World Upstream Oil & Gas Outlook

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Study Number:: Industry Study 3197
Published Date: from Dec-2014
Publication Length: 510 Pages

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As Quoted In Upstream Pumping

Although a sharp decline in oil prices in late 2014 will likely have a restraining effect on the upstream industry in the short term, opportunities will remain worldwide, especially for natural gas.

World activity to remain at high level through 2018

World upstream oil and gas activity is expected to remain at a high level in coming years, with the annual number of wells drilled increasing to over 115,000 in 2018. Although a sharp decline in oil prices in late 2014 will likely have a restraining effect on the upstream industry in the short term, global economic growth and continuously improving technology will support energy demand and investment in oil and gas projects. Some of the best upstream opportunities will be for natural gas, which presents a comparatively immature but gradually globalizing market.

Advances in technology driving growth in drilling

The average number of active drilling rigs worldwide is forecast to rise modestly through 2018, trailing growth in the number of wells drilled annually as improving technology results in increasing rig efficiency. Technologies such as multi-well pad drilling, highly mobile rigs, and measurement-while-drilling will all improve rig efficiency, although the growth of horizontal drilling and longer well laterals will offset this somewhat.

Much of the progress in exploiting shale gas and tight oil reserves in the US has resulted from advances in technology, including horizontal drilling and hydraulic fracturing. As such, there is significant potential for the US’s success in unconventional oil and gas to spread to other countries as well. However, while tight gas, coalbed methane, and oil sands resources have become important to the world’s energy supply, the prospects for large scale shale drilling remain modest outside of North America. Even so, promising resource plays exist throughout the world, and countries such as Argentina, Australia, and China are expected to hold the best unconventional opportunities in the next several years.

North America to remain dominant drilling region

In regional terms, drilling activity will remain concentrated in North America, where both the US and Canada possess among the world’s most active upstream industries. More rapid growth will be evident in a small number of other countries, primarily concentrated in Asia and the Middle East, where favorable resource opportunities and the availability of investment capital will stimulate upstream activity. Drilling activity in Europe will moderate, as Russia’s upstream industry is hampered by economic sanctions targeting the country’s oil and gas industry, and the mature and declining nature of the North Sea limits both the availability and profitability of new field development opportunities there. Similarly, a combination of above- and below-ground factors will hold back overall growth in Central and South America, despite some opportunities in Argentina and Colombia.

Study coverage

Details on these and other key findings are contained in the Freedonia industry study, World Upstream Oil & Gas Outlook. It presents historical demand data (2003, 2008 and 2013) and forecasts (2018 and 2023) by indicator (e.g., crude oil outlook, natural gas outlook, wells and rigs, unconventional resource development), world region, and for 16 countries. The study also considers market environment factors, details industry structure, and profiles industry participants including BP, Chevron, and Exxon Mobil.

