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10 Pages

Continental and Mediterranean Europe Upstream: 2015 in review and what to look for in 2016


Continental and Mediterranean Europe Upstream: 2015 in review and what to look for in 2016

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.

What's included?

This report includes 3 file(s)

  • Continental and Mediterranean Europe Upstream: 2015 in review and what to look for in 2016 PDF - 404.16 KB 10 Pages, 0 Tables, 7 Figures
  • CME Review 2015.xls XLS - 257.50 KB
  • Continental and Mediterranean Europe Upstream review 2015.pdf PDF - 1.49 MB

Description

This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research.

Proprietary data means a superior level of analysis that is simply not available anywhere else. Wood Mackenzie is the recognised gold standard in upstream commercial data and analysis.

  • Executive Summary
  • Licensing – a mixed year of awards and relinquishments
    • Licensing outlook for 2016
  • Exploration and appraisal - activity is down, but discovered volumes are up
    • E&A Outlook for 2016
  • Development - investment in the region decreases at a time of significant global cost cuts
    • Development outlook for 2016
  • Production – down 12% in a challenging investment environment
    • Production outlook for 2016
  • M&A – in Continental and Mediterranean Europe was surprisingly resilient
    • M&A outlook for 2016
  • Fiscal terms – governments try to find the balance in a challenging price environment
    • Fiscal outlook for 2016

In this report there are 7 tables or charts, including:

  • Executive Summary
  • Licensing – a mixed year of awards and relinquishments
    • 2015 exploration and production acreage and licence awards
  • Exploration and appraisal - activity is down, but discovered volumes are up
    • E&A wells drilled* and discovered volumes in 2015
    • Five year view of E&A activity and volumes discovered
  • Development - investment in the region decreases at a time of significant global cost cuts
    • 2015 nominal development spend by country
  • Production – down 12% in a challenging investment environment
    • Liquids production
    • Natural gas production
  • M&A – in Continental and Mediterranean Europe was surprisingly resilient
    • Resources traded and considerations paid (2010-2015)
  • Fiscal terms – governments try to find the balance in a challenging price environment
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