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March 12, 2014
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The graph shows the year by year net additions for liquids split on different sources of production. From this, it is observable that shale/tight oil production from North America has increased year by year since 2011. In 2013 the net additions from shale/tight oil reached 1.5 million boe, where 0.4 million boe/d of the additions was NGL. For the same year the global liquid supply increased by ~0.7 Million boe/d
Over the three last years the total liquid production from offshore has decreased. The key driver for this has been declining production from mature fields in the North Sea, Gulf of Mexico and West Africa. Other onshore saw a reduction of ~0.6 million boe/d in 2013. Iran and Libya was two of the countries that contributed most to this.
For 2014 shale/tight oil is expected to continue to add 1.5 million boe/d of liquid supply. At the same time offshore is expected to have a positive contribution, primarily due to new projects in Brazil and a slower decline in the North Sea.
March 03, 2014