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Global Upstream: what to look for in 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. 

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This Macroeconomics and Global Trends Insight report presents our research on this key topic, and draws out the implications for economies and commodity markets.

This report delivers a clear understanding of our unique global economic outlook and identify risks and uncertainties to watch out for.

Wood Mackenzie's global trends and macroeconomic analysis underpins all our commodity demand analysis, ensuring we continually deliver an integrated and consistent view.

Our comprehensive understanding of commodity markets gives us a unique insight into the pace of global development and the risks associated with it.

  • (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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