Forecast ///
What industry leaders expect for 2015
The year 2014 has been a period of not only great profitability for the global upstream industry but also a time of considerable volatility.
North American outlook: Prosperity in the U.S. market continues
Despite a variety of interfering factors, U.S. activity remains at a high level, aided by the industry’s technical and efficiency gains. Canada continues to slowly rebound on the strength of oil activity, while Mexico remains at a lower level.
E&P spending to top $700 billion globally in 2014
Sustained high oil prices, the sanctioning of major projects and the delivery of a large number of offshore rigs, in both 2014 and 2015, are driving the projected increases in international E&P spending.
Washington portends a mixed bag for oil and gas
While a potential Republican takeover of the Senate could benefit upstream oil and gas, a large threat looms in the form of Obama’s massive executive bureaucracy, which vows to bypass Congress.
U.S. drilling rides high, but challenges remain
The global E&P industry is riding the crest of a wave, and nowhere is that more true than in the U.S. For the last three years—and for this fourth year as well—drilling activity has remained in a narrow band of not more than 4,000 wells’ difference.
Rig count drops as drilling, completions become more efficient
The average U.S. rotary rig count dropped in 2013 by more than 8%, compared to the previous year.
U.S. oil production surge continues, supported by strong prices
Crude and condensate. Prices that hovered from the low $90s through $110/bbl throughout the year kept the drill bits turning and the oil flowing in 2013.
Well count for active U.S. oil wells nears 600,000
The number of producing oil wells in the U.S. rose 3.4% last year.
U.S. sees slight increase in active gas wells
The number of producing gas wells in the U.S. rose slightly over the course of the last 12 months.
EIA: Drilling techniques, sustained oil prices contribute to record U.S. reserves gains
According to the latest data from the U.S. Energy Information Agency, in 2011, U.S. E&P companies saw a 15% increase in proved reserves during 2011, adding nearly 3.8 billion bbl of crude oil and lease condensate.
Despite slowdown concerns, fundamentals remain strong
Though operators expect a good year, most are taking a more careful look at E&P budgets, seeking both improved efficiencies and lower costs.
Canada begins a comeback
The outlook remains murky for Canadian producers, but some positive news on pipelines, and a weakening Canadian dollar, bode well for the year ahead.
Joint Plan of Action alters Iranian oil and gas market
An agreed-upon Joint Plan of Action aims to maintain Iran’s crude oil exports at a flat rate, for an initial, six-month period, and avoids placing additional restrictions on non-domestic purchases.
Robust drilling leads global activity forward
After reaching a plateau last year, worldwide E&P activity is set to resume additional growth, led by a very strong drilling market.
Oil companies spend on investors, not output, prolonging crude crunch
Oil booms typically spark a chase for higher production -- but not this time. All five supermajors have kept their capital expenditure budgets firmly in check and pledged that this discipline will hold in future years.
World Oil 2022 Forecast - Downloadable Summary
World Oil has analyzed data to create 2022 drilling forecasts for the U.S., offshore and international.
World Oil 2022 Drilling Forecast Articles
World Oil has analyzed data to create 2022 drilling forecasts for the U.S., offshore and international.
2022 Forecast: U.S. proved reserves drop sharply
Operators revised their proved reserves downward in 2020 and postponed development drilling.
2022 Forecast: Activity outside North America will lead global recovery
Every region will post an increase, led by the Middle East, the Americas, Africa and the FSU. Offshore activity will grow at about the same pace as onshore drilling.
2022 Forecast: U.S. activity to jump as oil prices surge, companies adjust to energy transition
Despite higher oil prices, U.S. shale operators have (until recently) resisted ramping-up drilling activity and remained disciplined with capital expenditures.
2022 Forecast: Global capex growth to accelerate
Worldwide E&P spending is set to increase 16% in 2022, extending the 5.5% growth experienced in 2021. The first coordinated global upturn since 2018 will be led by North America, but ambitious capacity growth targets in the Middle East, Latin America and Africa will drive international capex gains.
