World Upstream Oil & Gas Outlook

 Published On: Dec, 2014 |    No of Pages: 510 |  Published By: Freedonia | Format: PDF
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Dramatic changes in oil & gas industry? Sound data analysis essential
The worldwide oil and gas industry has undergone dramatic changes over the past decade and these changes are expected to continue into the future. The success of unconventional resource development in the US has changed the global energy supply and demand balance, not only in oil and gas but also in downstream derivatives. Much of the progress the US has made in exploiting shale gas and tight oil reserves is the result of improved technology, most specifically horizontal drilling and hydraulic fracturing. The question is whether other countries can apply these improved techniques to duplicate the success of the US and rejuvenate their own oil and gas sector. In the past, analysis of the oil and gas industry relied primarily on rig counts and energy prices. While prices for crude oil and natural gas remain the key driver of industry activity, assessing opportunities has become more complex. Now in addition to active drilling rigs, a number of other factors need to be considered to get a clear picture of a country’s oil and gas industry outlook. These include the number and type of wells drilled, the available drilling and completion technology in the country, the number and age of producing wells, the health of the domestic service industry, the state of the country’s infrastructure, and the existence and potential for development of unconventional formations. This study takes the available information, much of which is spotty and contradictory, and analyzes it to form a comprehensive and consistent set of data that highlights individual country trends.

Number of wells drilled will continue to climb despite slowing US market
Much of the growth in global well drilling activity in recent years has been driven by strong increases in the dominant US market, primarily due to the development of shale gas and tight oil plays. As the focus in the US shifts from exploration and development to reservoir optimization, growth in drilling activity is expected to shift to other regions of the world. Overall the number of wells drilled worldwide is expected to grow nearly two percent per year through 2018 to almost 110,000 wells. North America will still account for over 50 percent of activity but faster growth is expected in most other areas of the world other than Europe. The increasing use of new, more efficient rigs and multi-well pad drilling will be a key factor in raising well counts.

Mature fields offer opportunities for new technologies
There are about two million producing wells in the world, many of which are in mature fields with declining production. Countries around the world are focusing their efforts on using new stimulation and tertiary recovery techniques to rejuvenate these wells in order to maintain production levels. In addition, a number of nations are instituting programs to reactivate old wells using new technology in hopes of increasing output. Countries with the highest number of producing wells include the US, Canada, Russia, and China.

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) plus forecasts (2018 and 2023) for the major oil and gas indicators (production, producing wells, wells drilled, active rigs) for 5 world regions by major country. In addition, the importance of unconventional resources from country to country is discussed. The study also considers key market environment factors, assesses industry structure and profiles 35 global competitors.

INTRODUCTION xi

I. EXECUTIVE SUMMARY 1

II. MARKET ENVIRONMENT 4
General 4
World Economic Overview 5
Recent Historical Trends 6
World Economic Outlook 7
World Demographic Outlook 10
World Oil & Gas Outlook 12
World Crude Oil Outlook 15
Reserves & Exploration 16
Demand 22
Production 24
Crude Oil Pricing Patterns 27
World Natural Gas Outlook 29
Reserves & Exploration 30
Demand 34
Production 35
Natural Gas Pricing Patterns 38

III. OVERVIEW 40
General 40
Producing Wells Overview 41
Wells Drilled Overview 46
Active Rigs Overview 49
Technology Overview 52
Exploration 52
Drilling 54
Completion 56
Unconventional Resource Development 59
Tight Oil & Gas 61
Shale Formations 62
Coalbed Methane 63
Oil Sands & Extra Heavy Crude 64
Environmental & Regulatory Issues 65

IV. NORTH AMERICA 69
General 69
Crude Oil Outlook 70
Natural Gas Outlook 72
Wells & Rigs 74
Unconventional Resource Development 76
United States 78
Canada 95
Mexico 111

V. EUROPE 128
General 128
Crude Oil Outlook 131
Natural Gas Outlook 133
Wells & Rigs 135
Unconventional Resource Development 137
Russia 138
North Sea Countries 155
Other Europe 167

VI. ASIA/PACIFIC 176
General 176
Crude Oil Outlook 177
Natural Gas Outlook 179
Wells & Rigs 181
Unconventional Resource Development 182
Australia 183
China 194
India 208
Indonesia 218
Thailand 228
Other Asia/Pacific 235

VII. CENTRAL & SOUTH AMERICA 244
General 244
Crude Oil Outlook 245
Natural Gas Outlook 247
Wells & Rigs 249
Unconventional Resource Development 251
Argentina 252
Brazil 266
Colombia 278
Venezuela 287
Other Central & South America 299

VIII. AFRICA/MIDEAST 307
General 307
Crude Oil Outlook 308
Natural Gas Outlook 310
Wells & Rigs 312
Unconventional Resource Development 314
Kuwait 315
Oman 323
Saudi Arabia 331
Other Africa/Mideast 338

