special Focus: 2021 Forecast & Review – E&P Spending
Worldwide E&P expenditures should increase 6.8% in 2021, recovering partially from a 25.3% collapse in 2020. The first coordinated global upturn since 2018 will be led by a stronger rebound in select International regions.
Special Focus: 2021 Forecast & Review – U.S. Drilling
A meaningful recovery in U.S. drilling activity during 2021 will be hampered further by President Biden’s Executive Order that indefinitely blocks new leases and drilling permits on federal lands and waters for up to a year.
Special Focus: 2021 Forecast & Review – U.S. Rotary Rig Count
U.S. rig counts crash to historic lows
Special Focus: 2021 Forecast & Review – U.S. Oil and Gas Production
Despite an historically low, 54% decline in drilling activity, U.S. oil production was down just 7.6% on a year-over-year basis, averaging 11.318 MMbopd in 2020. The loss in U.S. output could have been more drastic, but OPEC+ did a masterful job of curtailing production during the year to support benchmark prices.
Special Focus: 2021 Forecast & Review – U.S. Reserves
U.S. proved reserves effectively unchanged
Special Focus: 2021 Forecast & Review – International Drilling & Production
Following a tumultuous 2020, global drilling rates outside the U.S. are a bit of a mixed bag for 2021. Lingering economic effects from shutdowns and travel restrictions are impeding recovery in regions like Africa and Eastern Europe, while Western Europe and South America are finding their stride.
Features
Geostatistical inversion transforms subsurface understanding across the Americas
Four recent case studies document how an advanced seismic inversion workflow, which integrates geoscience data, enables operators to enhance their reservoir characterization interpretation.
ShaleTech Report: Tuning unconventional reservoir performance with geoscience-guided completion strategies
As operating efficiencies near a plateau in North American shale basins, a renewed focus on geoscience offers new strategies to further lower total cost/bbl. Selective application of measurements to provide visibility on reservoir variability encountered in laterals improves decision-making to maximize ROI on completion spend.
ShaleTech: Marcellus-Utica Shales
Stung by previously bullish price scenarios that were wrongly projected to sustain beyond the seasonal winter spikes, Appalachian gas producers are in no hurry to exponentially increase production, essentially brushing off improving fundamentals.
Regional Report: Brazil
Despite a Covid-19 hit that sidelined many field operations, Brazil’s 2020 mid-year figures appeared to put production on track for another yearly gain dominated by the pre-salt.
The evolving renewable energy partnership landscape: Implications for oil and gas majors
The renewable energy boom will continue to accelerate. Oil majors are well-positioned to use JVs and alliances to build renewables businesses, but they’ll need to adapt their partnership approach to win in a low-carbon future.
Columns
First oil
Improved outlook disrupted momentarily by Texas mess
What's new in production
Thinking small to find big solutions
Oil and gas in the capitals
Working from home, not electric vehicles, could kill oil demand growth
Executive viewpoint
Partnership, innovation are essential to maximizing ESG performance
The last barrel
Bad mix
Resources
Connect with World Oil
Join Our Newsletter ///
Sign-up for World Oil Daily News
Latest News ///More
- Permian producer Centennial to buy Colgate for $2.5 billion (5/19)
- CGG’s Sercel acquires infrastructure monitoring provider Geocomp (5/19)
- NOIA: Biden amid must accelerate offshore oil and gas program development (5/19)
- Russia says half of Gazprom clients abroad opened ruble accounts (5/19)
- Shale jobs won't top pre-pandemic levels until 2027 (5/18)