2018 Wood Mackenzie Tokyo Upstream Forum

Over the past few years, oil companies have scrambled to reduce their cost base to remain afloat during the down-turn. Today, oil prices have recovered and we expect Brent to average US$75/bbl in 2018. The US$160bn of free cash flow generated this year by the 48 IOCs and NOCs covered by our Corporate Service serve as an indicator of the financial health for upstream companies, and most of our conversations with oil companies have begun to focus around growth and investment in the industry. They key questions remains, are oil prices expected to remain at current levels? If so, what are the opportunities and how should companies invest to ensure its portfolio remains resilient going forward? In our 2018 Tokyo Upstream Forum, we seek to address these key questions by conversing our outlook for the energy commodity markets, current industry trends and our views for one of most important supply regions in our world today, North America. Last but not least, no forum is complete without a discussion about the impending energy transition and its impact on the energy companies of today.