IX. INDUSTRY STRUCTURE 347
General 347
International Oil Companies 348
National Oil Companies 349
Other E&P Companies 350
E&P Contractors & Suppliers 351
Oilfield Service Companies 351
Contract Drilling Companies 352
Other Product & Service Providers 353
Competitive Strategies 353
Acquisitions & Divestitures 355
Cooperative Agreements 365
Capital Spending 378
Research & Development 379
Company Profiles 381
AlMansoori Specialized Engineering 382
Anadarko Petroleum Corporation 383
Apache Corporation 385
Baker Hughes Incorporated 389
BP plc 392
CAT oil AG 399
Chesapeake Energy Corporation 400
Chevron Corporation 403
China National Offshore Oil Corporation 409
China National Petroleum Corporation 415
China Oilfield Services, see China National Offshore Oil
China Petroleum & Chemical Corporation 420
CNOOC, see China National Offshore Oil
Diamond Offshore Drilling, see Loews
Ensco plc 423
Ensign Energy Services Incorporated 425
EOG Resources Incorporated 428
Eurasia Drilling Company Limited 430
Exxon Mobil Corporation 432
Gazprom OAO 440
Halliburton Company 444
Helmerich & Payne Incorporated 448
HighMount Exploration & Production, see Loews
Kuwait Petroleum Corporation 450
Loews Corporation 454
LUKOIL OAO 456
Nabors Industries Limited 460
Nexen, see China National Offshore Oil
Noble Corporation plc 464
Oman Oil Company SAOC 465
OneSubsea, see Schlumberger
Patterson-UTI Energy Incorporated 467
Performix, see Baker Hughes
PetroChina, see China National Petroleum
Petróleo Brasileiro SA 469
Petróleos Mexicanos SA 474
Precision Drilling Corporation 475
Rosneft Oil Company OJSC 477
Royal Dutch Shell plc 483
Samara-Nafta ZAO, see LUKOIL OAO
Saudi Arabian Oil Company 490
Schlumberger Limited 492
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 496
Trinidad Drilling Limited 498
Weatherford International plc 500
Whiting Petroleum Corporation 503
XTO Energy, see Exxon Mobil
Other Companies Mentioned in the Study 505

LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY
Summary Table 3

SECTION II -- MARKET ENVIRONMENT
1 World Gross Domestic Product by Region 10
2 World Population by Region 12
3 World Oil & Gas Production by Region 14
4 World Crude Oil Proved Reserves by Country, 2013 20
5 World Petroleum Demand by Region 24
6 World Crude Oil Field Production by Region 26
7 World Natural Gas Proved Reserves by Country, 2013 32
8 World Natural Gas Demand by Region 35
9 World Natural Gas Production by Region 37

SECTION III -- OVERVIEW
1 World Producing Wells by Region & Resource 45
2 World Wells Drilled by Region & Trajectory 48
3 World Active Drilling Rigs by Region & Location 51

SECTION IV -- NORTH AMERICA
1 North America: Crude Oil Supply & Demand 72
2 North America: Natural Gas Supply & Demand 74
3 North America: Wells & Rigs 76
4 United States: Crude Oil Supply & Demand 81
5 United States: Natural Gas Supply & Demand 84
6 United States: Wells & Rigs 87
7 United States: Selected Unconventional Resource Plays 89
8 Canada: Crude Oil Supply & Demand 99
9 Canada: Natural Gas Supply & Demand 102
10 Canada: Wells & Rigs 105
11 Canada: Selected Unconventional Resource Plays 107
12 Mexico: Crude Oil Supply & Demand 117
13 Mexico: Natural Gas Supply & Demand 120
14 Mexico: Wells & Rigs 123
15 Mexico: Selected Unconventional Resource Plays 127

SECTION V -- EUROPE
1 Europe: Crude Oil Supply & Demand 133
2 Europe: Natural Gas Supply & Demand 135
3 Europe: Wells & Rigs 137
4 Russia: Crude Oil Supply & Demand 143
5 Russia: Natural Gas Supply & Demand 146
6 Russia: Wells & Rigs 149
7 Russia: Selected Unconventional Resource Plays 154
8 North Sea Countries: Crude Oil Supply & Demand 159
9 North Sea Countries: Natural Gas Supply & Demand 161
10 North Sea Countries: Wells & Rigs 163
11 North Sea Countries: Selected Unconventional Resource Plays 166
12 Other Europe: Crude Oil Supply & Demand 170
13 Other Europe: Natural Gas Supply & Demand 172
14 Other Europe: Wells & Rigs 173
15 Other Europe: Selected Unconventional Resource Plays 175

