Global Upstream: what to look for in 2015

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27 January 2015

Global Upstream: what to look for in 2015

Report summary

Wood Mackenzie's senior thought leadership team highlights the key emerging themes in 2015 for the global upstream industry. 

Table of contents

  • (1) Exploration spending will be cut by at least 30%, as discretionary E&A drilling is deferred or dropped.
  • (2) Despite low oil prices, non US-shale drilling will show resilience in 2015.
  • (3) As ever, Middle East geopolitics will play a defining role for the upstream sector.
  • (4) North America upstream will be transformed with cost relief, efficiencies and asset high-grading.
  • (5) Latin America will offer investment opportunities, despite depressed exploration and project delays.
  • (6) The European upstream sector will be challenged, but high profile projects will go ahead.
  • (7) With UK North Sea activity expected to fall, the government regulator will be under increasing pressure.
  • (8) In Norway, investment is set to drop by 25% but production is expected to actually increase in 2015.
  • (9) Russian companies will retreat from frontier developments, and shift focus to conventional production.
  • (10) The Caspian region will face challenges not only with the low oil price but Russia's economic turmoil.
  • (11) In Africa, the big question for upstream will be 'to FID or not to FID'.
  • (12) Political developments in Asia Pacific will soften the low oil price blow and renew exploration interest.

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