November 18, 2011
Rystad Energy has just launched a free global database called UCubeFree. UCubeFree includes historic and forecasted profiles for the global production of oil and gas. All profiles are based on bottom-up assessments of 65,000 oil & gas fields and exploration licenses globally. UCubeFree allows a full drill-down of global production by countries, offshore vs. onshore and conventional vs. unconventional resources. It also contains future production from undiscovered resources.
“UCubeFree is aiming at people working in, studying or having a general interest in the upstream oil and gas sector”, says Per Magnus Nysveen, Chief Analyst at Rystad Energy. “The oil community has finally gotten a common platform for discussions on future supply. And since it provides immediate data free of charge, we hope that as many people as possible with interest in the oil and gas supply debate will participate.”
Access to UCubeFree is provided via the company’s website.
A UCubeFree information event will be held on 23 November, 5pm, Scandic Stavanger Forus Hotel.
Insight from UCubeFree
The oil and gas production forecasts provided by Rystad Energy in UCubeFree indicate that global production of total petroleum liquids is likely to peak at 105 million barrels per day in 2035. The leading oil producer will still be Saudi Arabia, where production will approach 12 million barrels per day within the five coming years. The United States will increase total liquids production above 10 million barrels in 2012, thus possibly surpassing Russia, where oil production growth has slowed down and may decline in 2012. Norway will see its oil production rate of 1.7 million barrels per day being surpassed by Angola during 2012.
Global gas production will grow faster than oil production, from 3000 to 4500 billion cubic meters from 2010 to 2035. United States will become the global leader in gas production with more than 650 billion cubic meters by the end of 2012, thus surpassing Russia, the
leading natural gas producer over the last 25 years. The new position of United States, both for gas and oil, is due to the shale gas revolution, where impermeable tight rock is being transformed to high performing reservoirs thanks to the new technology of hydraulic fracturing.