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In the first half of the year, the industry has already witnessed 15 project sanctions, almost comparable to project sanctions in the whole of 2016.
To gauge the state of the sector, Wood Mackenzie asked its client base to share their thoughts on a number of key themes, and the responses were analysed to give a comprehensive view of how the sector’s key players view the future.
Chinese companies can now negotiate long-term contracts to source liquefied natural gas from US suppliers, the US Commerce Department said.
If Asia's largest upstream players want to grow production, Wood Mackenzie expects them to diversify into the US tight oil market.
The seven most advanced developments are expected to see production increases of 43% in 2017.
The deepwater industry has emerged from the downturn leaner and more competitive with US tight oil
Those hoping that recent oil-price weakness will prompt US producers to pull back drilling activity and ease the glut of oil supply may need to keep waiting.
Alan Gelder, Vice President of Refining, Chemicals & Oil Markets, believes that North America has the opportunity to take a much bigger role in the future global bunker market.
Gas demand may be nearing a new peak due to stringent fuel efficiency standards and shifting demographics.
The 0.5 wt% sulphur cap for bunker fuels could have far-reaching repercussions
According to research by Wood Mackenzie, the APAC upstream sector holds considerable value as the majors divest mature and mid-life assets in the region.
Wood Mackenzie expects a modest recovery due to the improving oil price.
Egypt's fortunes look set to change after five years of falling production and switching from a net exporter to a net importer.
Confidence will return to the sector in 2017, with exploration and production spend to rise by 3% to US$450 billion.
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