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Table of Contents

INTRODUCTION

EXECUTIVE SUMMARY

MARKET ENVIRONMENT

General

World Economic Overview

Recent Historical Trends

World Economic Outlook

World Demographic Outlook

World Oil & Gas Outlook

World Crude Oil Outlook

Reserves & Exploration

Demand

Production

Crude Oil Pricing Patterns

World Natural Gas Outlook

Reserves & Exploration

Demand

Production

Natural Gas Pricing Patterns

OVERVIEW

General

Producing Wells Overview

Wells Drilled Overview

Active Rigs Overview

Technology Overview

Exploration

Drilling

Completion

Unconventional Resource Development

Tight Oil & Gas

Shale Formations

Coalbed Methane

Oil Sands & Extra Heavy Crude

Environmental & Regulatory Issues

NORTH AMERICA

General

Crude Oil Outlook

Natural Gas Outlook

Wells & Rigs

Unconventional Resource Development

United States

Canada

Mexico

EUROPE

General

Crude Oil Outlook

Natural Gas Outlook

Wells & Rigs

Unconventional Resource Development

Russia

North Sea Countries

Other Europe

ASIA/PACIFIC

General

Crude Oil Outlook

Natural Gas Outlook

Wells & Rigs

Unconventional Resource Development

Australia

China

India

Indonesia

Thailand

Other Asia/Pacific

CENTRAL & SOUTH AMERICA

General

Crude Oil Outlook

Natural Gas Outlook

Wells & Rigs

Unconventional Resource Development

Argentina

Brazil

Colombia

Venezuela

Other Central & South America

AFRICA/MIDEAST

General

Crude Oil Outlook

Natural Gas Outlook

Wells & Rigs

Unconventional Resource Development

Kuwait

Oman

Saudi Arabia

Other Africa/Mideast

INDUSTRY STRUCTURE

General

International Oil Companies

National Oil Companies

Other E&P Companies

E&P Contractors & Suppliers

Oilfield Service Companies

Contract Drilling Companies

Other Product & Service Providers

Competitive Strategies

Acquisitions & Divestitures

Cooperative Agreements

Capital Spending

Research & Development

Company Profiles

AlMansoori Specialized Engineering

Anadarko Petroleum Corporation

Apache Corporation

Baker Hughes Incorporated

BP plc

CAT oil AG

Chesapeake Energy Corporation

Chevron Corporation

China National Offshore Oil Corporation

China National Petroleum Corporation

China Oilfield Services, see China National Offshore Oil

China Petroleum & Chemical Corporation

CNOOC, see China National Offshore Oil

Diamond Offshore Drilling, see Loews

Ensco plc

Ensign Energy Services Incorporated

EOG Resources Incorporated

Eurasia Drilling Company Limited

Exxon Mobil Corporation

Gazprom OAO

Halliburton Company

Helmerich & Payne Incorporated

HighMount Exploration & Production, see Loews

Kuwait Petroleum Corporation

Loews Corporation

LUKOIL OAO

Nabors Industries Limited

Nexen, see China National Offshore Oil

Noble Corporation plc

Oman Oil Company SAOC

OneSubsea, see Schlumberger

Patterson-UTI Energy Incorporated

Performix, see Baker Hughes

PetroChina, see China National Petroleum

Petróleo Brasileiro SA

Petróleos Mexicanos SA

Precision Drilling Corporation

Rosneft Oil Company OJSC

Royal Dutch Shell plc

Samara-Nafta ZAO, see LUKOIL OAO

Saudi Arabian Oil Company

Schlumberger Limited

SES Holdings, see Schlumberger

Seventy Seven Energy, see Chesapeake Energy

Sinopec, see China Petroleum & Chemical

TerraVici Drilling Solutions, see Helmerich & Payne

TNK-BP, see Rosneft Oil

Transocean Limited

Trinidad Drilling Limited

Weatherford International plc

Whiting Petroleum Corporation

XTO Energy, see Exxon Mobil

Other Companies Mentioned in the Study

List of Tables

EXECUTIVE SUMMARY

Summary Table

MARKET ENVIRONMENT

World Gross Domestic Product by Region

World Population by Region

World Oil & Gas Production by Region

World Crude Oil Proved Reserve by Country, 2013

World Petroleum Demand by Region

World Crude Oil Field Production by Region

World Natural Gas Proved Reserves by Country, 2013

World Natural Gas Demand by Region

World Natural Gas Production by Region

OVERVIEW

World Producing Wells by Region & Resource

World Wells Drilled by Region & Trajectory

World Active Drilling Rigs by Region & Location

NORTH AMERICA

North America: Crude Oil Supply & Demand

North America: Natural Gas Supply & Demand

North America: Wells & Rigs

United States: Crude Oil Supply & Demand

United States: Natural Gas Supply & Demand

United States: Wells & Rigs

United States: Selected Unconventional Resource Plays

Canada: Crude Oil Supply & Demand

Canada: Natural Gas Supply & Demand

Canada: Wells & Rigs

Canada: Selected Unconventional Resource Plays

Mexico: Crude Oil Supply & Demand

Mexico: Natural Gas Supply & Demand

Mexico: Wells & Rigs

Mexico: Selected Unconventional Resource Plays

EUROPE

Europe: Crude Oil Supply & Demand

Europe: Natural Gas Supply & Demand

Europe: Wells & Rigs

Russia: Crude Oil Supply & Demand

Russia: Natural Gas Supply & Demand

Russia: Wells & Rigs

Russia: Selected Unconventional Resource Plays

North Sea Countries: Crude Oil Supply & Demand

North Sea Countries: Natural Gas Supply & Demand

North Sea Countries: Wells & Rigs

North Sea Countries: Selected Unconventional Resource Plays

Other Europe: Crude Oil Supply & Demand

Other Europe: Natural Gas Supply & Demand

Other Europe: Wells & Rigs

Other Europe: Selected Unconventional Resource Plays

ASIA/PACIFIC

Asia/Pacific: Crude Oil Supply & Demand

Asia/Pacific: Natural Gas Supply & Demand

Asia/Pacific: Wells & Rigs

Australia: Crude Oil Supply & Demand

Australia: Natural Gas Supply & Demand

Australia: Wells & Rigs

Australia: Selected Unconventional Resource Plays

China: Crude Oil Supply & Demand

China: Natural Gas Supply & Demand

China: Wells & Rigs

China: Selected Unconventional Resource Plays

India: Crude Oil Supply & Demand

India: Natural Gas Supply & Demand

India: Wells & Rigs

India: Selected Unconventional Resource Plays

Indonesia: Crude Oil Supply & Demand

Indonesia: Natural Gas Supply & Demand

Indonesia: Wells & Rigs

Indonesia: Selected Unconventional Resource Plays

Thailand: Crude Oil Supply & Demand

Thailand: Natural Gas Supply & Demand

Thailand: Wells & Rigs

Other Asia/Pacific: Crude Oil Supply & Demand

Other Asia/Pacific: Natural Gas Supply & Demand

Other Asia/Pacific: Wells & Rigs

CENTRAL & SOUTH AMERICA

Central & South America: Crude Oil Supply & Demand

Central & South America: Natural Gas Supply & Demand

Central & South America: Wells & Rigs

Argentina: Crude Oil Supply & Demand

Argentina: Natural Gas Supply & Demand

Argentina: Wells & Rigs

Argentina: Selected Unconventional Resource Plays

Brazil: Crude Oil Supply & Demand

Brazil: Natural Gas Supply & Demand

Brazil: Wells & Rigs

Brazil: Selected Unconventional Resource Plays

Colombia: Crude Oil Supply & Demand

Colombia: Natural Gas Supply & Demand

Colombia: Wells & Rigs

Colombia: Selected Unconventional Resource Plays

Venezuela: Crude Oil Supply & Demand

Venezuela: Natural Gas Supply & Demand

Venezuela: Wells & Rigs

Venezuela: Selected Unconventional Resource Plays

Other Central & South America: Crude Oil Suppl & Demand

Other Central & South America: Natural Gas Suppl & Demand

Other Central & South America: Wells & Rigs

AFRICA/MIDEAST

Africa/Mideast: Crude Oil Supply & Demand

Africa/Mideast: Natural Gas Supply & Demand

Africa/Mideast: Wells & Rigs

Kuwait: Crude Oil Supply & Demand

Kuwait: Natural Gas Supply & Demand

Kuwait: Wells & Rigs

Oman: Crude Oil Supply & Demand

Oman: Natural Gas Supply & Demand

Oman: Wells & Rigs

Saudi Arabia: Crude Oil Supply & Demand

Saudi Arabia: Natural Gas Supply & Demand

Saudi Arabia: Wells & Rigs

Other Africa/Mideast: Crude Oil Supply & Demand

Other Africa/Mideast: Natural Gas Supply & Demand

Other Africa/Mideast: Wells & Rigs

INDUSTRY STRUCTURE

Selected Acquisitions & Divestitures

Selected Cooperative Agreements

Capital Expenditures: Selected Oil & Gas Companies, 2013

Apache Net Wells Drilled

Apache Gross Producing Wells by Type & Location

BP Net Wells Drilled

BP Gross Producing Wells by Type & Location

CNOOC Limited Net Wells Drilled

CNOOC Limited Gross Producing Wells by Type & Location

Exxon Mobil Net Wells Drilled

Exxon Mobil Gross Producing Wells by Type & Location

Petróleo Brasileiro Net Wells Drilled

Petróleo Brasileiro Gross Producing Wells by Typ & Location

Royal Dutch Shell Net Wells Drilled

Royal Dutch Shell Gross Producing Wells by Typ & Location

List of Charts

MARKET ENVIRONMENT

World Oil & Gas Production, 2013

World Crude Oil Proved Reserves by Country, 2013

World Technically Recoverable Shale Oil Reserve by Country, 2013

World Crude Oil Field Production, 2013

Average Annual Crude Oil Spot Prices, 2003-2013

World Natural Gas Proved Reserves by Country, 2013

World Technically Recoverable Shale Gas Reserve by Country, 2013

World Natural Gas Production by Region, 2013

Natural Gas Prices, 2003-2013

OVERVIEW

World Producing Wells by Region, 2013

World Wells Drilled by Region, 2013

World Active Drilling Rigs by Region, 2013

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World Upstream Oil & Gas Outlook

Although a sharp decline in oil prices in late 2014 will likely have a restraining effect on the upstream industry in the short term, opportunities will remain worldwide, especially for natural gas.

