"U.S. tight oil production on growth path as cost falls"
Interview with Espen Erlingsen, Partner and Head of Upstream Research, Rystad Energy
(Published by Pipeline Magazine)
U.S. oil production has been on the rise since 2008. The driver for this has of course been the revolution within the horizontal fracking technology. In 2017, total U.S. tight oil (shale) production was at 5.1 million Barrels of oil equivalent per day (boe/d). This is a remarkable growth considering that back in 2010, US tight oil production was close to zero.
"High Asian LNG prices prove bitter-sweet for Australia’s west-east gas connector"
The proposed west-east gas pipeline, seeking to bring volumes from Australia's gas-rich west to the gas thirsty east, both benefits and is hurt by high Asian LNG prices, which Rystad Energy forecasts to increase post 2020. Our analysis shows Western Australia gas would be competitive on the market in the eastern states if sent via pipeline, but the higher regional LNG price also increases the opportunity cost for current exporters to sell volumes domestically rather than selling to the export market.
"Offshore costs continue to fall "
Authors: Aditya Ravi, Senior Analyst & Lars Mikkel Reiersen, Analyst, Rystad Energy
(Published by Petroleum Review)
Offshore developments have benefited significantly from lower breakeven prices over the last four years which have been achieved through downsizing, simplification, re-design, high-grading effects, unit prices and currency gains.
"100 offshore projects to be sanctioned in 2018"
The current tailwind in the oil market is likely to propel 100 new offshore projects to be sanctioned in 2018, according to Rystad Energy. This compares to only 60 projects in 2017 and below 40 in 2016, as shown in the latest Oilfield Service Report by Rystad Energy. These projects represent a collective $100 billion worth of capital investment, giving an average of about $1 billion per project. In contrast, the average projected capex for offshore projects approved in 2013 was $1.8 billion.
"Iraq’s oil production expected to reach 5.32 million bbl/d in 2022, below the 6.5 million bbl/d target"
Iraq’s oil production is expected to increase by 860,000 bbl/d over the next four years from 4.46 million bbl/d in 2018 to 5.32 million bbl/d in 2022, according to Rystad Energy. With this, Iraq would fall short on its ambitious output target of 6.5 million bbl/d by 2022.
"Global offshore industry looks ready to turn the corner toward growth"
Article by Matthew Fitzsimmons, Vice President Oilfield Service Research and Emil Varre Sandøy, Analyst, Rystad Energy
(Published by Offshore Magazine)
Since 2014, the oil and gas industry has been challenged by falling oil prices. These lower prices have reduced both global investment levels and corresponding industry revenues to their lowest levels since 2009. However, the cyclical nature of the industry would suggest that these tough times will level off, and a new period of growth will commence. Recent market trends are indicating that this turning point will happen during 2018.
"OPEC and shale shaping global oil market dynamics"
Authors: Olga Kerimova & Veronika Akuliniseva
In a scenario with OPEC cuts expiring at the end of 2018, and shale/tight oil contributions continuing to grow, we expect global liquids supply to increase to around 101.1 million bbl/d next year, and further to nearly 110 million bbl/d by 2025. Should the cuts be extended into 2019, global oil supply will be reduced by 800 thousand bbl/d next year.
"Designed for the deep but finding refuge in midwater"
The world’s most sophisticated offshore drilling rigs are designed specifically to operate in ultra deepwater areas, but they are increasingly seen outside their natural habitat, invading on the feeding grounds of midwater rigs. As long as rig owners are willing to bid their deepwater rigs at competitive rates in shallower waters, they will continue to win work at the expense of lesser rivals.
"Landscape for the Australian solar tracker market"
The market for solar trackers in Australia has positively exploded in 2018. At the end of 2016, Australia was host to only 117 MW DC of operating capacity that used trackers. At the time of writing, we estimate that confirmed contracts for trackers plus operating assets with trackers amounts to 2.8 GW DC.
"Private operators are stepping up in the Permian"
In the Permian Basin, arguably the most important driver of oil production growth in North America, a puzzling trend is developing. As the basin experiences acute service-side bottlenecks and takeaway capacity concerns, activity levels continue to rise as does interest from private operators.
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