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Energy Snapshot: upstream industry themes - August 2017

Energy Snapshot: upstream industry themes - August 2017

Report summary

As the northern hemisphere transitions out of the summer season, the oil price looks steady in the short term, but is likely to face some weakness in 2018. We expect $50/bbl average in 2018 for Brent as our oil cost curve continues to trend lower. Looking at the onshore US, the recent sell off has brought market valuations closer to our upstream valuations, but we see the top US tight oil operators reaching positive cash flow by 2020. Also in upstream, we look at how the North Sea is showing signs that the downturn is turning. Even prior to the recent announcement of the Total/Maersk deal, M&A has sprung back into life. In the gas market, supply continues to grow and we are concerned we will see structurally lower prices in Europe, possibly resulting in low utilisation of LNG in the US. In Asia, China is set to become the biggest importer of gas and has recently raised its already-high renewable targets.

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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.

  • Upstream treks through the new normal

In this report there is 1 table or chart, including:

  • Upstream treks through the new normal
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