Insight
Energy Snapshot: Industry themes - September 2018
Report summary
Our corporate valuations are in line with that of the market. BP is set to become the leader in terms of production in the next three years following their acquisition of BHP's US onshore assets. Meanwhile ExxonMobil has both the highest investment rate in oil and gas of its peers and the highest resource life. Exploration in Guyana continues to show success. Over 40 companies hold acreage there but only a small part has been licensed. We also review the remaining potential in the mature Campos Basin where an additional 1.5 billion boe could be extracted from mature fields. In the Permian, liquids production face constraints until new pipes come on in H2 2019. The US cost curve remains suppressed by the rising share of associated gas. Oil prices are expected to be flat through to the end of 2019 as new supply is offset by the impact of Iran sanctions. Winter is coming for the Chinese gas market and the demand for LNG could be tight. US LNG imports are likely to be required.
Table of contents
- Improving in a stable environment
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