Insight
Continental and Mediterranean Europe Upstream: 2015 in review and what to look for in 2016
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Looking back at the biggest stories in Continental and Mediterranean Europe of 2015, we highlight some of the key regional trends in the E&P sector. We also explore how some of these trends might develop in 2016 and include our view of important events to watch. Continental and Mediterranean Europe’s upstream sector was impacted by the low oil price in 2015. Licensing and exploration drilling activity were both down from 2014 figures. Production decreased by 12% from 2014, the first time it has slipped below 1 bnboe since the 1970s. This was in part caused by the decrease of development capital investment by 17.4% in 2015 from 2014 levels. In the new lower commodity price environment, we do not expect production in the region to recover beyond the billion barrels a year threshold, and indeed we estimate that annual production could fall another 150 million boe by the end of the decade.
Table of contents
- Executive Summary
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Licensing – a mixed year of awards and relinquishments
- Licensing outlook for 2016
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Exploration and appraisal - activity is down, but discovered volumes are up
- E&A Outlook for 2016
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Development - investment in the region decreases at a time of significant global cost cuts
- Development outlook for 2016
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Production – down 12% in a challenging investment environment
- Production outlook for 2016
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M&A – in Continental and Mediterranean Europe was surprisingly resilient
- M&A outlook for 2016
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Fiscal terms – governments try to find the balance in a challenging price environment
- Fiscal outlook for 2016
Tables and charts
This report includes the following images and tables:
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2015 exploration and production acreage and licence awardsE&A wells drilled* and discovered volumes in 2015Five year view of E&A activity and volumes discovered
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2015 nominal development spend by countryLiquids productionNatural gas productionResources traded and considerations paid (2010-2015)
What's included
This report contains:
