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Article Title: Global Upstream Oil & Gas Activity to Remain High
Publication: Upstream Pumping, 3/23/2015
Freedonia Study: World Upstream Oil & Gas Outlook (3197)

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World upstream oil and gas activity is expected to remain at a high level in the coming years, with annual well drilling increasing from 103,000 wells in 2013 to more than 115,000 wells in 2018. Although a sharp decline in oil prices in late 2014 and early 2015 may restrain the upstream industry in the near term, global economic growth will support energy demand. Some of the best upstream opportunities will be for natural gas. Recently, the world oil and gas industry underwent dramatic changes. The success of tight oil activity in the U.S. altered the global balance of petroleum supply and demand, contributing to declining oil prices.
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