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Libya's oil production has increased steeply from August 2016’s low point of below 300,000 barrels per day (b/d) to around 850,000 b/d at present, passing the 1 million b/d barrier in July. But Wood Mackenzie believes Libya may now be reaching its near-term production limits and future growth will be gradual.
When will tight oil make money calculates that the five largest tight oil players could become cash flow positive by 2020?v
In the first half of the year, the industry has already witnessed 15 project sanctions, almost comparable to project sanctions in the whole of 2016.
To gauge the state of the sector, Wood Mackenzie asked its client base to share their thoughts on a number of key themes, and the responses were analysed to give a comprehensive view of how the sector’s key players view the future.
If Asia's largest upstream players want to grow production, Wood Mackenzie expects them to diversify into the US tight oil market.
The seven most advanced developments are expected to see production increases of 43% in 2017.
The deepwater industry has emerged from the downturn leaner and more competitive with US tight oil
According to research by Wood Mackenzie, the APAC upstream sector holds considerable value as the majors divest mature and mid-life assets in the region.
Wood Mackenzie expects a modest recovery due to the improving oil price.
Confidence will return to the sector in 2017, with exploration and production spend to rise by 3% to US$450 billion.
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