Name: Global upstream costs: will the savings stick?
Brand: Wood Mackenzie
SKU: 79527
Price: 1350 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Insight 11 December 2017

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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Will this downturn be different for upstream operators and the supply chain? Are the majority of the cost savings made in 2014-17 structural and here to stay – or cyclical and set to erode as the oil price increases? Since 2014, we have removed almost US$1 trillion of upstream capital expenditure from our estimates for 2015-20 – the result of project deferrals, supply chain deflation and optimisation. The US onshore industry shows how quickly cost inflation returns when the market recovers, yet also how important efficiency and productivity gains can be. Across the globe, part of the savings will undoubtedly stick. But how much and for how long?</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

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        <a href="#37f2b1b5-ea06-4fbb-9310-915bf108998a" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="37f2b1b5-ea06-4fbb-9310-915bf108998a" aria-expanded="false">
            Capital expenditure: almost US$1 trillion cut in survival mode
        </a>
        <ul id="37f2b1b5-ea06-4fbb-9310-915bf108998a" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        New project approvals: less is more?
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<li class="list__item-toggle font-semibold">
        US Lower 48: a bubble of cost inflation in the Permian
    </li>

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        <a href="#4e9053ef-30e6-4a4a-ace8-0ef7b0732ef0" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="4e9053ef-30e6-4a4a-ace8-0ef7b0732ef0" aria-expanded="false">
            Operating costs: can producers manage the recovery?
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        <ul id="4e9053ef-30e6-4a4a-ace8-0ef7b0732ef0" class="panel-toggle push-half--left push-half--bottom">
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        How was opex reduced?
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        <a href="#04519774-eca9-4b21-8fb5-df49fe6ca179" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="04519774-eca9-4b21-8fb5-df49fe6ca179" aria-expanded="false">
            Cyclical or structural? That is the question
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        <ul id="04519774-eca9-4b21-8fb5-df49fe6ca179" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Drilling market: rig rates to recover in 2019-20; are efficiencies peaking?
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    <li class="push-quarter--bottom">
        Subsea market: the cycle rebounds
    </li>

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        <a href="#03ed5ef9-1ed4-4ed0-af2e-d3ec573899bd" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="03ed5ef9-1ed4-4ed0-af2e-d3ec573899bd" aria-expanded="false">
            What could drive structural change?
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        Lean thinking – a cultural shift
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        Supply chain consolidation and collaboration
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    <li class="push-quarter--bottom">
        Digitalisation – tapping into upstream's data riches
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<li class="list__item-toggle font-semibold">
        Takeaway: what will the industry look like in 2020?
    </li>

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<h3 class="alpha push-half--bottom">Tables and charts</h3>

<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">Global upstream development capex, 2014-20 (by PRMS classification)</li><li class="list__item push-quarter--bottom">US Lower 48 capex, 2014-20 (by region)</li><li class="list__item push-quarter--bottom">US Lower 48 horizontal oil rig count, 2014-17</li>
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            <li class="list__item push-quarter--bottom"></li><li class="list__item push-quarter--bottom">Observed and expected cost deflation, 2015-18 (Wood Mackenzie cost surveys)</li><li class="list__item push-quarter--bottom">Observed/expected opex deflation, 2015-18</li><li class="list__item push-quarter--bottom">Operating costs index, 2014-20</li><li class="list__item push-quarter--bottom">Deepwater drilling: rig market, 2014-20</li><li class="list__item push-quarter--bottom">Deepwater drilling: rig rate trends, 2014-20</li><li class="list__item push-quarter--bottom">Subsea market: tree awards and cost trends, 2013-20</li>
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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Global upstream costs: will the savings stick?</p>
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