November 2018 UPDATE

UPCOMING EVENTS

Information Session London
December 6, 2018
London, United Kingdom
For more information,
please click here

World Energy Capital Assembly
December 3-4, 2018
London, United Kingdom
For more information,
please click here

17th Offshore Asia Pacific 2018
December 4-5, 2018
Jakarta, Indonesia
For more information,
please click here

2018 Fall Winter IPAA Supply & Demand Meeting
December 6, 2018
Houston, United States
For more information,
please click here

Intersolar India
December 11-13, 2018
Bangalore, India
For more information,
please click here

PROSPEX 2018
December 12-13, 2018
London, United Kingdom
For more information,
please click here


UPCOMING
WEBINARS

Rystad Energy Shale Webinar
Content webinar
December 11, 2018

Learn more & Register

Rystad Energy Upstream Webinar
Content webinar
December 12, 2018 

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Rystad Energy OFS Webinar
Content webinar
December 13, 2018 

Learn more & Register

 

 

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INDUSTRY VIEW

"Recoverable resources and breakeven oil prices for the top unsactioned projects in Mexico"
The field holding the largest resources in Mexico of 509 million boe is the second phase of Ayatsil-Tekel operated by Pemex and forecasted to come online in 2026. The field is estimated to have a breakeven oil price of $29 per barrel, thus being commercial to develop in the prevalent oil price environment.
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"Has the fundamental outlook changed or is this a buying opportunity?"
WTI and Brent crude prices have dropped by more than $20 per barrel since the recent highs on October 3, 2018, and Tuesday’s collapse in WTI of more than $4 per barrel was the largest one-day drop since July 6, 2015. A string of bearish news has, in our view, prompted the market to moderate its previous perception about constrained US production growth and the immediate loss of Iranian production.
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"Middle East driving global growth in conventional oil output"
Middle Eastern oil production is expected to grow by 2.7 million bpd by 2025, according to latest Rystad Energy analysis. The boost in conventional oil output from the Middle East is primarily driven by supply additions from Iraq with 1.5 million bpd growth, and an additional 1.2 million bpd mainly coming from the Neutral Zone, the UAE and Iran in the medium term.
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"FPSO market finally set to rebound"
The global floating production market has stirred back to life after enduring a couple years in virtual hibernation during the downturn. Last year brought some relief to the market – with six new FPSO orders worldwide – and momentum has picked up further this year, buoyed by higher oil prices, technological advancements and lower costs.
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"Will the vast potential of Argentina's Vaca Muerta shale play ever be unlocked?"
The Vaca Muerta Shale Basin in Argentina is the only unconventional play outside of North America where activity has already made the transition from exploration to full-scale development. The potential prize is huge – geographically, the Vaca Muerta Shale is three times the size of the highly prolific Permian Basin in the US, and it could turn out to be the “next Permian” if the right conditions are established. But much remains to be done before that happens.
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"Less appetite for exploration drilling" 

Of the 100 000 wells drilled globally in 2013, 4% were exploration or appraisal wells. In 2018, this share is expected to drop to only 2% of the 70 000 wells drilled. This trend can be observed across both the offshore and the onshore markets and across the globe.
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"Tanker collision shuts in 365,000 bpd of Norwegian oil output" 

The Sture oil terminal in western Norway was shut down and evacuated early this morning (November 8) after a Maltese oil tanker and a Norwegian military frigate collided in this key North Sea oil port at 4am local time. Rystad Energy anticipates that approximately 365,000 bpd of oil production will be shut in for several days before the terminal is again ready to receive oil piped from offshore fields in the Norwegian sector of the North Sea.
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"DJ, Colorado, oil production outlook and Proposition 112 impact" 

Rystad Energy's base case oil production outlook for DJ Basin in Colorado through 2021 suggests that volumes, which are expected to come from already producing well (brown), DUCs (yellow) and already permitted drilling locations (green) are largely secured and will be affected only marginally if Proposition 112 passes.
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"Proposition 112 puts Colorado's oil and gas future in the hands of voters" 

The Denver-Julesburg (DJ) basin in Colorado has turned into a huge success story for the oil industry in recent years, but the upstream sector in the state could be dealt a critical setback when voters go to the polls on November 6. Oil companies in the DJ basin have realized dramatic improvements to well economics, with average wellhead breakeven oil prices falling from $80 per barrel in 2010-2011 to just $30-$32 per barrel in 2017-2018.
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"Mexico E&P: aiming high, but growth unlikely to materialize"

Mexico’s production has been following a declining trend, which is not expected to be reversed before at least 2025. Despite high hopes for new developments and the recent years’ exploration success, Mexico will likely continue to face falling production volumes, given the current resources and development plans. This article assesses the outlook for Mexico, illustrated by three key drivers: production, breakeven prices for new projects, and total spending.
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"Shale operators maintain growth ambitions, but exceptions exist"

During the quarter ending September 30, 2018, US shale operators demonstrated strong improvements in production, growing about ~8% on average. According to our analysis of 34 onshore producers in the US, a number of industry players boasted exceptional execution driven by improved well performance and development activity. Despite widening WTI differentials that largely affected the oil price realizations of most Permian active companies, the majority of these players remain well positioned to meet their production targets for the year.
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"Outlook for the global drilling and well services market"

Driven by higher activity, the drilling and well services market is on a growing trend across all service segments. More than 72,000 wells are expected to be drilled and completed in 2019, representing a 3% growth compared to 2018.
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"Mega projects make their long-awaited debut in Australia"

Following the surge in solar construction activity in 2017 and the first half of 2018, we felt the Australian renewables sector was due for a slow-down in activity. With an unprecedented volume of utility-scale capacity under construction across the country, the sector is facing a fair share of challenges including commissioning delays, cost overruns and unfavourable federal energy policy.
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WELL ANALYTICS – A SERVICE SHEDDING LIGHT ON THE GLOBAL DRILLING AND COMPLETION MARKET

Rystad Energy announced the launch of Well Analytics – a service that provides expert analysis and insights into global well drilling and completion activity through a suite of commentaries, reports, and factsheets.
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