SECTION VI -- ASIA/PACIFIC
1 Asia/Pacific: Crude Oil Supply & Demand 179
2 Asia/Pacific: Natural Gas Supply & Demand 180
3 Asia/Pacific: Wells & Rigs 182
4 Australia: Crude Oil Supply & Demand 186
5 Australia: Natural Gas Supply & Demand 188
6 Australia: Wells & Rigs 191
7 Australia: Selected Unconventional Resource Plays 193
8 China: Crude Oil Supply & Demand 198
9 China: Natural Gas Supply & Demand 201
10 China: Wells & Rigs 203
11 China: Selected Unconventional Resource Plays 205
12 India: Crude Oil Supply & Demand 211
13 India: Natural Gas Supply & Demand 213
14 India: Wells & Rigs 215
15 India: Selected Unconventional Resource Plays 217
16 Indonesia: Crude Oil Supply & Demand 221
17 Indonesia: Natural Gas Supply & Demand 223
18 Indonesia: Wells & Rigs 225
19 Indonesia: Selected Unconventional Resource Plays 227
20 Thailand: Crude Oil Supply & Demand 230
21 Thailand: Natural Gas Supply & Demand 232
22 Thailand: Wells & Rigs 234
23 Other Asia/Pacific: Crude Oil Supply & Demand 238
24 Other Asia/Pacific: Natural Gas Supply & Demand 240
25 Other Asia/Pacific: Wells & Rigs 242

SECTION VII -- CENTRAL & SOUTH AMERICA
1 Central & South America: Crude Oil Supply & Demand 247
2 Central & South America: Natural Gas Supply & Demand 249
3 Central & South America: Wells & Rigs 251
4 Argentina: Crude Oil Supply & Demand 255
5 Argentina: Natural Gas Supply & Demand 257
6 Argentina: Wells & Rigs 259
7 Argentina: Selected Unconventional Resource Plays 265
8 Brazil: Crude Oil Supply & Demand 269
9 Brazil: Natural Gas Supply & Demand 271
10 Brazil: Wells & Rigs 273
11 Brazil: Selected Unconventional Resource Plays 277
12 Colombia: Crude Oil Supply & Demand 281
13 Colombia: Natural Gas Supply & Demand 282
14 Colombia: Wells & Rigs 284
15 Colombia: Selected Unconventional Resource Plays 286
16 Venezuela: Crude Oil Supply & Demand 290
17 Venezuela: Natural Gas Supply & Demand 292
18 Venezuela: Wells & Rigs 295
19 Venezuela: Selected Unconventional Resource Plays 298
20 Other Central & South America: Crude Oil Supply & Demand 301
21 Other Central & South America: Natural Gas Supply & Demand 303
22 Other Central & South America: Wells & Rigs 305

SECTION VIII -- AFRICA/MIDEAST
1 Africa/Mideast: Crude Oil Supply & Demand 310
2 Africa/Mideast: Natural Gas Supply & Demand 312
3 Africa/Mideast: Wells & Rigs 314
4 Kuwait: Crude Oil Supply & Demand 318
5 Kuwait: Natural Gas Supply & Demand 320
6 Kuwait: Wells & Rigs 322
7 Oman: Crude Oil Supply & Demand 326
8 Oman: Natural Gas Supply & Demand 328
9 Oman: Wells & Rigs 330
10 Saudi Arabia: Crude Oil Supply & Demand 334
11 Saudi Arabia: Natural Gas Supply & Demand 335
12 Saudi Arabia: Wells & Rigs 337
13 Other Africa/Mideast: Crude Oil Supply & Demand 342
14 Other Africa/Mideast: Natural Gas Supply & Demand 343
15 Other Africa/Mideast: Wells & Rigs 345

SECTION IX -- INDUSTRY STRUCTURE
1 Selected Acquisitions & Divestitures 358
2 Selected Cooperative Agreements 367
3 Capital Expenditures: Selected Oil & Gas Companies, 2013 379
4 Apache Net Wells Drilled 388
5 Apache Gross Producing Wells by Type & Location 388
6 BP Net Wells Drilled 397
7 BP Gross Producing Wells by Type & Location 398
8 CNOOC Limited Net Wells Drilled 413
9 CNOOC Limited Gross Producing Wells by Type & Location 414
10 Exxon Mobil Net Wells Drilled 438
11 Exxon Mobil Gross Producing Wells by Type & Location 439
12 Petróleo Brasileiro Net Wells Drilled 472
13 Petróleo Brasileiro Gross Producing Wells by Type & Location 473
14 Royal Dutch Shell Net Wells Drilled 488
15 Royal Dutch Shell Gross Producing Wells by Type & Location 489

LIST OF CHARTS

SECTION II -- MARKET ENVIRONMENT
1 World Oil & Gas Production, 2013 15
2 World Crude Oil Proved Reserves by Country, 2013 21
3 World Technically Recoverable Shale Oil Reserves by Country, 2013 21
4 World Crude Oil Field Production, 2013 27
5 Average Annual Crude Oil Spot Prices, 2003-2013 29
6 World Natural Gas Proved Reserves by Country, 2013 33
7 World Technically Recoverable Shale Gas Reserves by Country, 2013 33
8 World Natural Gas Production by Region, 2013 37
9 Natural Gas Prices, 2003-2013 39

SECTION III -- OVERVIEW
1 World Producing Wells by Region, 2013 45
2 World Wells Drilled by Region, 2013 48
3 World Active Drilling Rigs by Region, 2013 51


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