London Upstream Forum 2015 - Presentations

Table of contents

• The following presentations from the London Upstream Forum, held on 21st September 2015 are now available to download.
  • - Oil Price Outlook – how long will low prices last? This presentation explores the differences in this crude oil price collapse to that of 2008/2009, notably the supply side response. In 2016, we project the oil market to shift to one in which demand growth outpaces that of supply.
  • - Changing price dynamics in the European gas market European spot gas prices have shown resilience compared to oil prices in 2015. However, with global LNG oversupply emerging over the next 5 years we anticipate renewed weakness in gas prices beyond 2017, despite expectations of oil price recovery
  • - Cost deflation and the outlook for EMEARC With only five key projects sanctioned since January, E&P companies have been pushing the supply chain to reduce margins and lower costs. This makes sense in this current environment, but additional measures beyond supply chain savings will be needed to reset the cost base.
  • - Back to the Future – fiscal responses to lower prices In this presentation we review global fiscal responses to lower oil prices and consider the drivers for future fiscal changes.
  • - North Sea – value at risk The UK and Norway face big investment cuts in 2015 and 2016. The UK in particular is at a critical juncture, especially for mature infrastructure, and decommissioning is looming.
  • - Iran – back in the game The nuclear deal and the unveiling of new fiscal terms could lead to the opening of Iran's oil and gas sector. The upstream opportunities to be offered to foreign investment mostly represent low cost, huge volumes of oil and gas. But the challenges will also be important.
  • - Sub Sahara Africa – the good, the bad and the wait and see While Sub Sahara Africa has undoubtedly felt the pain in the new price environment, and many existing challenges have been exacerbated, it is too easy to paint an overwhelmingly negative picture. There is evidence the region is both adapting, and at times thriving, even in such challenging times and it continues to offer a great variety of excellent opportunities.
  • - The Zohr Discovery – Egypt's gas game changer In August 2015, Eni made the Zohr gas discovery in Egypt's Mediterranean Sea. At an estimated 30 tcf of gas in place, the field is one of the largest ever discovered in the region, and its impact on Egypt and the Eastern Med' will be profound.

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• Oil Price Outlook - how long will low prices last.pdf

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