Bolstered by capital discipline and higher oil prices, the majors are once again generating strong cash flow and capital budgets are on the rise. The majors are benefiting from their business development activities in the down cycle and a pick up in exploration. We see oil prices staying in the US$60's in 2018, constrained by strong US production growth, followed in 2019 by weakness as more US production comes to the market, with weaker adherence to the OPEC production cuts. One big uncertainty is how much further Venezuela production will slide. Our outlook for LNG has been updated. The rise in China demand has reduced the oversupply that we expect in the market in the medium term. With an earlier tightening in the market than previously anticipated, the need for new projects returns. Additionally this month, we share interesting slides on top 20 exploration wells to watch, the prolific Santos pre-salt basin, and the rising Vaca Muerta play in Argentina.