World activity to remain at high level through 2018

Advances in technology driving growth in drilling

North America to remain dominant drilling region

Study coverage

Purchase World Upstream Oil & Gas Outlook by the Section

World Upstream Oil & Gas Outlook

1 INTRODUCTION

2 EXECUTIVE SUMMARY

Table | WORLD OIL & GAS OUTLOOK

3 MARKET ENVIRONMENT

3.1 General

3.2 World Economic Overview

3.2.1 Recent Historical Trends

3.2.2 World Economic Outlook

Table | WORLD GROSS DOMESTIC PRODUCT BY REGION

3.3 World Demographic Outlook

Table | WORLD POPULATION BY REGION

3.4 World Oil & Gas Outlook

Table | WORLD OIL & GAS PRODUCTION BY REGION

CHART II-1 WORLD OIL & GAS PRODUCTION, 2013

3.4.1 World Crude Oil Outlook

Table | WORLD CRUDE OIL PROVED RESERVES BY COUNTRY, 2013

CHART II-2 WORLD CRUDE OIL PROVED RESERVES BY COUNTRY, 2013

CHART II-3 WORLD TECHNICALLY RECOVERABLE SHALE OIL RESERVES BY COUNTRY, 2013

Table | WORLD PETROLEUM DEMAND BY REGION

Table | WORLD CRUDE OIL FIELD PRODUCTION BY REGION

CHART II-4 WORLD CRUDE OIL FIELD PRODUCTION, 2013

CHART II-5 AVERAGE ANNUAL CRUDE OIL SPOT PRICES, 2003-2013

3.4.2 World Natural Gas Outlook

Table | WORLD NATURAL GAS PROVED RESERVES BY COUNTRY, 2013

CHART II-6 WORLD NATURAL GAS PROVED RESERVES BY COUNTRY, 2013

CHART II-7 WORLD TECHNICALLY RECOVERABLE SHALE GAS RESERVES

Table | WORLD NATURAL GAS DEMAND BY REGION

Table | WORLD NATURAL GAS PRODUCTION BY REGION

CHART II-8 WORLD NATURAL GAS PRODUCTION BY REGION, 2013

CHART II-9 NATURAL GAS PRICES, 2003-2013

4 OVERVIEW

4.1 General

4.2 Producing Wells Overview

Table | WORLD PRODUCING WELLS BY REGION & RESOURCE

CHART III-1 WORLD PRODUCING WELLS BY REGION, 2013

4.3 Wells Drilled Overview

Table | WORLD WELLS DRILLED BY REGION & TRAJECTORY

CHART III-2 WORLD WELLS DRILLED BY REGION, 2013

4.4 Active Rigs Overview

Table | WORLD ACTIVE DRILLING RIGS BY REGION & LOCATION

CHART III-3 WORLD ACTIVE DRILLING RIGS BY REGION, 2013

4.5 Technology Overview

4.5.1 Exploration

4.5.2 Drilling

4.5.3 Completion

4.6 Unconventional Resource Development

4.6.1 Tight Oil & Gas

4.6.2 Shale Formations

4.6.3 Coalbed Methane

4.6.4 Oil Sands & Extra Heavy Crude

4.7 Environmental & Regulatory Issues

5 NORTH AMERICA

5.1 North America: General

5.2 North America: Crude Oil Outlook

Table | NORTH AMERICA: CRUDE OIL SUPPLY & DEMAND

5.3 North America: Natural Gas Outlook

Table | NORTH AMERICA: NATURAL GAS SUPPLY & DEMAND

5.4 North America: Wells & Rigs

Table | NORTH AMERICA: WELLS & RIGS

5.5 North America: Unconventional Resource Development

5.6 United States

5.6.1 United States: General

5.6.2 United States: Crude Oil Outlook

Table | UNITED STATES: CRUDE OIL SUPPLY & DEMAND

5.6.3 United States: Natural Gas Outlook

Table | UNITED STATES: NATURAL GAS SUPPLY & DEMAND

5.6.4 United States: Wells & Rigs

Table | UNITED STATES: WELLS & RIGS

5.6.5 United States: Unconventional Resource Development

Table | UNITED STATES: SELECTED UNCONVENTIONAL RESOURCE PLAYS

5.7 Canada

5.7.1 Canada: General